OnlyFans in Talks to Sell Stake Valuing Firm at $3.5 Billion

British platform OnlyFans, known best for its adult content, is in talks to sell a 60% stake to an investment firm in a deal that would give the company an equity value of about $3.5 billion, according to a person familiar with the matter.

San Francisco-based Architect Capital has entered exclusive talks with OnlyFans owner Fenix International Ltd. and is looking for other investors to back a potential offer, the person said, asking not to be identified because the deliberations are private. In addition to the $3.5 billion equity value, the agreement would include roughly $2 billion in debt, resulting in an enterprise value of $5.5 billion. The talks are at an early stage, could take months to conclude and may not result in a deal, the person added.