OnlyFans in Exclusive Talks to Sell 60% Stake to Architect Capital for $5.5 Billion

OnlyFans owner Leonid Radvinsky is in exclusive negotiations to offload a 60% majority stake in the platform to Architect Capital. The deal, which values the London-based giant at $5.5 billion, consists of $3.5 billion in equity and $2 billion in debt.

This $5.5 billion figure represents a stark reality check for the subscription platform. Only a year ago, Radvinsky was courted by the Forest Road Company with a valuation closer to $8 billion. Despite steady financial performance, the multibillion-dollar haircut highlights the "porn discount" that continues to dog the company. While the platform tries to market itself as a generic creator hub, the institutional stigma surrounding adult content—and the constant friction with payment processors and conservative banking partners—keeps a firm ceiling on its market cap.

Debt, Risk, and the Lender’s Play

The exclusivity agreement currently bars Radvinsky and parent company Fenix International Ltd. from shopping the deal elsewhere.

Architect Capital is an unconventional suitor. Founded in 2021 primarily as an asset-based lender for startups, the firm is now pivoting to take the wheel of a dominant creator economy engine. There is a sharp irony in a debt-focused firm leads a leveraged buyout of a company that traditional banks often refuse to touch. By structuring the deal with $2 billion in debt, Architect is betting it can navigate the regulatory minefield and banking hurdles that have historically capped OnlyFans' institutional appeal.

Revenue Growth vs. Institutional Stigma

The valuation drop isn't a reflection of the balance sheet. OnlyFans remains a cash-printing machine. In the 2024 fiscal year, the platform reported a 9% jump in gross revenue, surpassing $7.2 billion.

The company’s 20% take-rate on creator earnings generated approximately $1.6 billion in net revenue last year. This reliable cash flow is the primary draw for Architect Capital, which reportedly views the acquisition as a bridge to a 2028 initial public offering. However, the path to the public markets requires more than just high margins; it requires a level of corporate "cleanliness" that OnlyFans has struggled to achieve while maintaining its core identity.

The Professionalization Paradox

For Radvinsky, who took control of Fenix International in 2018, this sale serves as a massive liquidity event and a partial exit from day-to-day operations.

The move toward a leveraged buyout structure suggests Architect Capital intends to impose a more traditional corporate framework on the platform. But "professionalizing" OnlyFans is a dangerous game. The platform’s value is rooted in its hands-off approach to creators—the very thing that makes institutional investors and banks nervous. If Architect tightens content moderation or shifts the business model to appease future IPO investors, it risks a mass exodus of the creators who built its $7.2 billion foundation.

Whether OnlyFans can survive a transition from a rogue tech success to a debt-servicing corporate entity remains the $5.5 billion question.