StubHub Goes Public: Inside Eric Baker’s Billion-Dollar Journey

How a fired founder reclaimed his dream and reshaped the ticketing industry

Introduction: A Billion-Dollar Bell Ring

In September 2025, StubHub—one of the world’s largest secondary ticketing platforms—finally made its long-awaited debut on the New York Stock Exchange under the ticker symbol STUB. The IPO raised $800 million, valuing the company at over $8 billion, and marked a dramatic milestone in the life of its co-founder and CEO, Eric Baker.

The Origins of StubHub — A Stanford Dream

StubHub was born in 2000 at Stanford Graduate School of Business, where Eric Baker and Jeff Fluhr teamed up for a class project. Their idea was simple but revolutionary: create a digital marketplace for people to buy and sell tickets to live events. By 2007, the company had grown rapidly and was acquired by eBay for $310 million. But Baker wasn’t around to celebrate—he had been pushed out in 2004.

From Exile to Empire — The Viagogo Chapter

After leaving StubHub, Baker moved to London and founded Viagogo, a European ticketing platform. In 2019, Viagogo acquired StubHub for $4.05 billion—just weeks before the COVID-19 pandemic shut down live events globally.

COVID-19 and the Collapse of Live Events

With concerts and sports canceled worldwide, StubHub’s revenue plummeted. The company faced losses and criticism over refund policies. Yet Baker remained committed, restructuring operations and preparing for a rebound. By 2023, StubHub began recovering, fueled by blockbuster events like Taylor Swift’s Eras Tour and the Super Bowl.

The IPO That Almost Didn’t Happen

StubHub attempted to go public three times before succeeding in 2025. Market volatility and regulatory scrutiny delayed each attempt. Despite settling for an $8.6 billion valuation, Baker’s personal stake—estimated at 9%—is now worth nearly $760 million.

Competitive Landscape — StubHub vs. Ticketmaster

StubHub’s IPO comes amid scrutiny of the ticketing industry. Rivals like Ticketmaster face investigations over bot reselling. StubHub positions itself as a transparent, consumer-friendly alternative, with $4.4 billion in gross merchandise sales in the first half of 2025.

Eric Baker’s Philosophy — Democratizing Access

Baker supports fair ticket distribution and legislation like the Better Online Ticket Sales Act. His journey—from being fired to buying back his company—is a rare tale of entrepreneurial persistence.

Global Expansion and Future Plans

StubHub operates in over 200 countries, selling more than 40 million tickets annually. The company plans to expand into primary ticketing and explore innovations like NFT ticketing and AI-driven fraud detection.

Financial Snapshot

Metric	Value (2025)
IPO Raised	$800 million
Valuation	$8.6 billion
Revenue (Q1)	$397.6 million
Net Loss (Q1)	$35.9 million
Gross Merchandise Sales	$4.4 billion

Lessons for Entrepreneurs

• Resilience matters: Being fired didn’t stop him.
• Vision wins: He stayed true to his original idea.
• Timing is everything: Even great deals can go wrong.
• Redemption is possible: Baker turned a setback into a comeback.

Final Thoughts — A Founder’s Full Circle

Eric Baker’s journey is more than a business story—it’s a human one. From Stanford classrooms to ringing the NYSE bell, he proved that vision, grit, and timing can rewrite any narrative. StubHub’s IPO isn’t just a financial event—it’s a symbol of entrepreneurial redemption.