Wonder Bets $10-a-Month Virtual Restaurants on a Road to IPO

Wonder plans to open at least 100 locations in Texas by the end of 2027, staking its next growth phase on a state it has never operated in — and on a $10-a-month platform that lets almost anyone run a virtual restaurant. The food startup is preparing for a potential initial public offering, founder Marc Lore confirmed to CNBC, though he declined to discuss timing.

What is Wonder Create?

On Nov. 17, the company will launch Wonder Create. The platform lets influencers, entrepreneurs and brands launch their own virtual "restaurants" operating out of Wonder locations, according to CNBC. Participants pay a monthly fee of $10 and earn a share of the revenue their orders generate.

Lore frames the service as a way to make restaurant ownership accessible without startup capital, overhead expenses or hands-on kitchen management. The platform will eventually open to the broader public, letting users pick menu items from Wonder's pantry. The promise is seductive; the revenue-share terms and what a $10 subscription actually buys remain undisclosed.

How close is the IPO?

Lore told CNBC he wants to take Wonder public to raise capital and establish "a public currency to be able to do more M&A." He offered no window for a listing.

The company has done the preparatory work. In March, Wonder appointed Gabrielle Rabinovitch, previously of payment processor Worldpay, as chief financial officer as it geared up for a possible stock market debut, CNBC reported.

The deal terms attached to the latest funding round reveal investor caution. Newer investors reportedly receive additional shares if the IPO prices below 1.5 times their investment — a provision that puts the protective valuation threshold at roughly $14.7 billion. That figure equals about 7.3 times Wonder's projected revenue for this year. Earlier in the year, its Series D round valued the company at $9 billion pre-money.

Who is backing the company?

Wonder has raised $3.3 billion from investors including DoorDash, Alphabet's venture arm and actress Gwyneth Paltrow, according to CNBC. The capital is substantial; the profitability is not. The Information reported that Wonder has operated at a financial loss since acquiring Blue Apron and Grubhub.

How does the model actually work?

Wonder has opened 170 storefronts across the Northeast over the past three years, stretching from Virginia to Massachusetts. Each storefront fits inside a footprint the company can replicate cheaply: food is prepared in commissary kitchens, shipped to locations, and finished on site by staff who open sealed packaging and cook the items.

The locations are entirely electric, which lets Wonder move into spaces with fewer renovations. Menus draw on more than two dozen virtual restaurant brands, including Dabba Indian Kitchen, Tejas Barbecue and Pop Salad. Because Wonder owns Grubhub, customers ordering through its app pay no delivery fees.

Can automation carry the margins?

Lore told CNBC that Wonder aims to make food preparation and delivery fully autonomous by 2040 — a 14-year horizon that invites as much skepticism as confidence. The company has already automated some kitchen tasks, including assembling salads and bowls.

The Texas buildout, the Wonder Create subscription platform and the automation roadmap all feed one thesis: scale now, profit later. Whether public investors accept that thesis at a valuation near $14.7 billion will decide the IPO's fate.