Letter

Stripe's 2025 annual letter

Patrick Collison, John Collison · 2026

A data-rich view of the internet economy from a payments processor: start-up growth speed, global-by-default businesses, stablecoins and the stages of agentic commerce.

• Growth and business models
• Technology
• Founders and companies

1 idea from this letter

• ObservationGrowth and business models

  Markets now sort winners from losers faster, and profits concentrate among fewer companies

  Growth is arriving faster and concentrating harder, so a company's trajectory in its first year tells you more than it used to.

  Venture and growth diligence, cohort analysis, and any question about base rates for new companies.