OnlyFans nears stake sale at over $3b valuation

OnlyFans – a London-based platform known for adult content – is in advanced talks to sell a less-than-20% stake to San Francisco-based Architect Capital in a deal that could value the company at more than US$3 billion, a person familiar with the matter said.

The same source also said the deal could be agreed next month.

The talks follow last month’s death of majority owner Leonid Radvinsky, with shares held by his family trust.

Architect would work with OnlyFans on financial services and products for creators as part of the deal, the person said.

Radvinsky had previously sought to sell a larger stake at an enterprise value of around US$5.5 billion, and in 2024 it reported US$1.4 billion in revenue, more than 4.6 million creator accounts, and some 377 million fan accounts.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

OnlyFans’ valuation journey maps the challenge of selling an adult content platform

A potential sale price above US$3 billion comes after shifting talks, including early 2025 discussions that could have put the company near US$8 billion 1.
Negotiations with the current suitor, Architect Capital, have focused on selling a controlling ~60% stake at a roughly US$5.5 billion enterprise value. That figure includes about US$2 billion of debt and implies about US$3.5 billion in equity value 2.
Industry sources describe ongoing disagreement over pricing. They say adult content businesses often sell for 3-to-5 times Ebitda (earnings before interest, taxes, depreciation, and amortization), which one source said would put OnlyFans closer to US$1.46 billion to US$2.42 billion 3.
A reported move toward a minority stake sale aims to bring in a partner and liquidity while avoiding the friction that can come with a full sale of a controversial business 3.

The deal could pioneer a new financial system for the creator economy

A tie-up with Architect Capital, a San Francisco-based investment firm focused on specialized financing, supports plans that reach beyond running a content platform 2.
New financial services for creators could ease banking and payment access problems tied to the nature of some creators’ work.
In-house finance products could reduce reliance on payment processors like Visa and Mastercard, which pressured OnlyFans to briefly ban adult content in 2021 3.
If the model works, it could help build a fintech category for the wider creator economy through tools built for online creators who run into similar banking hurdles.