# Fanatics

**Ecommerce and wholesale retailer for licensed sports apparel, collectibles, and memorabilia**

## Revenue

**$9.60B** (2025)

## Valuation

**$31.00B** (2024)

## Funding

**$4.80B** (2024)

## Growth Rate (y/y)

**16%** (2024)

### Details

**Headquarters**: New York, United States  
**CEO**: Michael Rubin  
**Website**: [fanaticsinc.com](https://www.fanaticsinc.com/)

## Milestones

**Founding Year**: 1995  
**Listed In**:  
[#ecommerce](/content/t/ecommerce/index.html)  
[#b2c](/content/t/b2c/index.html)

## Fanatics Data Summary

### Revenue & Revenue Growth Rate

**$9.6B**  
**↑ 18.5% YoY**

### Updated: May 31, 2026

### Revenue Metrics

| Time | Metric | Measurement | Type |
| --- | --- | --- | --- |
| 2026 | Revenue | $13B<br>Sources<br>- [Michael Rubin](https://fanaticsinc.com/michael-rubin "Michael Rubin") | projection |
| 2026 | Revenue (collectibles and tradable cards) | — | historical |
| Jan 2026 | Trailing revenue (core merchandise operation) | — | historical |
| 2025 | Revenue | — | projection |
| 2025 | Revenue (collectibles business) | — | projection |
| 2024 | Revenue | — | historical |
| 2023 | Revenue (Fanatics Commerce) | — | historical |
| 2022 | Revenue (e-commerce business) | — | projection |

## Valuation & Funding

### Valuation & Amount Raised

**$25.0B**  
**↑ $5.2B Total Raised**

### Updated: May 31, 2026

### Valuation & Funding History

| Date | Event | Valuation | Amount | Price | Status |
| --- | --- | --- | --- | --- | --- |
| Sep 2024 | Tender Offer | $25.0B | $75.0M | $32.00 | Announced |
| Dec 2022 | Series I | — | — | — | Closed |

## Product

[Fanatics](/content/c/fanatics/index.html) began as a roll-up of sports apparel retailers and manufacturers, generating approximately 80% of revenue through two core businesses: 1) exclusive maker and distributor of white-labeled jerseys, and 2) operating ecommerce sites for over 900 teams, leagues, and colleges.

In 1995, CEO Michael Rubin launched GSI Commerce, which later became a prominent player in the sports merchandise industry. The company's vertical integration has allowed just-in-time manufacturing and a responsive sales strategy, seeing significant success in markets such as live events and international expansion.

## Business Model

[Fanatics](/content/c/fanatics/index.html) operates as a vertically integrated sports commerce platform leveraging exclusive licensing agreements to dominate the market. They have distinct divisions that include:
- **Fanatics Commerce**: E-commerce for licensed merchandise.
- **Fanatics Collectibles**: Trading cards and collectibles.
- **Fanatics Betting & Gaming**: Sports betting operations.
- **Fanatics Advertising**: Advertising network aimed at their audience.

## Competition

Fanatics faces competition from traditional sports retailers, online giants like Amazon, and specific trading card brands. Their unique model and market positioning allow them to stand out despite the competitive landscape.

## Risks

1. **Overreliance on exclusive licensing**: Potential vulnerabilities in distribution strategies.
2. **Aggressive diversification**: Possible distraction from core business focus as they expand rapidly across different verticals.
3. **Regulatory scrutiny**: Emerging risks related to antitrust and compliance issues across their multiple business sectors.

### News

1. **Fanatics Collect Launches FanCash Payouts**: The new system is designed to enhance seller experiences.
2. **Fanatics Acquires BGC's Water Street Labs**: This acquisition will improve their prediction market capabilities.
3. **GOAT USA Launches Exclusive New York Mets Collection**: This collaboration improves visibility in the sports merchandise market.