Madrone Advisors bets big on StubHub post-IPO

Madrone Advisors, LLC revealed a significant investment in StubHub (NYSE:STUB) through a recent SEC filing. The firm acquired 75,780,055 shares, valued at roughly $1.3 billion as of September 30, 2025. This substantial stake now constitutes 62.8% of Madrone's reportable U.S. equity, establishing StubHub as the fund's largest holding.

StubHub, which facilitates secondary ticket sales for live events globally, recently completed its initial public offering on September 17, 2025, with shares priced at $23.50. However, since its debut, the stock has experienced a notable decline. As of December 8, 2025, StubHub shares were trading approximately 50% below their IPO price.

Madrone Advisors appears to be making a concentrated bet on StubHub's future, demonstrating strong conviction despite the stock's recent underperformance. The company's business model focuses on connecting buyers and sellers through a digital marketplace, generating revenue via transaction fees.