Brex

As of 02/2026, Capital One is acquiring payments startup Brex for $5.15B in a deal comprised of 50% cash and 50% stock. The transaction, disclosed in Capital One’s fourth‑quarter earnings statement, marks a significant down round for Brex, which was previously valued at $12.3B.

In 03/2022 co-CEO Henrique Dubugras said during an Axios Pro Insights event: "I think we would only consider [going public] in a good market. We're not anti-going public or anything, but we're still a five year-old company and I think it's very normal for companies to wait until they're eight or nine years old".

In 05/2022 Brex co-founder and co-CEO Henrique Dubugras, speaking on CNBC’s “Squawk Box”, said that while the company itself “does not have any IPO plans,” it is looking to give employees “some liquidity to weather this storm.”

In 06/2024 Brex was considering going public in 2025. The company began changing its structure to prepare for the IPO. But the company needed to become cash flow positive first.

As of 02/2025, Brex wants to make sure it’s ready to present investors with a predictable business before it decides on pursuing an IPO, according to Chief Executive Officer Pedro Franceschi.

“It’s easy to go public, it’s hard to be a public company with low volatility and very high predictability in the business,” Franceschi said in an interview, adding that Brex plans to be cash-flow positive by the middle of 2025. “Predictability is crucial and we want to get really great at that over the next few years.”

As of 06/2025, Brex is still considering an IPO, though timing remains unclear.

"Our ultimate goal is to build a generational company and we see being a public company as a step on that journey," the company said.