According to Reuters, OnlyFans is in exclusive talks to sell a nearly 60% majority stake to the San Francisco-based investment firm Architect Capital. The potential deal would value the adult content subscription platform at around $5.5 billion, including debt, or about $3.5 billion without it. This comes after a previous attempt to sell the company last year at a rumored $8 billion valuation. The company, owned solely by Leonid Radvinsky, reportedly brings in almost $1.6 billion in annual net revenue, taking a 20% cut from creators. Architect Capital reportedly sees a path to an IPO for OnlyFans by 2028.
The Pivot To Financial Infrastructure
So here’s the interesting bit that wasn’t in the main headline. The Wall Street Journal report, which Reuters credits, says Architect’s pitch involves developing infrastructure to pay “under-banked” creators. That’s a fancy way of saying they want to solve the massive, messy problem of getting money to people many traditional banks don’t want to touch. OnlyFans creators often face account closures and payment processing headaches. If Architect can build a reliable, in-house financial rail for payouts, that’s not just a nice feature—it’s a fundamental moat that could protect the entire business model. It turns a content platform into a fintech play.
The Valuation Story
Now, look at that number: $5.5 billion. Seems huge, right? But it’s a far cry from the $8 billion figure that was floating around last year. That tells a story all by itself. The market for risky, creator-driven tech companies has cooled off dramatically. And let’s be honest, the “adult content” label, no matter how much they try to rebrand, adds a layer of investor hesitation that a TikTok or YouTube doesn’t face. Selling a majority stake at a lower valuation might be a pragmatic move for Radvinsky. It brings in a deep-pocketed partner to handle the regulatory and financial complexity he might not want to deal with alone, while still cashing out a significant portion.
What An “IPO Path” Really Means
Architect is whispering about a 2028 IPO. I think we should be pretty skeptical of that specific timeline. Basically, announcing an IPO plan four years out is a classic move to make this buyout look like the first step in a glorious growth journey for the new investors. The real playbook is likely: use the next few years to “sanitize” the business—build that financial infrastructure, maybe aggressively promote SFW creators, and hope the public markets forget the platform’s core reputation. Can they pull it off? Maybe. But 2028 feels less like a firm date and more like a hopeful target painted on a very distant, moving wall.
