How to Invest in Crumbl in 2026: A Practical Guide
No, Crumbl is not publicly traded. Retail investors can’t buy Crumbl stock directly today, so the realistic paths are waiting for an IPO or looking at comparable public brands like Dutch Bros, Shake Shack, and Portillo’s.
No, Crumbl is not publicly traded. Retail investors can’t buy Crumbl stock directly today, so the realistic paths are waiting for an IPO or looking at comparable public brands like Dutch Bros, Shake Shack, and Portillo’s.
Crumbl has become one of the most recognizable dessert brands in the U.S. by turning weekly cookie drops into a social-media-friendly franchise machine. Founded in 2017 in Logan, Utah, it now says it has 1,000+ bakeries and a global workforce that runs into the tens of thousands, which is exactly the kind of scale that gets retail investors asking whether there’s a way to own the brand.
That question got louder after Crumbl brought in a minority private-equity investment in 2025 and continued expanding its franchise footprint and partnerships. Here’s what investors can actually do, what the company’s ownership looks like, and the closest public-market alternatives if you can’t buy Crumbl itself.
What is Crumbl?
Crumbl is a franchise dessert chain built around rotating weekly cookie flavors and other desserts sold through open-concept bakeries. The company also mentions delivery and catering, which broadens the model beyond in-store cookie sales and helps support repeat traffic and brand visibility.
The company was founded in 2017 by cousins Jason McGowan and Sawyer Hemsley in Logan, Utah, and its current franchise disclosure materials list headquarters in Lindon, Utah. Crumbl says it has expanded to 1,000+ bakeries, with its website showing roughly 997 locations worldwide, 324 HQ employees, and 27,000 employees worldwide; those web counters appear dynamic rather than audited, but they still point to a large franchise system with meaningful consumer reach.
Is Crumbl publicly traded?
No, Crumbl is currently a privately held company, so there is no Crumbl stock trading on a public exchange. Its 2025 franchise disclosure materials say the company is owned by its founders and has also received a minority investment from funds affiliated with TSG Consumer Partners.
That means retail investors do not have a direct public-market entry point today. There is no public parent company to buy instead, and the ownership structure remains private.
When will Crumbl go public?
I did not find an S-1 filing on SEC EDGAR, and there is no disclosed IPO process for Crumbl. The public reporting around the company has centered on its 2025 minority private-equity transaction, not on a listing timeline.
The most specific recent valuation tied to that deal is about $2 billion enterprise value. For would-be investors, the key things to watch are whether Crumbl files an S-1, whether management starts talking publicly about a listing, and whether the company keeps leaning into franchise growth and operational scaling instead of public-market preparation.
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If you want exposure to Crumbl, the first option is to wait for a possible IPO. If that ever happens, retail investors would typically buy shares through a brokerage once the stock starts trading, or try to participate in the offering through a broker that allocates IPO shares. Right now, though, there is no announced IPO path to buy into.
The second option would be a public parent stock, but Crumbl does not have one. The third, and most realistic, path for most retail investors is to look at comparable public companies that capture similar consumer, franchise, and brand-growth dynamics.
A fourth route exists only for accredited investors: private secondary markets can sometimes offer shares of private companies, but access is limited, pricing is opaque, and availability is not guaranteed. I did not find evidence that Crumbl shares are currently listed for secondary trading, so this is not a dependable retail path.
Closest publicly-traded alternatives
The closest public comps investors look at are Dutch Bros (BROS), Shake Shack (SHAK), and Portillo’s (PTLO). Dutch Bros is the most obvious growth-brand comparison: it has a youth-oriented, social-media-friendly consumer base and a unit-expansion story that resembles the way investors think about Crumbl’s franchise momentum. Shake Shack fits as a premium, experience-driven food brand with strong brand equity and expansion potential. Portillo’s is another cult-brand restaurant concept that gives investors a way to think about branded food-service growth and unit economics.
None of these are perfect substitutes for Crumbl, but they are the public names most likely to come up when investors want a tradable proxy for a fast-growing dessert or franchise brand. If you can’t buy Crumbl directly, these are the stocks shareholders typically look at instead.
Recent news
The biggest recent development was Crumbl’s 2025 minority investment from funds affiliated with TSG Consumer Partners, which was reported at roughly a $2 billion enterprise value. In May 2025, the company also announced a ShipHawk partnership to streamline warehouse and fulfillment operations and improve the franchisee experience.
More recent reporting in June 2026 said the founders are stepping down as a leadership transition begins, and Restaurant Business reported that unit volumes declined 16% in 2025. Those are the kinds of operational and governance changes investors should watch closely because they can affect growth, margins, and the company’s eventual exit options.
Verdict
Crumbl is a private company, so the honest answer for retail investors is simple: you can’t buy it directly on a public exchange today. If you want actual ownership, the only realistic possibilities are a future IPO or, for accredited investors only, a private secondary transaction if shares ever become available.
For everyone else, the practical move is to study the public comps. Dutch Bros (BROS), Shake Shack (SHAK), and Portillo’s (PTLO) are the closest tradable names investors use as proxies for Crumbl’s brand-driven growth story.
▌Common Questions
Frequently asked questions
+Is Crumbl publicly traded?
No, Crumbl is currently a privately held company, so there is no Crumbl stock trading on a public exchange. Its 2025 franchise disclosure materials say the company is owned by its founders and has also received a minority investment from funds affiliated with TSG Consumer Partners.
+When will Crumbl go public?
I did not find an S-1 filing on SEC EDGAR, and there is no disclosed IPO process for Crumbl. The public reporting around the company has centered on its 2025 minority private-equity transaction, not on a listing timeline.
+How can you invest in Crumbl?
If you want exposure to Crumbl, the first option is to wait for a possible IPO. If that ever happens, retail investors would typically buy shares through a brokerage once the stock starts trading, or try to participate in the offering through a broker that allocates IPO shares. Right now, though, there is no announced IPO path to buy into.
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