Whop at $142M revenue
Jan-Erik Asplund
TL;DR: A digital storefront for Gen Z creators, Whop has grown to a Sacra-estimated $142M in annualized revenue, growing 255% YoY. With the launch of its Whop App Store, Whop has transitioned into its next phase as a platform company. For more, check out our full report and dataset on Whop.
We first covered Whop in April 2025 (estimated $23M revenue for 2024) as the Shopify for digital, “grey-market” creator SKUs like sneaker reselling bots, sports betting lines and social media clipping.
Since then, Whop has added another $1B in GMV (for a cumulative $2B) riding Gen Z’s interest in sports betting (Kalshi, Polymarket), day trading (Robinhood), crypto (Kraken), trading cards (Whatnot) and viral short-form video (TikTok).
Key points via Sacra AI:
- Sacra estimates Whop reached $142M annualized revenue in October 2025, up 255% YoY and up from $56M at the end of 2024, raising $50M last July at an $800M valuation for a 28.6x multiple on $28M revenue at the time—compared to ecommerce platform Shopify (NYSE: SHOP) at $10.7B TTM revenue, growing 20% YoY, valued at $192B for a 17.9x multiple, digital storefront Stan at $28.3M in annual recurring revenue at the end of 2024, up 93% YoY, and livestream shopping platform Whatnot at $359M revenue in 2024, up 102% YoY, valued at $5B for a 13.9x multiple.
- The creator market continues to split between mainstream platforms like Patreon, Linktree & Circle, built on Stripe & PayPal, that optimize for SFW creators and increasingly see B2B-style adoption, versus shadow market platforms for high-risk, high-chargeback merchants like Whop, which orchestrate multiple payment providers to improve authorization rates and effectively “platform” creators who would otherwise struggle to find a place to sell online.
- With the Whop App Store (launched June 2025), Whop can serve the diverse set of grey-market use cases compared to the adult-verticalized OnlyFans, siphon users from apps like Discord (Chat by Whop) & Twitch (Livestreaming by Whop) and turn Whop storefronts into high engagement user-facing apps.
For more, check out this other research from our platform:
- Whop
- Stan
- Discord at $600M/year
- Trevor John, co-founder of Underdog Fantasy, on the business model of fantasy sports
- Stan vs Whop
- Stan: from $15M to $27M ARR in 3 months
- Vitalii Dodonov, CTO of Stan, on building a creator-aligned store-in-bio
- Stan: the $14.7M/year store-in-bio
- ConvertKit at $43M ARR
- Beehiiv vs. ConvertKit vs. Substack vs. Mailchimp
- $4.8B/yr Instagram of China
- ByteDance vs TikTok
