Stripe’s 2025 annual letter

The 2025 Stripe annual letter addresses key trends in the internet economy, focusing on the increasing speed and intensity of competitive markets, dubbed the "sorting machine," where leading companies are rapidly pulling away from the rest. It highlights the global-by-default nature of new internet businesses, particularly AI products, and the growing importance of stablecoins in facilitating international payments. The letter also discusses the limited availability of capital for small businesses and how Stripe Capital aims to address this. Furthermore, it emphasizes the potential for revenue growth through optimizing payment infrastructure and explores the evolving landscape of agentic commerce, outlining five levels from basic form-filling to AI-driven anticipation of consumer needs. The letter concludes by advocating for regulatory environments that foster innovation and entrepreneurship.