I first discovered the story of Indie Hackers through this comment from Jakub Pacanda I found it so interesting that I decided to look deeper into the full story behind the acquisition. Indie Hackers has one of the most interesting Community M&A stories. Courtland Allen launched the platform in 2016 to help bootstrapped founders share their revenue, strategies, failures, and lessons publicly. Less than one year later, Stripe acquired it. FounderSold estimates that Indie Hackers was generating around $8,000 in monthly revenue and sold for approximately $2 million, representing a reported 20 times profit multiple. However, the official purchase price was never publicly disclosed. So why would Stripe pay such a large multiple for a young community with relatively little revenue? Because Stripe was not mainly buying cash flow. Indie Hackers had already gathered exactly the people Stripe wanted to reach: founders building online businesses, SaaS products, marketplaces, and other companies that needed payment infrastructure. Stripe acquired the community, its trust, its content, its brand, and direct distribution to thousands of potential customers. Courtland continued operating Indie Hackers inside Stripe instead of the platform being absorbed and disappearing. Then, in 2023, Courtland and his brother Channing bought Indie Hackers back from Stripe and made it independent again. That created a rare Community M&A cycle: Built independently Acquired by a strategic buyer Operated under the buyer for six years Bought back by the original founders Indie Hackers shows why strategic buyers may pay far more than a community’s current revenue suggests. The real value can be the audience, positioning, trust, and access to the exact customers the buyer wants. Do you think Stripe acquired Indie Hackers mainly for the community, the content, or access to future Stripe customers?