The Initial Public Offering (IPO) of Estonia-based mobility giant Bolt has become one of the most anticipated and contentious events in European technology. As the company works towards cementing its financial independence, the debate over where the firm will eventually list has turned into a public challenge to the viability of European public markets.
The question currently dominating the European financial landscape is: what is the true status of the Bolt IPO?
Bolt is preparing for a potential IPO in the 2025 or 2026 timeframe, though no exact date has been set. The company is strategically focused on achieving consistent, platform-wide profitability, which remains the key prerequisite for going public. Bolt’s choice of listing location, whether Europe or the US, is still under intense discussion, driven by CEO Markus Villig’s public criticism of liquidity in European markets. Financial readiness was bolstered in 2024 by securing a crucial €220 million credit facility.
Founded in 2013, Bolt has grown from a ride-hailing app into a comprehensive mobility ecosystem encompassing food delivery, micromobility (e-scooters and e-bikes), and car-sharing. With a last known valuation of over €7.4 billion (approximately $8.4 billion) from its January 2022 funding round, the company’s decision on where to list will send a powerful signal regarding the future of European tech finance.
Achieving Bolt Profitability Status 2025: The IPO Prerequisite
For high-growth, venture-backed companies, the pivot from aggressive expansion to demonstrating profitability is the single most important step toward an IPO. For the Bolt IPO, this challenge has been complex, reflecting the cut-throat competition in the global mobility sector.
In 2023, CEO Markus Villig, one of Europe’s youngest unicorn founders, set a clear target: achieving platform-wide profitability within 12 months, with the view of being ready to go public in 2025. This was an ambitious goal designed to reassure investors that the company could operate profitably, a vital step that Uber, its main global rival, has also chased for years.
However, the latest financial results highlight the difficulty of this transition. While Bolt continues its trajectory of aggressive revenue expansion, its path to Bolt profitability status 2025 is still underway.
- 2024 Revenue Growth: Bolt reported significant growth in turnover, increasing by 17 per cent to reach nearly €1.99 billion for the year 2024. This growth shows sustained demand for its diverse suite of services.
- Losses Deepen: Despite the impressive revenue, the company’s net loss deepened in 2024, exceeding €102 million. This widening loss, the second largest in the company’s history, contrasts with the earlier promise of profitability, underlining the substantial investment still being poured into market expansion and technological competition.
The IPO timeline, initially set for 2025, is thus flexible and will almost certainly depend on market conditions and the board’s confidence in presenting a clear path to generating a sustained profit.
Strengthening the Balance Sheet: IPO-Ready Moves
Despite the lack of current profit, Bolt has proactively taken major steps to demonstrate financial maturity and readiness for an IPO. These strategic moves are essential window-dressing for public markets, showing investors the company can manage its capital structure responsibly.
In the second quarter of 2024, Bolt secured a landmark financial deal, a €220 million credit facility provided by a syndicate of core relationship banks, including major names like Citi, Barclays, Deutsche Bank, Goldman Sachs, and JP Morgan.
This revolving credit facility (RCF) is the first of its kind for the Estonian unicorn. It serves as a liquidity buffer and a powerful statement of institutional trust. As CEO Villig noted, the facility, secured on highly attractive terms, is a clear reflection of the banking partners’ confidence in Bolt’s trajectory and provides “additional flexibility as we work towards being IPO-ready.” By having access to this undrawn credit line, Bolt signals that it is not desperate for external funding but is strategically fortifying its balance sheet ahead of the public float.
Furthermore, Bolt bolstered its executive team in 2023 by hiring Mikko Salovaara, the former Chief Financial Officer of fintech leader Revolut. Recruiting a CFO with a strong background in preparing successful, rapidly scaling firms for public life is a clear and non-negotiable step in preparing the complex financial reporting and governance required for a major public listing.
The Central Conflict: London vs. New York and European Liquidity
The most high-profile element of the Bolt IPO planning is the ongoing debate regarding the Bolt listing location. As an Estonian company, London and other European exchanges should theoretically be the natural destination. However, the comments made by Markus Villig at London Tech Week in June 2025 have intensified the conversation around the viability of European stock markets for major technology listings.
Markus Villig IPO Comments on UK Liquidity
Villig publicly questioned the long-term value provided by London, pointing to a lack of liquidity and a poor track record for retaining listed tech companies. His argument is centred on the enormous disparity in trading volumes:
“When you look at the statistics today, the US daily trading volumes are about 10 times than what we have observed all across Europe, the UK included. People across Europe are not investing in public companies, not investing in equities, same with the pension funds. There just isn’t enough money being deployed.”
This lack of “money being deployed” translates into lower valuations and less long-term growth for publicly listed companies, making them susceptible to foreign acquisitions. Villig cited the examples of UK-listed firms like Deliveroo and Darktrace, which have been subject to foreign takeover deals, as well as fellow European fintech unicorn Wise’s decision to move its primary listing to New York. For Villig, this exodus is a systemic problem driven by risk aversion among European investors and pension funds.
While he acknowledged the UK government’s attempts to address this, such as the Mansion House Accord (which aims to encourage pension funds to invest more in unlisted assets and UK growth firms), Villig maintains that without a profound “change of mindset,” the continent will continue to fall behind the US in retaining its biggest tech success stories. This ongoing critique ensures that the Bolt listing location will be an intensely scrutinised decision, serving as a political and economic litmus test for the European tech market.
What is the Current Bolt Valuation and Investor Sentiment?
The last confirmed public Bolt valuation was the post-money figure of approximately €7.4 billion (over $8 billion) following its mammoth €628 million funding round in January 2022, with backers including Sequoia Capital and Fidelity Management.
Given the company’s aggressive revenue growth in 2024, market speculation suggests the true pre-IPO valuation could be slightly higher, potentially ranging up to $14 billion if profitability targets were to be met consistently. The fact that the company secured the €220 million credit facility on attractive terms from a syndicate of major global banks, including Goldman Sachs and JP Morgan, despite the reported net losses, is a major vote of confidence. It indicates that financial institutions trust the underlying business model, its cash flow potential, and its ability to achieve its IPO goals.
Strategic Growth and Diversification Ahead of the Bolt IPO
Bolt is not simply waiting for profitability; it continues to grow aggressively across its multi-product mobility ecosystem, which now serves over 150 million customers across 45 countries in Europe and Africa. This diversification is key to its attractiveness as an investment:
- Multiproduct Ecosystem: The revenue streams are spread across core ride-hailing (which still accounts for around 82% of revenue), but also include Bolt Food and Bolt Market (grocery delivery), micromobility (scooter and e-bike rental), and Bolt Drive (car-sharing). This breadth positions the company to capture the entire spectrum of urban transport and delivery needs.
- African Focus: Africa represents a massive long-term opportunity, with Bolt drawing a significant portion of its customer base (50 million) from the continent. The company is actively investing in and adapting its model to address the unique logistical and payment challenges across its seven operational African countries.
- Strategic Acquisitions: To consolidate its market share and accelerate expansion into new verticals, Bolt has engaged in strategic acquisitions, such as the purchase of Danish taxi startup Viggo. Such moves strengthen its regional footing and remove local rivals ahead of the public debut.
All these strategic investments are aimed at capturing unassailable market share, which, coupled with financial preparation (the new CFO and the Bolt credit facility), completes the picture of a company actively preparing for its public transition.
The Critical Factors Shaping the Bolt IPO Timeline
The Bolt IPO remains the great European tech story to watch. Its timeline, currently floating between 2025 and 2026, will be shaped by the same two critical factors that underpin all public debuts: macro market sentiment and financial performance.
For global investors, the decision will hinge on whether Bolt can successfully close the gap between its strong revenue growth and its net losses, demonstrating that the cost of expansion can be managed efficiently.
For the European market, the Bolt listing location debate will continue to rage. Should Bolt ultimately choose New York, it would be seen as a major failure for European stock exchanges, reinforcing Villig’s claim that European capital markets are not fit for supporting global tech champions. Conversely, a London or dual listing would signal a victory for the government and regulators attempting to boost the domestic tech financing ecosystem.
Regardless of the final decision, Bolt’s next 12 months, characterised by the relentless pursuit of profitability and the finalisation of listing plans, will define its legacy as a European tech giant.
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