British content platform OnlyFans is in preliminary discussions to sell a 60% stake to private investment firm Architect Capital, in a deal that would value the business at $3.5bn, with an enterprise valuation of $5.5bn including of $2bn of debt, according to a report by Bloomberg.
San Francisco-based Architect Capital has entered exclusive talks with OnlyFans owner Fenix International Ltd and is exploring additional investors to co-invest alongside it. The negotiations are at an early stage and could take months to complete, with no guarantee of a final deal.
OnlyFans, which is best known for its adult content, generates revenue by taking a 20% cut of subscription and content sales, and has been exploring strategic sale options since 2025. Founder and Ukrainian-American owner Leonid Radvinsky has received nearly $1.8bn from the platform since 2021, including $701m in dividends last year.
Architect Capital, founded in 2020 by James Sagan, is a relatively small, specialist private investment firm focused on building “novel financial infrastructure” across asset classes. In a presentation to investors, the firm highlighted creator monetisation services and suggested a potential IPO for OnlyFans as early as 2028.
