Wonder looks to raise $600M in a reported pre-IPO funding round

Wonder, the fast-growing food hall/delivery company, is looking to raise $600 million in a funding round that could reportedly precede an initial public offering.

The company has already secured nearly $355 million of the equity fundraise, according to a Securities and Exchange Commission filing Wednesday, leaving about $245 million still to be placed. Investors were not disclosed.

It would bring Wonder’s total funding to nearly $2.8 billion since 2021, and follows a $600 million fundraise last May that reportedly valued the company at more than $7 billion.

The latest funding round could be Wonder’s last before an IPO, according to a report Wednesday by The Information, citing a source close to the situation. Companies often use such pre-IPO funding rounds to get big investors in the door early and help prepare themselves for the public markets.

Wonder has made no secret of its IPO ambitions. It has said it plans to be “IPO-ready” by early next year and recently hired a CFO with IPO experience. Founder and CEO Marc Lore has also floated March 2028 as an IPO target.

Founded in 2018 by Lore, the ecommerce pioneer behind Diapers.com and Jet.com, Wonder has evolved from a food truck delivery service into a “mealtime platform” built around brick-and-mortar food halls. Wonder’s locations offer food from dozens of proprietary restaurant brands out of a single kitchen for delivery, pickup, and dine-in. It also sells meal kits, via its acquisition of Blue Apron, and has its own delivery arm in Grubhub, which it acquired early last year. Wonder also has its own ordering app.

A series of huge capital raises have allowed Wonder to make acquisitions and quickly open new locations. It has roughly tripled its footprint since mid-2025 and now has about 130 food halls in 10 East Coast states and Washington, D.C. It plans to enter Texas next year and expects to have 400 total locations by 2027.

Wonder has also invested heavily in technology, including kitchen robotics, drone delivery, and artificial intelligence. It acquired Sweetgreen’s Spyce bowl-making robot earlier this year, and Lore has spoken of using AI to help customers determine what they should order and even allow them to create their own restaurant concepts within Wonder.