As Ripple Labs targets $1 billion in annualized revenue run rate by the end of 2026, Brad Garlinghouse, the company’s CEO, admitted that the blockchain-focused payment firm is ‘more neutral’ for a potential Initial Public Offering (IPO).
In an interview at the Wyoming Blockchain Symposium 2026 on August 18, which Finbold analyzed on August 19, Garlinghouse said that Ripple has been ‘very happily private for a long time,’ but the company is now more neutral on a possible IPO than it was.
“We have been very happily private for a long time… But we are more neutral now on the topic,” Garlinghouse stated.
Garlinghouse expects Ripple to record more than double revenue year-over-year (YoY), despite a broader bearish crypto market. Earlier in June this year, he revealed that the company is targeting achieving a $1 billion annualized revenue run rate by the end of 2026, excluding earnings from its XRP sales.
Moreover, XRP is released from escrow on a monthly schedule, and Ripple typically relocks a portion, which has played a crucial role in the company’s profitability over the years. Garlinghouse argued that Ripple’s acquisitions have gained traction, boosting XRP Ledger (XRPL) tokenization bid.
Specifically, he cited how Hidden Road, now part of Ripple Prime, processed $3 trillion in transactions last year. On the other hand, GTreasury, known as Ripple Treasury, cleared about $13 trillion in 2025.
As a result, Garlinghouse noted that Ripple’s products achieved scales similar to Visa Inc. (NYSE: V). However, he highlighted that only 0.1% of $16 trillion, amounting to $16 billion, was processed on-chain, thus emphasizing XRPL’s opportunity.
Ripple valuation amid IPO plans
This company has an equity value of approximately $50 billion, which was recently reported after it launched a $750 million share buyback. On November 5, 2025, Ripple raised $500 million, led by Fortress Investment Group, at a $40 billion valuation.
Worth noting that this company is one of the largest holders of XRP, holding 34.144 billion XRP, valued at around $34.14 billion, in its escrow account, in addition to other wallets. Consequently, any future move by Ripple towards an IPO bid could have implications for XRP’s price outlook.
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