Wonder's $9 Billion Bet: 100 Texas Stores, $10 Subscriptions and an IPO

Wonder has raised $3.3 billion and carries a $9 billion pre-money valuation from its Series D round this year — just under the price Subway fetched two years ago — as Marc Lore's food startup prepares to enter Texas with a target of at least 100 locations there by the end of 2027.

Founded in 2018, Wonder currently operates 170 storefronts from Virginia to Massachusetts, opened over the last three years. The company positions itself as what Lore calls a vertically integrated food technology platform: "Wonder is a vertically integrated food technology platform to make great food more accessible," he told CNBC. Diners order takeout or delivery through the Wonder app or third-party platforms — including Grubhub, which Wonder now owns.

What does the model look like at unit level?

Wonder prepares food at commissary kitchens, then transports it to each location, where employees unseal, cook and finish menu items. Stores run fully electric, with no gas or venting, which cuts renovation costs and speeds market entry. The company prices below delivered groceries: app customers pay no delivery fees, and menu prices are not inflated to cover third-party commissions, because Wonder owns the delivery platform.

Automation is central to the cost structure. Wonder already automates assembly of salads and bowls, with sauces and beverages next. Lore's stated goal: fully autonomous food preparation and delivery by 2040.

The company has spent more than $1 billion on acquisitions, including Grubhub, logistics provider Relay, meal-kit company Blue Apron and several New York restaurant concepts. Its more than two dozen in-house "restaurants" include Dabba Indian Kitchen, Tejas Barbecue and Pop Salad. Celebrity chefs Bobby Flay, Michael Symon and Marcus Samuelsson receive up-front payments and equity in Wonder for use of their names.

What is Wonder Create?

Starting Nov. 17, influencers, entrepreneurs and brands can pay $10 a month to launch their own "restaurant" out of a Wonder location and earn a share of order revenue. AI will help generate the brand's name, logo, pricing and recipes. Lore frames it as restaurant ownership without capital or kitchen overhead.

"It could be a restaurant for you and your friends, or you could be an influencer that has a following," Lore said. The platform will eventually open to the public, with menus built from Wonder's pantry.

Lore also has ambitions for MEL, a proprietary AI platform that would use health data from devices like Oura rings, Whoop trackers or blood biomarkers to plan a user's meals. MEL is not yet available to customers.

Can it overcome the quality question?

Some consumers are skeptical. "It's OK, but it's just average," said Amir Ings, 27, of Philadelphia, in a late-2025 TikTok reviewing three tacos: "I paid like $16 for this, but it should have been no more than $8."

Lore said Wonder collects thousands of customer reviews daily, rating taste, temperature and portion size from 1 to 10, and that taste scores and Google reviews have improved over the past 12 months. GV managing partner Dave Munichiello confirmed Wonder starts board meetings with taste scores. According to transaction data from Indagari, Wonder shows higher weighted retention and customer lifetime value than Cava and Sweetgreen.

Lore rejects the ghost-kitchen comparison that has shadowed the company since players like Kitchen United wound down after the pandemic. "You'll see people at lunchtime, sitting there enjoying lunch, so it's not ghost-y in that way," he said.

What does this change for investors?

Wonder has operated at a financial loss since buying Blue Apron and Grubhub, The Information reported. In March it hired Gabrielle Rabinovitch, previously of Worldpay, as CFO. Lore has told Fortune the company will be "ready and prepared to go public early next year," though he declined to give CNBC timing. Avery Marquez of Renaissance Capital notes unprofitable companies must now show a credible path to profitability — or durable growth — to win public investors. Wonder's answer is automation and drone delivery to push meal prices down, groundwork that will cost money before it saves any.