Make your call, then save it to keep your pick, points, and history.
Athletic Brewing raised over $150 million in venture funding through 2022 at a valuation above $800 million, making it the most valuable non-alcoholic beer company in the US. An acquisition or IPO in 2026 would cap the most closely watched liquidity story in the broader non-alcoholic beverage sector.
Athletic Brewing has become the category-defining brand in non-alcoholic craft beer, with distribution in major US retailers and a growing on-trade presence. Its investors include TRB Advisors, Alliance Consumer Growth, and Keurig Dr Pepper. The company's $800 million-plus valuation and growing revenue make it a logical M&A target for a major beer company or a candidate for a public listing as the NA beverage category matures.
Athletic Brewing was founded in 2017 by Bill Shufelt and John Walker with the explicit mission of building a premium non-alcoholic beer brand. By 2022, the company had raised over $150 million in equity financing and was valued at more than $800 million, making it the most valuable NA beverage startup in the US by most measures.
The company's distribution footprint expanded rapidly through conventional beer channels, with placement in major grocery chains, Whole Foods, Target, and thousands of on-trade accounts. Its flagship Run Wild IPA became the top-selling non-alcoholic beer in the United States by volume in major retail channels.
For a 2026 liquidity event to occur, Athletic faces two primary paths. An acquisition would most likely come from a major beer company seeking an immediate foothold in the NA segment: candidates include Anheuser-Busch InBev, Molson Coors, Heineken (which already has its own NA flagship), or Keurig Dr Pepper given its existing investor relationship. A public offering would require favorable equity market conditions and sufficient trailing revenue to support a consumer brand IPO.
Athletic's revenue trajectory has been closely guarded. Industry estimates place annual revenue in the $100 to $200 million range by 2024-2025. At a 4-6x revenue multiple, consistent with premium consumer brand transactions, a transaction could price the company at $400 million to $1.2 billion, a range that would satisfy most investors while providing a major strategic buyer meaningful NA category leadership.
YES if Athletic Brewing Company announces an acquisition by a strategic or financial buyer, or files an S-1 with the SEC in anticipation of a public offering, in calendar 2026. NO if neither event occurs.
Athletic Brewing's investors include TRB Advisors, Alliance Consumer Growth, and Keurig Dr Pepper, among others. The company raised over $150 million in equity financing through 2022.
Athletic Brewing's Run Wild IPA is the top-selling non-alcoholic beer in major US retail channels. The brand has distribution in thousands of retail and on-trade accounts across all 50 states.
The most logical strategic acquirers are large beer companies seeking NA market share: AB InBev, Molson Coors, Heineken, or Keurig Dr Pepper. A private equity platform roll-up is also possible given Athletic's category leadership.
As of early 2026, Athletic Brewing had not filed an S-1 with the SEC. The company has remained private since its founding in 2017, with no public statements from management indicating a specific timeline for a liquidity event.
No comments yet. Be the first to weigh in.