Nubank has surpassed state-controlled Petrobras to become the most valuable company in Brazil, marking a symbolic shift in the country’s corporate landscape. The digital bank’s holding company, Nu Holdings, was valued at about US$77 billion on Tuesday, roughly US$2 billion more than Petrobras.
Shares of Nu Holdings (ticker: NU) on the Nasdaq closed at US$15.93, down 0.44% on the day. Petrobras shares on Brazil’s B3 exchange were essentially flat, ending the session near R$30.01, up about 0.02%.
The move comes after a strong year for the fintech: Nu’s stock has gained roughly 50% year-to-date, while Petrobras’s shares have fallen about 18% in 2025. In Latin America, Nubank is now the region’s second-largest listed company by market value, trailing only Argentine e-commerce group Mercado Libre.
Nubank’s rise follows continued operational momentum and international ambitions. The company — founded in São Paulo in 2013 and now serving nearly 123 million customers across Brazil, Mexico and Colombia — reported US$3.7 billion in revenue and a record net income of US$637 million in the second quarter of 2025.
In late September, Nu Holdings applied for a U.S. national bank charter with the Office of the Comptroller of the Currency (OCC). If approved, the charter would allow the fintech to offer deposit accounts, credit cards, lending and digital-asset custody in the U.S. Co-founder Cristina Junqueira is set to lead the new U.S. unit as CEO and has relocated to the United States full time to oversee the expansion.
Analysts and market observers say the episode highlights broader investor appetite for growth-oriented digital financial platforms in Latin America. For decades Petrobras — the oil and gas giant — ranked among Brazil’s biggest companies by market value. Nubank’s ascent underscores how fast-growing fintechs can reshape national market rankings amid changing investor preferences.
Top Brazilian companies by market values
- Nubank (Nu Holdings) — ~US$77 billion.
- Petrobras — ~US$75 billion.
- Itaú Unibanco, Vale and BTG Pactual follow in the rankings.
Investors will watch whether Nubank can sustain momentum as it scales internationally and whether Petrobras’s strategic investments and recent earnings can narrow the valuation gap.
Source: Folha
