$1.5 Billion for NameCheap, a big Congrats to Richard Kirkendall

By Ekemini Thompson on Tue Sep 16 2025

Private equity giant CVC Capital Partners is closing in on a deal that would acquire a majority stake in Namecheap, valuing the company at roughly $1.5 billion, including debt

Richard Kirkendall, founder and CEO of Namecheap, has become an unlikely headline-maker, not for retiring or stepping away, but for what he’s cheekily described as a decision to stay on board for just $1 a year. That’s right — one dollar. Not a million. Not a clown salary, just a humble bill. And the reason? He says he wants to keep steering his brainchild Spaceship toward innovation, growth, and eventually an IPO. It’s the kind of commitment talk that harks back to scrappy Silicon Valley myths — except this one is very real, firmly rooted in high finance, and now shadowed by a staggering $1.5 billion valuation.

That sum isn’t made up. Private equity giant CVC Capital Partners is closing in on a deal that would acquire a majority stake in Namecheap, valuing the company at roughly $1.5 billion, including debt

Namecheap, founded about 25 years ago in Phoenix, began as a modest domain registrar and has since grown into a full-service hub for hosting, email, and security services. Under Kirkendall’s leadership, the company posted an estimated $398 million in revenue in 2024 — up 18 percent from the year prior

But amid the numbers and acquisition headlines lies the more riveting story about Kirkendall’s personal conviction. He’s not under contract, not bound by obligations — he could, by many industry standards, cash out, move on, let someone else take the reins. Instead, the $1-a-year salary is a symbolic stake in the future. A deliberate choice to stay, to build, to innovate via Spaceship, the fast-growing spin-off platform designed to streamline domain and hosting services for users at every technical level

Spaceship has not been idle either. Launched publicly in early 2024, it hit 1 million domains under management in just over a year, and by May 2025, soared to 3 million domains under management

. That kind of momentum is rare outside the biggest tech IPOs — and it’s hard to ignore. In the same breath, Kirkendall regularly tweets about innovation, ease of use, and staying agile. His message is clear: there’s no bureaucracy holding him back, only ambition pulling him forward.

Why does it matter that CVC is about to ink this deal? Because they bring not only capital but a built-in ecosystem. CVC already owns WebPros, the infrastructure company behind cPanel, Plesk, and WHMCS — tools used to manage millions of hosting accounts worldwide

. In effect, this acquisition would bind together registrar services and backend software, tightening Namecheap’s vertical integration and sharpening its competitive edge against GoDaddy and others.

Industry watchers on Reddit and Hacker News are buzzing — and not all with praise. Comments range from “they’re no longer Name ‘Cheap’” to warnings about “enshitification,” the process by which a formerly affordable, friendly brand shifts toward more corporate, extractive tendencies post-acquisition

Some users say they’ve already migrated to cheaper providers like Porkbun in reaction. The cynics argue that once the VC money rules the roost, the user-first culture might fade—and loyalty will be the first casualty.

Yet Kirkendall seems determined to hold the narrative. By choosing a salary that is effectively symbolic, he signals intentionality: this isn’t about the next payday. It’s a bet on a future he still wants to lead. That’s a rare narrative in tech lately, where founders often exit early with stock options and lucrative buyouts. Here, Kirkendall is not walking away. He’s choosing to stick around until the spaceship docks itself.

The valuation — $1.5 billion — is not just a number. It’s validation. It’s the result of nearly two dozen years of building, iterating, and earning customer trust while remaining independent. It’s a counterpoint to consolidation trends, a signal that even niche tech companies in domain registration can scale to unicorn-lite status. And with revenue headed toward $400 million, with strong user growth on both Namecheap and Spaceship, there’s real commercial substance behind the headlines.

Still, the real question is what comes next. Will the IPO happen? Kirkendall thinks so, tied to sustained growth and continued innovation. Will Spaceship continue to grow its user base, to cut through technical complexity and build a UXP-first approach? Time will tell. Will customer experience remain central? That’s up in the air, especially once private equity influence becomes more visible. And customers on Reddit watching discounts evaporate ask: at what point does profitability come at the expense of affordability?

In short, this is more than another tech acquisition. It’s a story about founder vision versus market pressure. It’s a test of whether a scrappy, user-focused brand can survive scale and still serve its original mission. It’s about a man who opted for a dollar paycheck so he could retain purpose. And it’s about whether, as the headlines grow hotter, the values that built Namecheap in the first place remain intact.

Namecheap and Spaceship may not be in the mainstream headlines like Apple or Google. But this moment is emblematic of a lot more: how tech companies grow, how they balance community and capital, and how leaders choose to stay or step away. The valuation is big news, but perhaps the bigger news is a CEO choosing the long game — sticking around not because he must, but because he believes that the best chapters of his company’s story are yet to be written.

In the coming months, as the deal closes and CVC takes its place at the table, observers will watch closely. Will Namecheap broaden its service offerings? Will Spaceship remain nimble or become buried in bureaucracy? Will the brand still attract solopreneurs and indie developers — or just institutional investors? These are the stakes.

For now, Kirkendall’s message echoes: he’s staying, for a dollar, for innovation, for belief. He’s placing his future on both Spaceship and Namecheap. And if it pays off with an IPO, with continued growth, with satisfied users — then that $1 might be the smartest salary in tech history.