Co-founded by Jennifer Garner, Once Upon A Farm, a Berkeley, California-based organic baby food company, recently announced its Initial Public Offering (IPO) filing.
Pending SEC approval, it will list its common stock on the New York Stock Exchange with the ticker “OFRM”.
According to its filing, Once Upon A Farm saw its six-month revenue increase by 66%, as of June 30. While that’s promising, the company acknowledges, “We have a history of losses.”
It lost $17.6 million in 2023 and $23.8 million in 2024. Even with the six-month revenue increase ending on June 30, 2025, the company still lost $28.5 million on revenue of $110.6 million in the same period.
The semi-promising revenue spike loses some of its luster. But the allure of a celebrity-backed business in a health-conscious market may still push Once Upon A Farm to new heights. (1)
Only time will tell whether this stock takes off or stumbles after launch-day buzz, but before you jump in on an IPO like this, it’s worth looking at some equally buzzy precedents.
When Beachbody, a fitness company, first went public in June 2021, its stock soared to $700 per share shortly after launch. The company had basketball star Shaquille O’Neal on deck as an advisor.
But just six months later, stock prices had plunged 80%. At the time of this writing, shares are worth around $5.45, representing quite a fall. (2)
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Celebrity-backed companies aren’t the only ones to see their hype-fueled IPOs fade.
For example, Figma (FIG), a design and product development platform, burst onto the scene with stock prices over $118 at its IPO in late July 2025.
Since then, stock prices have tumbled to around $60, as of the time of this writing. (3)
Some companies see initial success at their IPO but fail to continue meeting expectations, leading to falling stock prices that hurt investors.
As Bloomberg reports, investment in IPOs softened in 2022 when the Federal Reserve started hiking interest rates and it’s been modest ever since. In the past four years, just $100 million has been raised in IPOs — by fewer than two dozen firms. (4)
When a company finalizes an IPO, it’s a major milestone. But it doesn’t guarantee future success.
If you’re interested in investing in Once Upon A Farm, or any IPO for that matter, it’s worth evaluating the company carefully.
For starters, consider Once Upon A Farm’s offerings. The company specializes in organic baby food and organic kid snacks. Organic baby food items aren’t especially unique; a quick search uncovers at least a dozen other companies offering organic baby food.
So, how does Once Upon A Farm stand out?
Garner’s involvement with the company is put into the spotlight on the company’s website. But celebrity backing doesn’t protect a company from the realities of the market. And because celebrities can get “cancelled,” this may add another level of risk for investors.
On the other hand, John Foraker, former CEO of Annie’s, a successful organic food company, is also involved in the company. His experience could help guide this ship in the right direction.
Once Upon A Time offers a subscription model. But its prices seem a tad high for the everyday American parent. For example, the dairy-free smoothie variety 15-pack costs $61.50. In contrast, you’ll find a 24-pack of organic apple sauce pouches for under $20 through Go-Go Squeez, a competing company. (5)
In terms of profit, the company reports in its filing that it has made strides to increase gross margins over time through strategic investments.
But it still isn’t profitable. For many investors, that’s a red flag.
For prospective investors who believe in the potential that Once Upon A Farm has to offer, it could be an investment that pays off. But with all of the risks, it could also flop.
With that, it’s critical not to put all of your eggs in one basket.
If you believe in the company, investing a relatively small portion of your portfolio might make sense.
But investors may want to wait and see how the IPO goes before putting down their hard-earned dollars for a stake in this company.
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Once Upon a Farm (1); Yahoo (2, 3); Bloomberg (4), Sam’s Club (5)
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