Wonder Raises $650M at a $9B Pre-Money Valuation and Targets IPO Readiness

Wonder announced a $650 million Series D at a $9 billion pre-money valuation. Accel, GV and NEA returned; AllianceBernstein, ARK Invest and Kayne Anderson funds joined. The company says the capital will support expansion, robotics, AI and delivery infrastructure. Founder Marc Lore separately said Wonder expects to be ready for a public offering early in 2027. Fortune reported an IPO ratchet that grants investors additional shares if the IPO prices below 1.5 times the round's share price, while cited investor materials project substantial cash burn.