In late December, RPM Capital Partners disclosed a new stake in StubHub Holdings, acquiring 535,850 shares valued at approximately $7.25 million as of December 31. This position represents 6.36% of RPM’s reported U.S. equity assets, making StubHub the only material new addition alongside a dominant Semrush holding. The move underscores RPM’s confidence in StubHub’s long-term marketplace economics despite the stock’s post-IPO volatility, signaling that the firm views short-term price swings as secondary to underlying platform strength.

During the most recent quarter, StubHub generated $2.4 billion in gross merchandise sales, an 11% year-over-year increase, and recorded $468 million in revenue, up 8% from the prior year and equivalent to roughly 19% of GMS. Adjusted EBITDA rose 21% to $67 million after stripping out a one-time $1.4 billion stock-based compensation expense tied to the IPO. The company also reduced net debt by $750 million, lowering net leverage to 3.9× adjusted EBITDA and enhancing balance-sheet flexibility ahead of peak live‐event seasons.

On January 14, national plaintiffs’ firm Berger Montague PC filed a securities class action against StubHub Holdings on behalf of investors who purchased shares between September 14 and November 24, 2025, including those acquired in the IPO. The complaint alleges the IPO registration statement failed to disclose changes in vendor payment timing that adversely affected free cash flow. Investors who acquired StubHub securities during the class period must seek lead plaintiff status by January 23, 2026, or forfeit their opportunity to participate in the litigation.