Wonder Group, the food-technology company behind Grubhub and Blue Apron, has confidentially filed for a US initial public offering, taking the first formal step toward the stock market after years of fundraising and acquisitions. The company, founded in 2018 by serial entrepreneur Marc Lore, said on Thursday it had submitted a draft registration statement to the Securities and Exchange Commission, though it has not yet set how many shares it will offer or at what price.
What Wonder has built
Wonder began as a food-delivery idea and has grown into a vertically integrated food business. It runs food-hall locations where customers order dishes from dozens of restaurant brands through a single platform, and it handles preparation, delivery, pickup and dine-in service itself rather than acting as a marketplace that hands orders to restaurants.
Acquisitions did much of the building. Wonder bought meal-kit company Blue Apron for $103 million in 2023, delivery platform Grubhub for $650 million in 2025 and kitchen-robotics company Spyce for $186 million the same year, plus media company Tastemade. The deals turned a delivery startup into a company that owns the food, the kitchens and the delivery network.
The filing follows a private round in July, when Wonder raised more than $650 million at a valuation of around $9 billion, with Accel, GV, AllianceBernstein and ARK Invest taking part. A confidential filing lets Wonder start the SEC review while keeping its financials private, and the company said the offering is subject to market conditions and that review.
Wonder is expanding. It plans to open more than 100 locations in Texas by the end of 2027, and it plans to start drone deliveries there in January 2027 through a partnership with Zipline. It is also building Wonder Create, a platform that uses artificial intelligence to help food entrepreneurs design and launch restaurant brands in under a minute.
A $425 million partnership with DoorDash extends Wonder’s reach into campus dining, serving 450 colleges and universities. The arrangement shows how Wonder is positioning itself less as a single delivery app and more as a food platform that sells its kitchens, brands and logistics to other channels.
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The filing is a bet that investors will pay for control. Wonder owns its kitchens, its brands and, through Grubhub, a delivery network, so it can promise quality and consistency in a way marketplaces cannot. The question is whether that control is worth the cost: owning kitchens and fleets is capital-intensive, and the company has spent to assemble the pieces.
Timing matters. Wonder is filing while IPO markets are choppy and borrowing costs are high, which suggests confidence that its story, a $9 billion valuation, a growing footprint and drone delivery, can carry a listing. If the market disagrees, a filing costs little: the company can wait, since nothing in the filing commits it to a date or a price.
Why It Matters
A Wonder listing would test whether public investors still believe in capital-heavy food technology. DoorDash and Uber Eats dominate delivery as marketplaces, while Wonder is asking the market to value a company that builds and runs the restaurants itself. The answer will shape how other food and delivery startups plan their own path to the public markets.
Background
Lore founded Wonder in April 2018, after Diapers.com and Jet.com, the two startups he sold to Amazon and Walmart. Its biggest single step came in 2025, when it bought Grubhub for $650 million, a deal that gave a seven-year-old startup one of the best-known names in American food delivery.
Source: Reuters’ report and TechCrunch’s report.
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