Summary

• In the most recent earnings, Airbnb disclosed that growth has accelerated further to 45% in 1Q’26.
• We are starting to see Airbnb graduating some of the pilot programs to public release.
• While we don’t exactly know how much take rate expansion is possible in the long term, it seems quite likely that just these plethora of insurance products alone can perhaps expand Airbnb’s take rate by ~50 bps in three to five years.
• Given Airbnb is approaching $100 billion Gross Booking Value today, it implies a ~$500 million very high margin revenue that’s not currently captured in financials today but is likely to show up over time in the next few years.

Airbnb (ABNB) first launched its guest travel insurance product in 2022. Then in 4Q’22 call, Brian Chesky mentioned that the guest insurance product was available in 8 countries and the