# Waystar may go private two years after IPO

> A healthcare payments software company that sold Wall Street a tech story is now weighing a sale, with AI fears hanging over the stock.
- Title: Waystar may go private two years after IPO · Pymnts | Shortify
- Summary: A healthcare payments software company that sold Wall Street a tech story is now weighing a sale, with AI fears hanging over the stock. Calling yourself a…
- Keywords: healthcare, fintech, m&a, b2b payments, business, finance, Waystar, may, private, two, years, IPO
- Source: Pymnts — https://pymnts.com/healthcare/2026/waystar-considers-sale-of-healthcare-payments-software-firm
- Author: PYMNTS
- Published: 2026-09-15T18:47:15+00:00
- Read time: 1 min
- Topics: healthcare, fintech, m&a, ai, b2b payments, business, finance
## Waystar weighs a sale
The healthcare payments software company is reportedly exploring a sale that would take it private again, just two years after listing. Reuters cited seven sources familiar with the talks.
## Bankers already hired
Sources say Waystar has brought in bankers to advise on a possible deal, though nothing is settled and the sale may never happen. The company has not commented publicly.

> the plans could change and sale may not come to pass
## Software, not services
Waystar deliberately positioned itself as a software company automating administrative work, rather than a healthcare services business leaning on people to do the same tasks.
## The valuation play
That framing was the point. Tech companies command higher multiples than services firms, and Waystar went public in 2024 on that premise.
## Then AI spooked investors
Buyers bought in at first, but the stock slid as worries grew that software firms are exposed to AI disruption. Morgan Stanley flagged the risk.
## Healthcare as payments lab
Money is still pouring in elsewhere: Forus raised $150 million at a $3 billion valuation, and Verily Health took investment from Nvidia. AI agents doing admin work hit the same trust problems B2B payments face.

> That may be the missing infrastructure layer in agentic payments.
## Key takeaway

Calling yourself a software company gets you a tech multiple, but only until investors decide AI can do the software's job.