Revolut just gave the clearest IPO signal yet: London and Nasdaq, together Nik Storonsky has stopped sounding hypothetical about an IPO. In an interview with Les Echos, he said Revolut is planning a dual listing on the London Stock Exchange and Nasdaq. That is the cleanest public wording I have seen. Not “we might”. Planning. The US preference is blunt. More buyers. Institutions, hedge funds, asset managers, and a large retail base. London stays in the picture. He thinks the fight for the shares will be fiercest in New York. He also wants a real US brand, because customers who use the product are more likely to turn up in the IPO. That sounds to me like an IPO well after the US bank launch. 2026 P&L guidance Revolut’s 2025 accounts: about $6B revenue, $2.3B pre-tax profit, and a 38% pre-tax margin. Fifth year in a row. Gross margin was 78%, down from 81% in 2024. In the interview, he put last year at $6B revenue and $1.7B net income, and said 2026 will be higher, with margins “around 80%… in line with those of the tech industry.” That 80% is gross margin. It is roughly what they already reported last year. Profit per customer still lags banks because Revolut does not lend like a bank. Return on capital is what matters to a public-market buyer: fewer third parties, fewer bankers, more of the stack running itself. That is the story they will take to investors. Fees first. Credit if customers ask for it, then securitise it. Stay thin. Revolut Business now sits underneath that. He said it crossed €1bn in revenue and a million customers. Just months ago, as I remember, it was around 800,000. The UK used to be half the book. Not anymore. Higher margins than consumer, and growing faster. The five-year line is familiar: hundreds of millions of customers, top three in the markets that count. The risk he actually named is regulation. More licences, more products, more complexity. If they list, the question is whether they can keep those software-like gross margins after they start living more like a bank. A dual listing is no longer a rumour. It is the plan he is willing to say out loud. Stay tuned for what Nik said about lending, coming out next.