OnlyFans tops $3bn valuation in minority-stake sale after owner's death
Source · Mergers & Acquisitions desk
— Summary
UK-based streaming platform OnlyFans is in advanced talks to sell a minority stake of less than 20% to San Francisco fund Architect Capital, at a valuation of more than $3bn. A deal could be signed as early as next month. It comes after the late-March death of owner Leonid Radvinsky; control of the company will remain with the family trust, led by his widow Katie.
OnlyFans generated $7.2bn of user revenue in 2025 and paid a record $701mn dividend to its owner last year alone. The platform had earlier sought a valuation above $5bn when considering a majority sale, but the shift to a minority process has reduced the stake value. Architect entered exclusive negotiations late last year, beating rival suitors including Los Angeles-based Forest Road Company, backed by British billionaires David and Simon Reuben. Architect is using a special-purpose vehicle (SPV — a stand-alone entity used for a single deal) with other co-investors.
As part of the transaction, OnlyFans will work with Architect to develop new financial-services products for its creators, who often struggle to access traditional banking. Radvinsky, the Ukrainian-American entrepreneur who acquired OnlyFans' parent Fenix International in 2018, died at 43 of cancer. The deal opens the door to further disposals while keeping the family trust in control. Source: Financial Times, 17 April 2026, Daniel Thomas, Kieran Smith and Oliver Barnes.
The story in one line: Architect Capital is nearing a <20% stake in OnlyFans at a $3bn+ valuation, the first outside investment since founder Leonid Radvinsky’s death.
Key numbers
Valuation: over $3bn.
Stake for sale: less than 20%.
2025 user revenue: $7.2bn.
2025 dividend paid to owner: $701mn (record).
Earlier targeted valuation on a majority sale: above $5bn.
Radvinsky acquired parent Fenix International in 2018, died in late March 2026 at 43.
Why it matters
The deal ends years of stop-start talks to bring outside capital into the world’s most profitable adult-content platform and provides stability after the owner’s death. Architect will also help OnlyFans build financial products for creators, many of whom are shut out of mainstream banking — a potentially valuable adjacency. The family trust’s retained control limits governance change but also caps near-term strategic pivots.
Takeaway
A $3bn+ minority deal sets a first external benchmark for OnlyFans and opens the door to further staged disposals over time. For private-market investors the more interesting optionality sits in Architect’s mandate to build creator-finance services on top of one of the internet’s most cash-generative user bases.
Source: Financial Times, 17 April 2026, Daniel Thomas, Kieran Smith and Oliver Barnes.