Eric Baker’s extraordinary 25-year odissey to take StubHub public represents one of the most compelling entrepreneurial comeback stories in recent memory. Despite shares closing 6% below their $23.50 IPO price, the company’s $7 billion valuation marks a monumental achievement for the persistent co-founder who was once pushed out of his own creation.
The Foundation Years: StubHub’s Humble Beginnings
Eric Baker co-founded StubHub with Jeff Fluhr in 2000 during their Stanford Graduate School of Business studies. Remarkably, they launched shortly after the dotcom bubble burst and NASDAQ crashed. Baker later reflected that challenging period actually helped them. “Stupid competitors went away,” he noted, “giving us real opportunity to build a lasting business.”
Separation and European Expansion
By 2004, strategic disagreements emerged between the founders. Consequently, Baker departed StubHub and relocated to London. There, he established Viagogo, essentially creating a European version of StubHub. Throughout Viagogo’s growth challenges, Baker maintained his vision of eventually merging both companies.
The Strategic Acquisition Opportunity
When eBay decided to spin off StubHub in 2019, Baker seized the moment decisively. He secured backing from prominent investors including:
- WestCap
- Madrone Capital Partners
- Bessemer Venture Partners
Ultimately, they purchased StubHub for $4.05 billion, completing Baker’s long-awaited reunion with his original venture.
Pandemic Challenges and Remarkable Recovery
Immediately after the merger, COVID-19 devastated the live events industry. Revenue collapsed as global quarantines canceled concerts and sports. However, the company survived the crisis. Subsequently, live events rebounded spectacularly. Major tours like Taylor Swift’s Eras Tour and Beyoncé’s Renaissance Tour drove significant revenue growth. By Q1 2025, StubHub’s revenue increased 10% to $397.6 million year-over-year.
The StubHub Public Offering Achievement
Finally, after years of planning, StubHub went public. Baker expressed amazement at their journey in his S-1 founder’s letter. He highlighted successfully navigating numerous challenges, including the unprecedented COVID-19 impact. According to filings, Baker owns 4.7% of the company, while major investors hold substantial stakes.
FAQs
When did StubHub go public?
StubHub went public on Wednesday with an IPO price of $23.50 per share.
What was StubHub’s valuation at IPO?
The company was valued at over $7 billion during its public debut.
Why did Eric Baker leave StubHub initially?
Baker departed in 2004 due to strategic disagreements with co-founder Jeff Fluhr about the company’s direction.
How did COVID-19 affect StubHub?
The pandemic caused massive revenue declines as live events canceled globally, but the company recovered strongly post-pandemic.
What percentage of StubHub does Eric Baker own?
Baker owns 4.7% of the company following the public offering.
What investors backed Baker’s StubHub acquisition?
WestCap, Madrone Capital Partners, and Bessemer Venture Partners provided the $4.05 billion acquisition funding.
