Pump.fun may be one of the most polarizing platforms in crypto, but its financials are hard to ignore.
In a valuation breakdown, 10x Research concludes that the Solana (CRYPTO: SOL)-based memecoin launchpad’s rumored $4 billion valuation, leaked via a now-deleted token sale page on Gate.io, still appears “relatively cheap” given its 2025 revenue performance.
According to the report, Pump.fun has generated $398 million in revenue year-to-date, far surpassing on-chain rival Raydium (CRYPTO: RAY), which earned $52 million during the same period despite facilitating more than 10 times the trading volume.
This revenue lead stems from Pump.fun’s flat 1% fee on all bonding-curve token trades, giving it a high-margin model that few platforms in the space can match.
Applying Raydium’s current revenue multiple of 11.5x to Pump.fun’s annualized $796 million revenue implies a potential valuation of $9.1 billion.
The $4 billion figure, based on the planned sale of 150 billion PUMP tokens at $0.004 each, …