Inspire Brands files confidentially for IPO — $20B target valuation for Dunkin', Arby's parent

Inspire Brands — the Roark Capital-backed restaurant empire that owns Dunkin', Arby's, Buffalo Wild Wings, Baskin Robbins, Sonic Drive-In, and Jimmy John's — has confidentially filed for an initial public offering, the company announced Friday. Roark Capital is targeting a valuation of roughly $20 billion, which would make Inspire one of the largest restaurant IPOs on record.

Inspire was founded in 2018 through a merger of Arby's and Buffalo Wild Wings, then rapidly expanded: Sonic Drive-In was acquired later in 2018, Jimmy John's in 2019, and Dunkin' and Baskin Robbins were taken private in an $11 billion deal in 2020. Today the portfolio spans more than 33,300 restaurants globally with $33.4 billion in annual system-wide sales.

The confidential filing under the JOBS Act does not lock in a timeline or a final valuation. Companies filing confidentially can withdraw without public disclosure, and the market reception to the eventual S-1 will determine pricing.

Inspire is not alone in the IPO queue. Jersey Mike's — the fast-casual sandwich chain — also filed confidentially last month. The IPO market has been sluggish in 2026 due to macro volatility and tepid post-IPO stock performance. However, a potential SpaceX offering — anticipated at a valuation above $1 trillion — is expected to act as a catalyst for the broader IPO window later this year.

Key risks: food inflation, labor costs, and near-record-low consumer sentiment are pressuring the restaurant sector broadly. The $20 billion target implies a multiple of roughly 3x system-wide sales — in line with McDonald's but above peers such as Restaurant Brands International.

Milestones to watch: the public S-1 filing date, roadshow timing, and NYSE vs. Nasdaq listing choice.