OnlyFans is reportedly in exclusive negotiations with investment firm Architect Capital over the sale of a majority stake that would value the adult-focused content platform at roughly $5.5 billion including its outstanding debt, a person with knowledge of the situation told Reuters on Friday.
Under the terms discussed, Architect - based in San Francisco - is pursuing almost a 60% ownership position in OnlyFans, the person said. When excluding the company’s debt burden, the same discussions place OnlyFans’ valuation close to $3.5 billion.
Investor materials circulated by Architect and seen by the Wall Street Journal describe a strategy to expand OnlyFans’ infrastructure to enable payments to creators who are underserved by traditional banking - terminology used in the materials referred to by the report. The presentation also reportedly states that OnlyFans, which generates nearly $1.6 billion in annual net revenue, could pursue an initial public offering in 2028.
Last year, Fenix International Ltd - the parent company of OnlyFans - was reported to have held talks to sell the business to an investor group at an approximate $8 billion valuation, according to an earlier Reuters report. Leonid Radvinsky has been identified as OnlyFans’ sole shareholder after acquiring the platform in 2018.
Requests for comment sent to Fenix International and to Architect did not receive immediate replies, the person said.
Background on the platform
OnlyFans is widely known for allowing adult content creators to monetize their work through subscription fees, with the platform retaining a 20% cut of creators’ earnings. The site saw rapid growth during the COVID-19 pandemic, which contributed to its rise in popularity.
What remains unclear
The discussions described are ongoing and reported as exclusive, which means the outcome is not guaranteed. The details available reflect what was shared in investor-facing materials and through sources familiar with the negotiations; neither Architect nor Fenix International has publicly confirmed the reported terms as of the latest update.