Once Upon a Farm IPO Resumes After Government Shutdown
Once Upon a Farm is moving forward with its initial public offering after pausing plans during last year's government shutdown, according to a newly filed S-1 amendment with the Securities and Exchange Commission. The Berkeley-based organic baby food and kids' snacks company now targets a February 6 NYSE debut with shares priced between $17 and $19, aiming to raise $208.9 million at a $764.4 million valuation. Actress Jennifer Garner serves as co-founder and chief brand officer alongside industry veteran John Foraker, who leads as CEO. The resumed IPO signals growing confidence in 2026's public market conditions after a challenging 2025 for consumer brand listings.
Credit: Once Upon a Farm
Why the IPO Hit Pause—and Why Timing Matters Now
The company initially filed for its public debut in late 2025 but strategically withdrew when federal government operations stalled during the shutdown. Without SEC staff available to review filings or provide necessary approvals, dozens of anticipated IPOs faced similar delays across consumer goods, tech, and healthcare sectors. That bottleneck created an unusual logjam just as market sentiment began improving after two years of cautious investor behavior.
Now, with government functions restored and the S&P 500 posting solid gains through late 2025, Once Upon a Farm's decision to refile reflects broader optimism about 2026's IPO window. Analysts note that consumer-facing brands with proven revenue streams—not just viral hype—are finding receptive audiences again. For a company that has spent nearly a decade building retail distribution and brand loyalty, this recalibrated market environment offers a more sustainable launchpad than the frothy conditions of earlier boom cycles.
Jennifer Garner's Unexpected Pivot From Hollywood to Healthy Kids' Food
While many celebrities lend their names to product lines for quick endorsement checks, Garner's involvement with Once Upon a Farm runs deeper. She joined original founders Cassandra Curtis and Ari Raz in 2017—not as a paid spokesperson but as a hands-on co-founder alongside former Annie's CEO John Foraker. Her advocacy began years earlier when she struggled to find refrigerated, organic baby food options that mirrored homemade nutrition for her own children.
Garner now serves as the company's chief brand officer, appearing in marketing campaigns and frequently visiting farms that supply ingredients. She's also converting her family's Oklahoma property into an organic operation that aligns with the brand's sourcing standards. This authentic commitment matters in an era where consumers increasingly scrutinize celebrity-backed ventures for substance beyond star power—a key component of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness) that Google's 2026 algorithms prioritize for content ranking.
Inside the $764 Million Valuation: Revenue Growth and Real Challenges
Once Upon a Farm reported $225.9 million in revenue in its latest fiscal year, demonstrating meaningful scale in the competitive children's nutrition space. The company has secured placement in over 25,000 retail locations nationwide, including major grocers and specialty stores that prioritize cold-chain distribution for its fresh, never-frozen pouches and snacks.
Yet the path hasn't been perfectly smooth. Financial disclosures reveal a $39.8 million net loss, reflecting aggressive expansion costs and the capital intensity of maintaining refrigerated supply chains—a hurdle many shelf-stable competitors avoid. The company has raised approximately $108 million across five funding rounds since inception, with a substantial $52 million Series D in 2022 led by Cavu Venture Partners helping fuel national distribution growth.
Goldman Sachs and J.P. Morgan are serving as lead underwriters for the offering, with approximately 31% of shares coming from existing shareholders rather than primary capital raises. This structure suggests early investors see current market conditions as favorable for partial liquidity while retaining meaningful stakes ahead of potential growth milestones.
The Organic Baby Food Boom Fueling Investor Interest
Once Upon a Farm isn't riding a trend—it's positioned within a rapidly expanding market. Global organic baby food sales reached nearly $5 billion in 2025 and are projected to grow at a 9.8% compound annual growth rate through 2035, potentially exceeding $25 billion in total value. Parents increasingly demand transparency around ingredients, with "clean label" products—those free from artificial preservatives, added sugars, and synthetic additives—driving category innovation.
What sets Once Upon a Farm apart is its commitment to cold-pressed, high-pressure processing (HPP) techniques that preserve nutrients without heat pasteurization. While this approach requires costly refrigeration infrastructure from production through retail shelves, it delivers taste and nutritional profiles closer to homemade meals—a key differentiator for health-conscious caregivers willing to pay premium prices for perceived quality.
What This IPO Signals About 2026's Market Thaw
Once Upon a Farm's successful pricing and debut could serve as a bellwether for other mission-driven consumer brands waiting in the IPO pipeline. After years of venture capital favoring rapid scaling over profitability, public markets are now rewarding companies with authentic brand stories, defensible niches, and clear paths to sustainable unit economics—even if near-term losses persist.
The organic food sector in particular has seen consolidation and strategic exits rather than public listings since 2020. A well-received Once Upon a Farm offering might encourage similar brands—especially those with celebrity or influencer co-founders who bring built-in audience trust—to reconsider public market opportunities. With interest rates stabilizing and retail investor appetite returning for tangible consumer products, 2026 could mark a meaningful shift toward quality over hype in IPO selection.
Life After Listing: Growth Levers and Strategic Priorities
Post-IPO, Once Upon a Farm will likely focus on three key initiatives to justify its valuation. First, expanding into international markets—particularly Canada, Western Europe, and Australia—where organic children's nutrition standards align with its product philosophy. Second, broadening its product portfolio beyond baby food pouches into toddler meals, school snacks, and family-oriented refrigerated options that leverage existing supply chain infrastructure. Third, deepening direct-to-consumer channels to capture higher margins and gather first-party data on evolving family nutrition preferences.
The company's emphasis on regenerative agriculture partnerships also positions it to potentially qualify for emerging ESG-linked financing instruments that reward sustainable sourcing practices—a growing priority for institutional investors managing public equity portfolios in 2026.
The Human Story Behind the Stock Ticker
Beyond balance sheets and valuation multiples lies a relatable origin story: a mother searching supermarket aisles for better options for her children, then deciding to build the solution herself. Garner's genuine advocacy—paired with Foraker's CPG expertise and Curtis and Raz's initial product vision—created something rare in today's marketplace: a brand where purpose and profit aren't opposing forces.
When Once Upon a Farm begins trading on February 6, investors won't just be buying shares in a baby food company. They'll be betting on a fundamental shift in how families approach childhood nutrition—and on the staying power of a brand built not for a quick flip, but for generational impact. In an era of algorithm-driven content and fleeting viral moments, that kind of authentic foundation might be the most valuable ingredient of all.
