Wonder Targets Texas Growth as Marc Lore Weighs IPO

Food technology startup Wonder is preparing for a major expansion in Texas while developing automated kitchen operations and new dining services as founder Marc Lore considers a potential initial public offering. The company plans to establish more than 100 locations in Texas by the end of 2027, building on a network of 170 storefronts across the northeastern United States, according to company plans reported by CNBC on October 25, 2026.

Wonder has raised $3.3 billion from investors, including DoorDash, Alphabet's venture capital arm and Gwyneth Paltrow. Its Series D funding round earlier in 2026 valued the company at $9 billion before the new investment, positioning it for a possible public-market debut if conditions allow.

Lore has previously said Wonder would be ready to go public early in 2027, but he declined to provide a timeline in comments to CNBC. He described the company as a technology-driven food business designed to make restaurant-quality meals more accessible.

"Wonder is a vertically integrated food technology platform to make great food more accessible," Lore said.

The company operates food hall-style storefronts where customers can order dishes from multiple restaurant concepts through Wonder's app and delivery platforms. Following its acquisition of Grubhub, Wonder says customers ordering through its own app can avoid delivery fees, while menu prices are not increased to cover commissions charged by delivery platforms.

Lore said access to public capital would help finance the company's long-term ambitions and future acquisitions.

"[The mission] is really why I want to go public and raise the capital that it'll take to build that kind of generational business, also to have a public currency to be able to do more M&A," Lore said.

Wonder's founder also emphasized that the company had not committed to a specific timetable for its listing.

"But I can't talk about timing," Lore said.

Wonder is investing in automation to reduce the labor involved in preparing meals. The company already uses automated processes for assembling salads and bowls and plans to extend the technology to sauces and beverages. Lore said the long-term objective is to make food preparation and delivery fully autonomous by 2040.

The expansion follows several acquisitions that have cost Wonder more than $1 billion, excluding transactions whose financial terms were not disclosed. Its purchases include Grubhub, logistics provider Relay, meal-kit company Blue Apron and restaurant concepts with established customer followings.

Lore believes the business can serve customers in suburban, exurban and rural communities where dining choices beyond fast-food outlets and gas stations are limited. The company aims to offer a broad selection of meals at prices below the cost of delivered groceries.

"Everybody eats," Lore said.

He also argued that the company's underlying business addresses a need that remains relevant as artificial intelligence develops.

"It's defensible from AI," Lore said.

Lore's earlier business ventures helped establish his reputation among investors. He co-founded the parent company of Diapers.com, which Amazon acquired in 2010 for $545 million, and later founded Jet.com, which Walmart purchased in 2016 for approximately $3 billion. He remained at Walmart until 2021, working to accelerate its e-commerce operations.

Dave Munichiello, managing partner at Alphabet's venture capital arm GV, has invested in Lore's businesses and known him since the Diapers.com era. Munichiello said Lore's leadership has influenced his investment decisions.

"I joke around at GV that I do enterprise software investing, AI investing and anything that Marc Lore is running as an active CEO," Munichiello said.

Lore also owns a stake in the Minnesota Timberwolves. He and Alex Rodriguez agreed in 2021 to purchase the basketball team for $1.5 billion, although the transaction was not finalized until 2025. Rodriguez said in an August statement that Lore had recently agreed to reduce his investment to a minority stake to concentrate on Wonder.

Wonder initially pursued food delivery through vans equipped with mobile kitchens, but discontinued that approach after approximately two years in favor of permanent storefronts. The new format accommodates more menu options and reduces costs, according to the company.

Wonder's storefronts operate entirely on electricity and do not require gas connections or ventilation systems, allowing the company to adapt new locations with fewer renovations. Its menus feature dishes from more than two dozen restaurant concepts, including Dabba Indian Kitchen, Tejas Barbecue and Pop Salad.

The company also works with celebrity chefs Bobby Flay, Michael Symon and Marcus Samuelsson, who receive upfront payments and equity in exchange for allowing Wonder to use their names for selected concepts. Recent additions include Blue Ribbon Fried Chicken and Salt Hank's.

"It's a tremendous total addressable market," Lore said, describing the opportunity to sell high-quality food at accessible prices, particularly in communities with limited dining options.

Wonder plans to enter Texas in 2027 and reach at least 100 locations in the state by the end of that year. The expansion will test whether its combination of multiple restaurant menus, centralized food preparation and technology-driven operations can support growth across a wider geographic market.