Move over, SpaceX and Instacart: Payments processing company Stripe is now the most valuable startup in America.
Stripe announced Sunday a new $600 million round of funding at a valuation of $95 billion, nearly tripling its last valuation of $36 billion.
The new funding vaults Stripe ahead of Instacart, which recently raised new financing at a valuation of $39 billion, as well as Elon Musk’s SpaceX, which is now valued at $74 billion, according to research firm CB Insights. (Still, Chinese TikTok owner Bytedance still easily retains the title of the world’s most valuable “unicorn” startup at $140 billion.)Stripe has gotten a boost thanks to the pandemic-fueled surge in demand for online and mobile commerce.