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, translates to a multiple closer to 5x, which 10x frames as a bear-case valuation.
"A $4 billion valuation appears relatively inexpensive," the report states, calling the pricing "conservative" given comparative market dynamics.
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The report comes after Gate.io briefly published, then removed, a pre-sale page showing a public token offering scheduled for July 12.
The sale would have raised $600 million from the release of 150 billion tokens, representing 15% of the total 1 trillion supply.
The page described it as Pump.fun's "first official public token sale," but its removal has fueled speculation and confusion.
A support message from Gate.io mentioned "negotiations" between the exchange and the project, and confirmed that there is "no confirmed date or announcement for its reopening."
Despite volatility and reputational baggage surrounding memecoins, 10x points to Pump.fun's sticky user base, 729,000 weekly users and stable monthly revenues of $25–$30 million, as signals of resilience.
Even with a 66% revenue drop from January to May and declining daily token launches, the platform continues to outperform Raydium in revenue by nearly 8x.
Importantly, the platform's move to launch its own AMM, PumpSwap, has allowed it to capture full fee revenue and further reduce reliance on Raydium, with whom it once had a mutually beneficial migration agreement.
That relationship soured earlier this year, culminating in Raydium launching its own memecoin incubator, LaunchLab, just two days before PumpSwap went live.
While critics have noted that 98% of tokens launched on Pump.fun either fail or exhibit fraudulent behavior and that over 1,700 wallets lost more than $100,000 the revenue engine powering the protocol remains intact.
Of the 4.26 million wallets active on the platform, more than half ended up with minor losses, while only 311 netted over $1 million in profit.
Still, 10x suggests that market skepticism tied to Pump.fun's memecoin-centric identity could be masking its underlying value.
"If the $4–$12 billion valuation range materializes," the report says, "early positioning could provide asymmetric upside."
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