Eric Baker’s Long, Winding Road to Taking StubHub Public
StubHub officially hit the public markets on September 17, 2025, with shares priced at $23.50 each. The opening day was not without its jitters—shares closed about 6% below the IPO price—but the listing still valued the company at over $7 billion, a major milestone for its co-founder, Eric Baker.
Baker’s journey has been far from straightforward. He co-founded StubHub with Jeff Fluhr in 2000 while both were at Stanford’s Graduate School of Business—born amidst the dot-com crash. Though the business showed early promise, disagreements with Fluhr in 2004 led to Baker being pushed out. Undeterred, Baker relocated to London and launched Viagogo, a version of StubHub for Europe, keeping alive his vision of a large ticket resale marketplace.
The Comeback
The chance to retake part in his original creation came in 2019. With eBay spinning off StubHub—after having acquired it in 2007—Baker mustered investor support from groups like WestCap, Madrone Capital, and Bessemer Venture Partners to buy out the company in a deal valued at about $4.05 billion. Just as that merger closed, however, the COVID-19 pandemic struck, shutting down live events worldwide and sending StubHub’s revenue into a dive.
Despite that setback, the rebound has been notable. When the events business surged back—boosted by large tours like Taylor Swift’s and Beyoncé’s, and major sporting events—StubHub rode the wave. In 2025, revenues in the first quarter alone grew by around 10% year-over-year, topping $397.6 million.
Where the Ownership Stands
After going public, Eric Baker holds about 4.7% of the company. Key early investors maintain strong positions: Madrone has ~24.5%, WestCap ~12.3%, and Bessemer Venture Partners ~8.8%.
Why This Arrival Matters
StubHub’s listing is symbolic in many ways. It reflects persistence—not just of Baker personally, but of a company that survived leadership shifts, pandemic collapse, and major industry changes. It underlines how ticket reselling remains a lucrative market if managed well: when live events return, demand spikes.
It also shows how timing, capital, brand resilience, and being ready to scale when conditions improve can turn what seems like a risky idea into a major public company. For investors, StubHub’s IPO is a test case for companies battered by COVID disruptions but still holding strong fundamentals.
