Leonid Radvinsky received $709 million in dividends from OnlyFans in the months before his death from cancer this March, according to filings from parent company Fenix International made public recently in the UK. It’s a staggering figure even by billionaire standards, and it lands at a moment when the company he built is simultaneously being positioned for a potential public offering.
The filing breaks the money down cleanly: $535 million in dividends during Fenix’s 2025 fiscal year, which closed in November, followed by four additional payment tranches totaling $174 million in the first three months of 2026, which were the final months of Radvinsky’s life. That 2025 figure alone marked an increase from the $497 million he’d taken the year before. All told, Radvinsky pulled roughly $2.5 billion in dividends from the company since 2021, on top of the fortune he’d already built running MyFreeCams before buying a 75% stake in OnlyFans’ parent company back in 2018 for reportedly just $30 million. That initial investment turned into one of the more extraordinary returns in recent private-company history, and the company’s underlying numbers explain why: $1.55 billion in revenue for fiscal 2025, up 10% year over year, with operating profit climbing 6.5% to $709 million, all generated by a workforce of just 47 direct employees.
Control of the company has since passed to Radvinsky’s widow, Yekaterina “Katie” Chudnovsky, who now holds “ultimate control” as sole trustee of the family’s LR Fenix Trust. A source close to the couple previously described her to Forbes as her husband’s “de facto business partner” rather than a passive heir, which tracks with how quickly the company has kept moving since his death rather than pausing to reorganize. Weeks after he died, Fenix sold a 16% stake to San Francisco-based Architect Capital for $535 million, valuing the company at roughly $3.1 billion. It was a deal Forbes reported was accelerated once investors learned Radvinsky’s cancer diagnosis was terminal, suggesting the sale was as much about securing the company’s next phase before his death as anything else.
That next phase seems to be a public offering. Architect Capital founder James Sagan told The Information this month that he sees no clear regulatory obstacle standing between OnlyFans and a US listing, arguing that private markets can actually impose tighter restrictions than public ones and pointing to the company’s existing compliance and know-your-customer systems as evidence it’s ready for that level of scrutiny. He’s also said institutional investors have responded well to the idea. It’s a notable shift in ambition, as earlier reporting had suggested Radvinsky was negotiating a majority-stake sale to a Forest Road Company-led consortium that could have valued the platform as high as $7 billion, well above where Architect’s minority stake landed it.
Architect’s stated plans for the company go beyond just IPO logistics, too. The firm has said it wants to help OnlyFans build new financial products and services for creators, and has previously indicated a broader ambition to diversify the platform away from its adult-content core. Forbes reported Architect envisions a version of OnlyFans “where you can connect with your favorite boxer or athlete,” a considerably more mainstream pitch than the platform’s actual current business. CEO Keily Blair has pointed to real growth to back that expansion story: creator accounts up 13% to 4.6 million, fan accounts up 24% to 377.5 million globally, all powered by the 80/20 revenue split that’s made the platform unusually attractive to creators compared to competitors.
There’s an obvious tension though. OnlyFans wants to be taken seriously enough for Wall Street, categorized broadly enough to court mainstream investors, while its actual profitability remains overwhelmingly built on adult content and the creators who make it. Architect’s vision of a platform hosting boxers and athletes alongside its existing base isn’t necessarily wrong, but it’s a rebrand happening on top of a business model nobody’s actually proposing to change. So is OnlyFans preparing for an evolution, or is this all just marketing dressed up as a prospectus?