Stigma is a form of social devaluation, eliciting shame, disgust and othering. Most theorization of stigma has focused on devaluation and stigmatization; this paper identifies and expands on the concept of ‘revaluation’, defined as the positive revision of previously derogated social objects as part of ongoing stigma trajectories. To do so, we draw on ‘stigma mutation’ theory, which highlights three dynamic dimensions of stigma change over time: the lineage or history of the stigma; its variation in diverse groups and contexts; and its intensity or strength. We further draw on assemblage theories to explain the dynamism of stigma trajectories where both established and novel connections occur globally and locally, beyond traditional group or identity boundaries. To illustrate the processes of revaluation, we present a case study of psychedelic drug stigma, analysing academic texts and media articles. Although psychedelic stigma has embedded lineage within existing illegal drug stigma, it is undergoing social revaluation due to other drivers, such as Western biomedicine’s recent interest in psychedelics as therapeutics. It is important to consider the dynamism of devaluation and revaluation processes within stigma trajectories; these may occur simultaneously, in complex ways, as the result of multiple connections in both local and global worlds.<p></p>