Food technology company Wonder has raised US$650 million in a new funding round at a pre-money valuation of US$9 billion, strengthening its balance sheet as it prepares for a potential initial public offering (IPO) in 2027.
The financing attracted participation from existing investors including Accel, GV and NEA, alongside new investors AllianceBernstein, ARK Invest and Kayne Anderson Rudnick. Goldman Sachs, Jefferies and JPMorgan acted as placement agents for the transaction.
Founder and Chief Executive Officer Marc Lore told Fortune that the company is prepared to pursue a public listing as early as next year.
Building an integrated food platform
Wonder operates approximately 140 food halls across the United States, a network that has expanded significantly from 46 locations reported in 2025.
Each location houses multiple restaurant brands operating from a shared kitchen, allowing customers to order meals from different concepts in a single transaction while Wonder manages meal preparation and delivery.
The company said its Infinite Kitchen system includes an automated bowl production line designed to improve efficiency in commercial food preparation.
Wonder has also expanded through acquisitions, purchasing meal delivery platform Grubhub for US$650 million, including assumed debt, and acquiring meal-kit company Blue Apron for US$103 million in 2023.
Together, the businesses provide Wonder with restaurant operations, food delivery capabilities and subscription meal services under a single platform.
The company also recently announced a partnership with drone delivery company Zipline, with on-demand food deliveries expected to begin in Texas in 2027.
IPO preparations continue
According to Fortune, Lore said Wonder is “ready and prepared to go public early next year,” accelerating an earlier public timeline that had targeted 2028.
Reports indicate the latest funding round included an investor protection mechanism that would grant additional shares if Wonder’s IPO pricing falls below a specified threshold.
According to The Information, the financing also came in below an earlier reported valuation target of US$11 billion.
Lore has also committed approximately US$200 million of his own capital to the financing.
Commenting on the investor protection provision, Lore told Fortune:
“This is the least amount of protection we’ve ever offered, on a relative basis.”
Competing through vertical integration
Unlike many food delivery platforms that primarily connect customers with independent restaurants, Wonder controls much of the food preparation and delivery process through its own kitchens and logistics network.
The strategy comes as the food delivery industry continues to consolidate, with major platform operators pursuing acquisitions to expand their market presence.
Wonder has raised nearly US$3 billion since its founding in 2018 and is positioning itself as an integrated food technology platform that combines restaurant operations, automation, logistics and delivery services.
The company’s long-term growth strategy includes a target of operating 10,000 locations by 2040, though investors are expected to closely evaluate the scalability of that model when IPO documentation is eventually filed.