OnlyFans Stock: Will the Purveyor of Private Parts Go Public?

Learn about the OnlyFans stock ownership structure and the potential for individual investors to acquire private shares. Invest in startups like OpenAI, Databricks, and Anthropic via the Fundrise Innovation Fund. $10 minimum to invest.

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Notable OnlyFans News

12/23/2024: Multiple OnlyFans accounts featured suspected child sex abuse
09/06/2024: OnlyFans Payments Surged to Record $6.6 Billion in 2023
08/24/2023: OnlyFans Users Spent $5.6 Billion Last Year
07/18/2023: OnlyFans CEO Ami Gan steps down
Older news…

About OnlyFans

OnlyFans is a content subscription service and social media platform that empowers creators to earn money from online fans.

Popular with 18+ entertainers and social media influencers, creators charge a subscription fee to fans for premium photos and videos only available behind a paywall.

Users can buy bonus content and personalized media for an additional cost. 

OnlyFans takes a flat 20% fee and earns about 12% after costs, according to the New York Times. Creators can charge whatever they like and keep the remaining 80%.

The business model eliminates the need for advertising and intermediaries (e.g., film producers, traditional adult websites), giving the creators more control of their content and business. 

Its popularity has transcended the adult industry and is now utilized by athletes, musicians, celebrities, comedians, health and spiritual experts, fitness gurus, chefs, and makeup artists. 

The company has more than 100 million users and has paid out more than $3 billion in creator earnings. In 2023, the company generated $6.3 billion in sales, up 19% from the prior year.

Competitors offering similar services include Fansly, Substack, and Patreon.

Here’s how a dietitian is using the platform to monetize her message about food and wellness.

Ownership

A London-based private company called Fenix International Limited owns the OnlyFans service. Adult industry veteran Tim Stockley founded the company in 2016.

The primary shareholders of Fenix International Limited include the founder Tim Stokely and adult industry veteran Leo Radvinsky, an adult webcam service owner who purchased a majority stake in OnlyFans in 2018. 

Stockley stepped down as CEO headed into 2022, handing the job to Amrapali Gan. 

Gan resigned in July 2023. Former OnlyFans Chief Strategy & Operations Officer (CSOO) Keily Blair has taken over.

The company has not yet raised capital from venture capital firms, possibly due to the adult nature of its creators.

However, as the company expands to other genres, investors may become more interested.

On June 16th, 2021, Bloomberg reported that OnlyFans was seeking venture funding at a valuation north of $1 billion. 

However, Dan Primack of Axios reported on August 19th, 2021, that the company is struggling to secure venture capital funding due to the explicit content uploaded by creators. Some VCs are “prohibited from investing in adult content”.

Axios later reported on March 29th, 2022, that OnlyFans is seeking a SPAC deal. 

Valuation

The OnlyFans valuation is not confirmed as of October 2024. Being a private company without venture capital investors makes it difficult to pin down a valuation.

Axios reported in mid-2021 that the company was seeking venture capital funding at a more than $1 billion valuation. However, 2023 revenue (ending in September) reached $6.3 billion. 

With $6.3 billion in revenue and about 12% profitability, a fair company valuation range is $6 to $12 billion, depending on preferred earnings valuation multiple. 

IPO Potential

The OnlyFans IPO date is currently unknown. 

In a November 2022 interview with Axios, OnlyFans CEO Amrapali Gan said the company is “happy being privately held, and we have no plans to make any moves of that sort [fundraise, IPO].

Ownership is concentrated at the top, and the company has not sought venture funding. 

Often, fast-growing companies seek outside funding from venture capital firms to help accelerate growth.

However, we’ve learned from reporting that the company earns about 12% of revenue as profit.

Profits can, therefore, be reinvested to fuel growth. 

If the company needs additional capital to expand, it can likely seek private funding. Private investors will eventually require liquidity, which could lead to an IPO. However, the two owners, Stockley and Radvinsky, own most of the company and would control such a decision. 

OnlyFans could also use private funding to establish its valuation before an IPO. The owners may also seek to raise cash through an IPO instead of private funding. 

Letting the market determine the company value could be a more lucrative path for the current owners.

We won’t know until we hear more from the owners through statements or media interviews. It is more likely to have its IPO on the London Stock Exchange, being a London-based company.

Bookmark this page for the latest OnlyFans stock and IPO news.

How to Invest in OnlyFans Stock

OnlyFans ownership is limited to a small number of investors. Therefore, it will be very challenging to acquire shares, and it is unlikely any of us will get a chance to own shares in OnlyFans. 

There are also no indications that OnlyFans is on the path to an IPO. 

OnlyFans leadership has indicated it is content with being a private company. However, Axios reported in March 2022 that OnlyFans has spoken to multiple blank check companies for a potential SPAC. Some talks have ended due to being apprehensive about its core industry (adult content). 

Since OnlyFans is based in London, U.K., the listing may not occur in the U.S., which could disappoint American investors.

However, considering the size and vibrancy of the U.S. markets, the company may opt to list the shares on U.S. exchanges either directly or through an ADR (American Depository Receipt).

Here are some potential, albeit unlikely, ways to own OnlyFans stock. 

1. Acquire shares in pre-IPO secondary marketplaces

Founders, early employees, and investors often find themselves in a difficult predicament. They own valuable shares of a company that doesn’t trade publicly. 

These shareholders might have multi-million dollar net worth because of their stock holdings, but the stock is not liquid because it doesn’t trade on an exchange. 

A few platforms have evolved to give small shareholders (employees and early investors) a way to liquidate their holdings before the IPO.

The most prominent sites include Linqto, Equitybee, EquityZen, Hiive, and Forge Global. Learn more about pre-IPO investing platforms. 

The author has yet to see evidence of OnlyFans shares available on any of these platforms. 

Accredited investors may join these sites and attempt to buy these companies’ shares when they become available. 

Non-accredited investors can invest in pre-IPO startups by owning the Fundrise Innovation Fund. However, OnlyFans is not a portfolio holding. Monitor the fund for new pre-IPO investments. 

Please note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on AccessIPOs.com. All opinions are my own.

2. Participate in the OnlyFans IPO

IPO investors may find opportunities to invest during an eventual initial public offering, able to acquire shares at the IPO price before the stock begins trading.

Formerly exclusive to Wall Street’s best customers, IPO access is now more attainable to retail investors.

Online brokers, including the ones listed below, give customers free access to IPOs, even with low account balances. 

• TradeStation 
• Robinhood 

TradeStation has a more established track record of accessing more than 400 IPOs and secondary offerings via its partnership with Click Markets.

Robinhood has the advantage of Silicon Valley networks and a history of getting allocations for high-profile IPOs, making it a good candidate for the Epic Games IPO. 

Check out this list of best brokers for IPO investing to learn more about IPO access for retail investors.

3. Buy OnlyFans stock after the OnlyFans SPAC or IPO

Since acquiring IPO shares is almost always challenging for individual investors, the most likely way to ever own OnlyFans stock is to wait for the IPO or SPAC to complete. 

However, because an IPO or SPAC is unlikely, acquiring shares of OnlyFans will be nearly impossible for ordinary investors. 

OnlyFans is a highly profitable company. The owners are reaping profits. It’s a cash cow business that doesn’t need to raise new funds to grow, making an IPO or SPAC to raise funds unnecessarily. 

An IPO or SPAC could allow the owners to cash out if they like. But I think a private equity buyout is more likely due to the adult nature of the platform.

Some private equity firms have policies against adult-themed businesses, but considering the profitability of OnlyFans, surely some private equity investors would jump at the chance to own one of the best businesses on the planet. 

OnlyFans Controversies

On August 19th, 2021, the company announced it would not allow “any content containing sexually explicit conduct” starting in October. Nude photos and videos will remain within the permissible boundaries. 

It reversed the decision on August 25th:

Thank you to everyone for making your voices heard.

We have secured assurances necessary to support our diverse creator community and have suspended the planned October 1 policy change.

OnlyFans stands for inclusion and we will continue to provide a home for all creators.

— OnlyFans (@OnlyFans) August 25, 2021

Frequently Asked Questions (FAQs)

Is OnlyFans Stock Publicly Traded?

No. OnlyFans is a private company. 

What is the OnlyFans Stock Price?

Since OnlyFans is not publicly traded on a stock exchange, there is no public stock price for OnlyFans yet.

Furthermore, due to a small number of owners and concentrated ownership, secondary shares are unavailable. Therefore, estimating a share price is not possible. 

What is the OnlyFans Stock Symbol?

Despite billions in revenue and early profitability, OnlyFans is still a startup. Therefore, it is not yet known if the company has plans for a public listing.

Until then, we can only speculate on what the OnlyFans stock symbol would be. We also don’t know on which exchange the company would trade. 

Here are three possible stock symbols that appear to be available in the U.S. and London:

• ONLY
• FANS
• OF

Can you Invest in OnlyFans Stock Now?

No.

There are no direct or indirect investment options at this time. 

Where can I find the OnlyFans S-1 Filing?

The OnlyFans S-1 filing won’t be publicly available until the holding company decides to seek a public listing in the U.S. and releases the file. In the U.K., the company would submit a similar filing to the Financial Conduct Authority (FCA).

You can find a real-time SEC feed of the latest IPO filings from other companies on the recent S-1 filings page.

Will There be an OnlyFans SPAC Acquisition?

Axios reported in March 2022 that OnlyFans has spoken to multiple blank check companies. Some talks have ended due to being apprehensive about its core industry (adult content). 

A SPAC is a special purpose acquisition company, also known as a blank check company. They are shell companies designed to help established businesses go public without a traditional IPO. 

The SPAC company merges with the established company and takes on the established company’s name. It’s also known as a reverse merger. 

SPACs have become popular recently after Virgin Galactic, Lucid Motors, and hundreds of other private companies have used them to become publicly traded.

OnlyFans does not appear to need capital at this stage due to a low number of employees and early profitability. Therefore, it is unlikely the owners would be intrigued by a SPAC merger proposal. 

SPACs have fallen out of favor since late 2021 after the SPAC euphoria of the previous 24 months. 

OnlyFans News Archive

02/03/2023: Meet Amrapali Gan, the 37-Year-Old CEO of OnlyFans
11/20/2022: OnlyFans CEO: “Not seeing any slowdown” as tech slumps
10/30/2022: Leonid Radvinsky bought OnlyFans after building an empire of porn sites
09/01/2022: OnlyFans profits boom as users spent $4.8bn
04/23/2022: OnlyFans said it can no longer serve its Russian creators
03/29/2022: Scoop: OnlyFans wants to go public
03/02/2022: OnlyFans resumes service in Russia
12/23/2021: OnlyFans’ New CEO is a woman and former cannabis marketer.
12/21/2021: OnlyFans founder Tim Stokely steps down, appoints spokesperson as CEO
08/25/2021: OnlyFans Drops Planned Porn Ban, Will Continue to Allow Sexually Explicit Content
08/24/2021: Sex workers sound off on OnlyFans ban
08/20/2021: BBC: OnlyFans – How it handles illegal sex videos
08/19/2021: OnlyFans is banning porn, the very thing that made it big
08/19/2021: OnlyFans to Bar Sexually Explicit Videos Starting in October
08/19/2021: OnlyFans has tons of users, but can’t find investors
06/16/2021: OnlyFans Seeks New Funding at Valuation Above $1 Billion
05/18/2021: NY Times: OnlyFans Isn’t Just P0rn 😉
04/27/2021: Users spent $2.4 billion on the adult-entertainment site in 2020
04/21/2021: The Essex-born OnlyFans founder who built an adult empire 
12/11/2021: OnlyFans Is Not Only Popular But Hugely Profitable
12/05/2020: OnlyFans Is a Billion-Dollar Media Giant Hiding in Plain Sight
01/06/2020: OnlyFans: a day in the life of a top(less) creator
02/29/2019: How OnlyFans Changed Sex Work Forever