1 hour ago - Business

OnlyFans sells 16% stake for $535 million

Dan Primack

Illustration of "XXX" symbols made from crossed hundred dollar bills. — Illustration: Aïda Amer/Axios

San Francisco-based private equity firm Architect Capital has agreed to invest $535 million into OnlyFans for around a 16% stake, which implies a $3.15 billion valuation.

Why it matters: OnlyFans had been trying to raise outside capital — or sell itself entirely — for at least five years. But investors kept blushing at the porn.

Zoom in: The FT reports that both James Packer and Sam Lessin co-invested with Architect Capital.

Catch up quick: OnlyFans owner Leonid Radvinsky died of cancer earlier this year, at just 43 years old.

His widow reportedly assumed control.

The bottom line: OnlyFans generated $1.4 billion of net revenue and $7.2 billion of gross revenue in fiscal 2024, including $684 million of pre-tax profit.

Those figures should have produced a stronger valuation, even if growth had slowed from the company's pandemic peak. But, again, naked people.

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OnlyFans sells 16% stake for $535 million

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