OnlyFans is exploring selling a majority stake to investment firm Architect Capital in a deal valuing the adult content social media platform at around $5.5 billion, including debt, according to a person familiar with the matter. San Francisco-based Architect is in exclusive talks for a nearly 60% stake in the company, the source said.
Excluding debt, the deal would value the online platform at nearly $3.5 billion, the person told Reuters on Friday. Architect Capital is a private investment firm that specializes in growth-stage technology investments, particularly focusing on digital media platforms and subscription-based businesses. The firm has built a reputation for identifying high-growth technology companies with strong revenue streams and clear paths to public market opportunities.
The potential OnlyFans acquisition would represent one of Architect’s largest deals, as the firm typically targets companies with established business models that can benefit from additional capital and operational expertise to scale further. The investment firm sees potential to develop infrastructure at OnlyFans to pay “under-banked” creators, according to a presentation sent to Architect’s investors that was seen by the Wall Street Journal.
Architect added that OnlyFans, which brings in almost $1.6 billion in annual net revenue, has a path to an initial public offering in 2028, the WSJ report said. The online platform exploded in popularity during the COVID-19 pandemic and is best known for enabling adult content creators to charge for subscriptions.
OnlyFans takes 20% of creators’ earnings, the report noted. The company’s sole shareholder is Leonid Radvinsky, a Ukrainian American who bought the platform in 2018.
OnlyFans parent Fenix International Ltd was previously in talks to sell the company to an investor group at a valuation of around $8 billion, Reuters had exclusively reported last year. Fenix International and Architect did not immediately respond to Reuters’ requests for comment.
