Analysis
Pakistan’s 5G Era Begins: Pilot Projects Launch Next Week After Record $510 Million Spectrum Auction
Pakistan 5G pilot projects start next week following $507M spectrum auction. How 5G will change internet speeds Pakistan from 4 Mbps to 20 Mbps—analysis of rollout challenges.
Standfirst: After years of regulatory delays and industry scepticism, Pakistan has concluded its most lucrative spectrum auction to date, netting $510 million and paving the way for pilot 5G launches from next week. IT Minister Shaza Fatima Khawaja tells operators the transition must balance technological leap with the reality of the world’s lowest ARPU—while a new smartphone leasing policy aims to bridge the device gap.
The announcement came not with the usual fanfare of a gleaming telecom expo, but in a packed Islamabad news conference where the mood was one of guarded optimism. Flanked by PTA Chairman Hafeez Ur Rehman and representatives from Jazz, Ufone, and Zong, Minister for Information Technology and Telecommunication Shaza Fatima Khawaja delivered the news that an industry—and a nation of 240 million—had been awaiting for half a decade.
“I was very happy to hear the day before yesterday that some of our operators are ready for 5G services,” she told reporters on March 12, 2026. “So, its pilot will start in some cities next week. And in the next six to eight months, in five of our capitals of all provinces and in the federal capital, 5G services will be available to all of you people.”
Behind that understated delivery lies a telecom auction that defied expectations. When the Pakistan Telecommunication Authority (PTA) opened bidding on March 10, few anticipated the ferocity of competition that would follow. Across three rounds of electronic bidding, conducted via a secure Electronic Auction System with live results broadcast on Pakistan Television, three operators—Jazz, Ufone, and Zong—contested 480 MHz of spectrum across six bands. The result: $510 million in government revenue, with Jazz emerging as the dominant bidder, securing 190 MHz including the prized 700 MHz band. Ufone claimed 180 MHz, while Zong took 110 MHz.
For context, this surpasses every previous Pakistani spectrum auction. It signals something deeper: after years of circling each other warily, the government and mobile operators have finally found common ground.
Table of Contents
The Auction That Nearly Wasn’t: Inside the $510 Million Spectrum Sale
To understand why this auction represents more than a revenue line, one must revisit the landscape of just eight months ago. At the GSMA’s Digital Nation Summit in Islamabad in August 2025, the industry’s frustrations were laid bare. Julian Gorman, the GSMA’s Head of Asia Pacific, warned that Pakistan risked missing the digital transformation wave entirely, citing “high spectrum prices, heavy sector-specific taxes and regulatory uncertainty” as barriers limiting investment.
The operators had been blunter still. In a report released by the Asian Development Bank in mid-2025, they argued that 5G rollout was “almost impossible” under prevailing conditions. “With the lowest-in-the-world average revenue per user (ARPU), exorbitantly high taxes, low adoption of 4G/smartphones, and multiple other outstanding sector issues, it will be extremely challenging to convince our parent companies to invest in 5G roll out in Pakistan,” the submission read.
What changed? The answer lies in the auction design itself. Speaking at the launch ceremony, Minister Khawaja emphasized that the government had deliberately avoided the temptation to maximise upfront revenues. “The aim is not to maximise upfront auction revenues,” she stated, “but to provide operators with the opportunity to invest in network expansion and infrastructure so that improved and high-quality digital services can be delivered to consumers across Pakistan.”
PTA Chairman Hafeez Ur Rehman reinforced this message, noting that the Authority had taken “consumer-centric regulatory measures, including bringing Right of Way (RoW) charges to zero, in order to facilitate faster network rollout and reduce barriers for telecom operators.”
The result was a delicate compromise: operators secured spectrum at sustainable prices, while the government achieved both revenue targets and a credible path to 5G.
Auction Breakdown: Who Won What
| Operator | Spectrum Acquired | Key Band Secured | Strategic Position |
|---|---|---|---|
| Jazz | 190 MHz | 700 MHz | Dominant low-band coverage |
| Ufone | 180 MHz | Mid-band | Aggressive challenger |
| Zong | 110 MHz | 2600/3500 MHz | Capacity-focused |
The assignment stage, scheduled for March 12, will determine specific frequency positions within each band, with an additional $3 million expected from position assignment fees.
From 4 Mbps to 20 Mbps: What 5G Actually Means for Pakistani Users
Beyond the boardroom negotiations and spectrum lots, a more fundamental question lingers for Pakistan’s 190 million mobile subscribers: what will 5G actually change?
The government projects that average internet speeds will climb from the current 4 Mbps to approximately 20 Mbps once networks are fully operational. For a country where video streaming often buffers and large file downloads test patience, this leap carries tangible implications. But the transformation runs deeper than faster Netflix queues.
The World Bank’s 2024 report “The Path to 5G in the Developing World” identifies three distinct tiers of 5G value for emerging economies. The first is enhanced mobile broadband—precisely the speed improvement Pakistan now anticipates. The second is ultra-reliable low-latency communications, which enables industrial applications: remote machinery operation, real-time quality control in manufacturing, and precision agriculture. The third, massive machine-type communications, underpins smart city sensors, utility grid management, and logistics tracking.
For Pakistan, with its ambitions of becoming a regional data hub and IT outsourcing destination, the second and third tiers represent the true prize. But they remain distant without corresponding investments in fibre backhaul, data centre capacity, and—critically—devices.
The Smartphone Leasing Gambit: Can Pakistan Bridge the Device Divide?
Here lies the industry’s Achilles heel: you cannot consume 5G on a 4G device, and Pakistan’s smartphone penetration tells a troubling story. According to GSMA data presented at the August 2025 summit, while 68% of Pakistanis own a smartphone, only 29% actively use mobile internet—a usage gap of 52%, the highest among major regional markets. Nearly 40% of mobile users still rely on feature phones.
Enter the “Smartphone for All” initiative, a government-backed leasing scheme announced in February 2026 that now assumes urgent relevance. Under the programme, citizens can acquire smartphones valued between Rs10,000 and Rs100,000 through interest-free instalments spanning three to twelve months, with a minimum 20% down payment. Students, low-income individuals, and professionals are all eligible.
Minister Khawaja has framed the scheme as essential to 5G’s success. “Officials have said the government is also encouraging wider adoption of 5G-compatible devices to support the transition to faster mobile networks, noting that a large share of phones used in Pakistan are locally manufactured while premium models are imported,” Arab News reported following her briefing.
The arithmetic is straightforward: without affordable 5G handsets in Pakistani hands, the billions spent on spectrum will yield little beyond faster connections for an urban elite.
The ARPU Paradox: World’s Lowest Revenue, World-Class Ambition
Yet even if devices materialise, the industry must confront its existential challenge: Pakistan’s average revenue per user (ARPU) remains the lowest globally. Operators extract a fraction of the monthly revenue that Indian or Bangladeshi carriers achieve, and a tiny sliver of developed-world averages. This fundamentally constrains the investment case.
The government has offered assurances that consumer packages will not see immediate price hikes, but operators face an unsustainable calculus. Nikkei Asia noted that “some experts skeptical about demand” remain unconvinced that Pakistani consumers will pay premiums for 5G when 4G meets most basic needs.
The sector’s tax burden compounds the challenge. Combined taxes on mobile usage reach 33%, among the highest in the region, increasing consumer costs and suppressing demand. The GSMA has repeatedly called for rationalisation, arguing that lower taxes would stimulate usage, expand the taxable base, and ultimately increase government revenues.
For now, the government has signalled no immediate tax relief. But Minister Khawaja’s emphasis on sustainable sector growth suggests a recognition that the current model cannot persist indefinitely.
International Interest: Why Mobile World Congress Is Watching Pakistan
Despite these structural headwinds, Pakistan’s 5G auction has attracted international attention that extends far beyond its borders. At the recent Mobile World Congress in Barcelona, multiple inquiries centred on the Pakistani market—its scale, its trajectory, and its potential as a manufacturing hub.
The interest is not merely academic. With India’s 5G rollout now well advanced and Bangladesh preparing its own auction, investors view South Asia as the next great connectivity battleground. Pakistan, with its young population, rising IT exports, and strategic location, represents a critical piece of that puzzle.
The armed forces’ vacation of spectrum in the 700 MHz band proved pivotal in unlocking this interest. That band, prized for its propagation characteristics that enable wider coverage with fewer towers, formed the cornerstone of Jazz’s successful bid. It also signals a mature approach to civil-military coordination on digital infrastructure—a prerequisite for any emerging market seeking serious foreign investment.
Regional Scorecard: Pakistan vs. India, Bangladesh, Nigeria
How does Pakistan’s 5G entry compare with its peers?
India conducted its 5G auctions in 2022, raising $19 billion and launching services later that year. By early 2026, coverage extends to most major cities, though adoption remains constrained by device costs similar to Pakistan’s. Bangladesh has announced plans for 2026 auctions but faces political uncertainty. Nigeria, Africa’s largest economy, launched 5G in 2022 and now counts over two million subscribers.
Pakistan thus enters the 5G race as a late adopter but not a laggard. Its advantage lies in learning from others’ mistakes: India’s high reserve prices initially deterred participation, requiring subsequent reductions. Pakistan’s more measured approach, emphasising sustainable pricing, reflects those lessons.
Yet Pakistan also carries unique burdens. No other major market combines such low ARPU with such high taxation. No other faces the same intensity of energy reliability challenges, with operators paying commercial tariffs for power while enduring frequent outages.
The Economic Multiplier: Can 5G Really Add $10 Billion to GDP?
Government briefings have cited a target of $10 billion in GDP contribution from 5G over the next five to seven years. The figure derives from Ericsson’s modelling of 5G economic impacts in emerging markets, which estimates that every dollar invested in 5G infrastructure generates multiples in downstream economic activity.
The transmission mechanism runs through several channels: productivity gains in manufacturing and logistics, new business models enabled by reliable high-speed connectivity, expanded IT exports, and formalisation of economic activity. Each requires not just spectrum, but the entire ecosystem of fibre, data centres, skills, and regulation.
Here, the GSMA’s “Unlocking Pakistan’s Digital Potential” report provides a sobering checklist of remaining reforms: releasing additional mid-band spectrum, permitting spectrum sharing and trading, reducing sector-specific taxes, expanding anti-fraud initiatives, and accelerating digital literacy programmes, especially for women and rural communities.
The Road Ahead: Pilots, Politics, and Patient Capital
Next week’s pilot launches in select cities will mark Pakistan’s first encounter with live 5G networks. For the technologists who have laboured through years of policy uncertainty, it will be a moment of vindication. For consumers, the immediate experience may underwhelm: early pilots typically showcase capabilities rather than deliver ubiquitous coverage.
The true test comes in the six-to-eight month window that follows, as operators extend coverage to provincial capitals and—eventually—secondary cities. By year-end 2026, Pakistan will have a clearer sense of whether its 5G gamble pays off.
Minister Khawaja captured the balancing act required when she addressed operators alongside the PTA chief. “The auction process was designed to protect the rights of both the industry and consumers,” she said. That compact—sustainable returns for operators, affordable access for citizens, and reasonable revenues for the state—represents the holy grail of telecommunications policy.
Pakistan has secured the spectrum. It has unlocked the investment. It has signalled, through the smartphone leasing scheme, a recognition that connectivity without devices is infrastructure without purpose. Now begins the harder work: building the networks, acquiring the customers, and proving that 5G can deliver not just faster speeds, but genuine economic transformation.
For a nation of 240 million, with the world’s lowest ARPU but among its highest reserves of youthful ambition, the stakes could scarcely be higher.
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Analysis
Min Ah: The Global Impact and Rising Popularity of the K-Drama Star
“Min Ah” is one of the most searched names in Korean drama, and it points to more than one actress. The one driving the biggest buzz right now is Shin Min-a.
Key Takeaways
- Biggest news: Shin Min-a stars as Empress Navier in Disney+’s The Remarried Empress, which premieres November 4, 2026, per Soompi.
- Cast: Ju Ji-hoon plays Emperor Sovieshu, Lee Se-young plays Rashta, and Lee Jong-suk plays Prince Heinrey.
- Scale: the story is based on a web novel and webtoon that recorded about 2.97 billion cumulative global views as of July 2026, and it is Disney+’s first K-romance fantasy (SBS Star).
- Name confusion: other well-known “Min Ah” performers include Kang Min-ah and Minah (Bang Min-ah) of Girl’s Day. This article explains who is who.
| Name | Known for | Latest news |
|---|---|---|
| Shin Min-a | Leading roles in major dramas and films | The Remarried Empress (Nov 4, 2026) |
| Kang Min-ah | Actress represented by H&Entertainment | Drama Sympathetic Cells with Kim Myung-soo; premiere date announced June 2026 (MyDramaList) |
| Minah (Bang Min-ah) | Former Girl’s Day member turned actress | Born May 13, 1993; Girl’s Day debut in 2010 (Dramabeans) |
Shin Min-a’s Next Big Role: The Remarried Empress
Disney+ confirmed on August 26 that the series would premiere on November 4, releasing a teaser and character posters (Soompi). The story follows Navier, the “perfect empress” of the Eastern Empire, who is told by her husband that he wants a divorce after he falls for a runaway slave, Rashta. Instead of accepting defeat, Navier asks permission to remarry, choosing the prince of a rival kingdom.
Release plan
According to industry coverage, the ten-part series will debut with a four-episode drop and then release two episodes each Wednesday through a November 25 finale, and it streams on Hulu in the U.S. (Resonate). The same report says the first three episodes will screen at the Busan International Film Festival, which runs October 6–15.
Why it matters
This is the clearest sign of how K-drama has become a global asset. Platforms are paying for fantasy adaptations of internet-born stories with huge built-in audiences, and they are casting established leads to carry them.
Why Shin Min-a’s Popularity Travels
- Longevity. She has worked consistently in Korean drama since the early 2000s, and her credits on MyDramaList span more than two decades (MyDramaList).
- Genre range. From romantic comedy to Netflix thriller Karma and a 2026 film, The Eyes, in which she plays dual roles (MyDramaList).
- Global platforms. Disney+, Netflix, and Hulu give Korean series simultaneous worldwide releases.
The Other “Min Ah” Actresses
Kang Min-ah
A Seoul-born actress with credits since the 2010s. MyDramaList lists a 2026 drama, Sympathetic Cells, with Kim Myung-soo, whose premiere date was announced in June (MyDramaList).
Minah (Bang Min-ah)
She debuted with Girl’s Day in 2010, made her acting debut on the tvN variety program Roller Coaster, and later won a Best New Actress trophy at the 2013 Gwangju International Film Festival for the film Holly. She led the 2020 film Snowball, which earned a Screen International Rising Star Asia Award at the New York Asian Film Festival (Dramabeans).
How to Search the Right Person
Add the family name: “Shin Min-a,” “Kang Min-ah,” or “Bang Minah.” Spelling varies in English (Min-a, Mina, Min Ah), which is why results get mixed.
Frequently Asked Questions
Who is Min Ah in K-drama?
There are several, but the most prominent right now is Shin Min-a, starring in The Remarried Empress.
When does The Remarried Empress premiere?
November 4, 2026, on Disney+ (Soompi).
Who is in the cast?
Shin Min-a, Ju Ji-hoon, Lee Jong-suk, and Lee Se-young.
Is Min Ah the same as Minah from Girl’s Day?
No. Minah is Bang Min-ah, a different performer (Dramabeans).
How popular is the source story?
The webtoon had about 2.97 billion global views as of July 2026 (SBS Star).
Whichever Min Ah you were searching for, the pattern is the same: Korean drama talent now finds its audience everywhere at once.
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AI
Pakistan Warns UN Security Council of AI Risks to Global Peace and Equality
UNITED NATIONS — September 24, 2026: Pakistan has warned the United Nations Security Council that the rapid and insufficiently regulated development of artificial intelligence could deepen global inequality while creating new risks to international peace and security.
Speaking during a Security Council briefing on “Artificial Intelligence and International Security,” Pakistan’s Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar called for stronger international safeguards, regulatory frameworks and governance mechanisms to address the risks associated with increasingly powerful AI systems.
Dar emphasized that the international community needs coordinated action to establish guardrails around artificial intelligence, particularly as AI technologies become increasingly relevant to military decision-making, information systems and national security.
Pakistan Calls for International Guardrails on Artificial Intelligence
Pakistan’s intervention comes as governments and international institutions increasingly debate how AI should be governed across borders.
Dar stressed the importance of restraint and confidence-building measures in the military domain, particularly because AI-assisted systems could compress decision-making timelines and increase the danger of miscalculation.
The concern is significant because artificial intelligence is no longer confined to civilian applications. AI is increasingly being examined in relation to cyber operations, intelligence analysis, autonomous systems, information warfare and other security-sensitive areas.
The United Nations has also warned that AI can create substantial risks when technological development moves faster than international governance.
The UN’s existing AI framework emphasizes responsible, accountable, transparent and human-centered development, while calling for effective human oversight of AI systems.
Why AI Is Becoming a Security Council Issue
The Security Council has previously considered artificial intelligence as a potential factor affecting international peace and security, but the technology has developed rapidly since those early discussions.
A recent analysis by the independent Security Council Report identified several security implications, including AI’s ability to facilitate malicious cyber activity, accelerate the creation and distribution of misinformation and disinformation, and influence military operations.
The organization also highlighted concerns surrounding increasingly autonomous weapons systems, shortened decision-making timelines and questions about human oversight and accountability.
These concerns help explain why AI has moved beyond being primarily a technology-policy issue and increasingly become a subject of international security diplomacy.
The challenge for governments is that AI can simultaneously create opportunities and risks.
AI could help countries identify emerging conflicts, improve humanitarian operations, monitor ceasefires and analyze large quantities of information. At the same time, poorly governed systems could amplify security threats or make already complex conflicts more difficult to manage.
Pakistan Highlights the Global Inequality Dimension
Pakistan’s message to the Security Council went beyond military applications.
Dar also emphasized the need for AI development to be representative, transparent and inclusive, reflecting concerns among developing countries that the benefits of advanced artificial intelligence could become concentrated among a relatively small group of technologically advanced states and companies.
That concern is already reflected in the United Nations’ Global Digital Compact.
The Compact calls for closing digital divides, expanding access to the benefits of the digital economy and strengthening international governance of artificial intelligence. It specifically calls for full and equal representation of countries, including developing nations, in international AI governance.
This makes AI access and governance part of a broader development question.
Countries with advanced computing infrastructure, large datasets, sophisticated research institutions and substantial private-sector investment are positioned differently from nations that remain dependent on imported technologies and have limited domestic AI capacity.
If that gap widens, AI could potentially reinforce existing economic and technological inequalities rather than reduce them.
UN Framework Already Calls for Inclusive AI Governance
The debate at the Security Council is taking place alongside a broader UN effort to develop international mechanisms for AI governance.
The Global Digital Compact, adopted as part of the Pact for the Future, established a framework for international cooperation on digital technologies and AI.
The United Nations has subsequently established an Independent International Scientific Panel on Artificial Intelligence and a Global Dialogue on AI Governance.
The first annual Global Dialogue took place in Geneva in July 2026, bringing together governments and other stakeholders to discuss international cooperation, AI opportunities and emerging risks.
The UN says the dialogue is intended to ensure that AI governance reflects the priorities of all nations rather than only those with the greatest technological capabilities.
For developing countries such as Pakistan, this process provides an avenue to raise questions about technological access, capacity-building, data governance and participation in international rule-making.
AI and Military Decision-Making Raise Particular Concerns
One of the most sensitive areas in the AI debate is military decision-making.
AI can process enormous volumes of information far faster than humans. That capability could potentially assist military planners and governments, but it also raises questions about what happens when decisions involving force are increasingly influenced by automated systems.
A shorter decision-making cycle can create pressure to respond before human officials have fully evaluated the available information.
That is why Pakistan’s emphasis on restraint and confidence-building is significant in the context of international security.
The broader UN position has also stressed the importance of retaining meaningful human control over decisions involving the use of force.
The central issue is not simply whether AI should be used in security applications, but how governments can establish accountability when AI-assisted systems contribute to consequential decisions.
Disinformation Adds Another Layer of Risk
AI-generated content presents another challenge for governments and international organizations.
Generative AI can make it easier to create convincing text, images, audio and video at scale. In a conflict environment, such capabilities could complicate efforts to distinguish authentic information from manipulated material.
The UN has identified misinformation and disinformation among the major concerns surrounding artificial intelligence, particularly where manipulated content can affect public trust, human rights or humanitarian operations.
For international institutions, the problem is therefore both technological and political: governments must develop mechanisms capable of addressing harmful AI-generated content without undermining legitimate expression or access to information.
Global AI Governance Is Becoming More Urgent
The current Security Council discussion reflects a larger international shift.
AI governance is no longer being discussed solely in terms of innovation, investment and economic competitiveness. Governments are increasingly considering questions involving national security, international stability, human rights, development and inequality.
The United States and China, for example, continue to compete technologically while also discussing mechanisms for AI safety and communication.
Meanwhile, the UN is developing a more inclusive multilateral framework intended to give countries a role in shaping international AI governance.
That creates an important distinction between AI development and AI governance.
The first concerns how quickly capabilities advance. The second concerns the rules, safeguards and institutions that determine how those capabilities are developed and deployed.
What Pakistan’s Position Means for Developing Countries
Pakistan’s intervention highlights an issue that is likely to remain central to future AI negotiations: who gets to shape the rules governing artificial intelligence?
Developing countries have an interest not only in managing AI-related risks but also in ensuring access to the technology’s potential benefits.
The UN’s Global Digital Compact recognizes the need for capacity-building, technology cooperation and support for developing countries to access, develop, use and govern AI systems.
That approach is particularly relevant as AI becomes increasingly connected to education, healthcare, agriculture, financial services, public administration and economic productivity.
Without adequate access to computing infrastructure, skills, data and investment, developing countries could find themselves primarily consuming technologies designed elsewhere.
Pakistan’s call for representative and inclusive AI governance therefore places technological development and international security within the same broader conversation.
The Challenge Ahead: Rules That Keep Pace With Technology
The Security Council’s latest discussion illustrates the central difficulty confronting policymakers.
Artificial intelligence is developing faster than many traditional regulatory processes can respond.
International rules must address security risks without unnecessarily blocking beneficial innovation. They must also account for differences between developed and developing countries while maintaining fundamental principles such as human rights, transparency and accountability.
The United Nations’ emerging governance architecture is an attempt to address that challenge through scientific assessment, international dialogue and greater participation by countries around the world.
Pakistan’s intervention adds another voice to that debate, particularly on the consequences of unequal access to AI capabilities and the risks associated with AI-assisted military decision-making.
Conclusion
Pakistan’s warning at the UN Security Council underscores the increasingly international character of the artificial intelligence debate.
The issue is no longer simply how quickly AI can advance. It is also about how the technology is governed, who participates in setting the rules, how military risks are controlled and whether the benefits of AI are distributed broadly enough to avoid deepening existing inequalities.
As AI becomes more deeply integrated into security, economies and public institutions, international cooperation will become an increasingly important part of managing both its opportunities and its risks.
For Pakistan and other developing countries, the emerging global AI governance system will be particularly important because the rules established today could influence access to technology, economic opportunities and participation in future international decision-making for years to come.
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Finance
Jennifer Garner’s Latest Projects: Business Ventures Beyond Hollywood
Most celebrity business ventures are licensing deals wearing a founder’s costume. The name goes on the label, the cheque clears, and an operating company nobody has heard of does the actual work.
Jennifer Garner’s is not that. On 6 February 2026, she rang the opening bell at the New York Stock Exchange as Once Upon A Farm went public at $18 per share with a valuation of $724 million.
The company she co-founded is now a listed public entity with audited financials, a board seat in her name, and a stock price that has since gone down. That last detail is the most interesting part of the story.
Key Takeaways
- The IPO: Once Upon A Farm listed on the NYSE as OFRM, raising $197.9 million at the midpoint of its marketed range.
- The pop: shares closed day one up about 17%, then traded at $25.10 by 9 February — nearly 40% above the listing price.
- The reality check: the stock was down about 15% for the year by August 2026.
- The business is real: $225 million in annual revenue for the year ending September 2025, up more than 40%.
- Her role is contractual and disclosed: board director, co-founder and spokesperson, with compensation set out in the S-1.
What Once Upon A Farm Actually Is
The company sells organic, cold-pressed refrigerated food for children — pouches, smoothies, applesauce and oat bars — through grocery retail and direct-to-consumer channels.
It was founded by serial entrepreneurs Cassandra Curtis and Ari Raz, with Garner and CEO John Foraker joining as co-founders two years later. Foraker’s background matters to the credibility of the operation: he ran Annie’s Homegrown for more than a decade and served as a president at General Mills.
Note: founding-date reporting varies between 2011 and 2015 depending on the source. Verify before publication.
The Financial Trajectory
| Metric | Figure |
|---|---|
| Annual revenue (yr ending Sept 2025) | $225 million |
| Year-on-year growth | Over 40% |
| CAGR since 2018 | More than 60% |
| IPO valuation | $724 million |
| Capital raised | $197.9 million |
| Shares sold by company | ~7.6 million |
| Shares sold by existing holders | ~3.4 million |
| Lead bookrunners | Goldman Sachs, JPMorgan Chase |
A compound annual growth rate above 60% sustained over seven years is not a celebrity endorsement outcome. It is a consumer packaged goods outcome — and CPG is one of the hardest categories in which to build distribution from scratch.
What Her Actual Job Is
This is where the Once Upon A Farm story diverges most sharply from the celebrity-brand template, because the terms are public.
The S-1 discloses that Garner serves on the public company’s board of directors and continues as co-founder and spokesperson — “Farmer Jen” — a role for which she was paid $1 million in the prior year, with $2 million to $3 million in expected annual compensation through 2028, separate from stock options and an IPO-linked bonus.
She also worked the roadshow directly. Garner described the investor meetings to Forbes as rooms full of existing customers, noting that families already trusted the product.
That is a meaningful distinction for anyone assessing celebrity-backed companies. There is a difference between a founder who licenses a likeness and a founder who sits on the board, pitches institutional investors and has compensation disclosed in a registration statement.
The Mission Structure
Once Upon A Farm is a public benefit corporation — the “PBC” in its legal name — which means its charter permits management to weigh mission alongside shareholder returns.
Garner has framed the IPO itself as a mission decision. Selling to a major food conglomerate would have cost the existing team control of the business; a listing preserved it while raising capital.
The concrete expression of that mission is WIC certification. Getting products approved so low-income families can purchase them through the federal nutrition programme has been a stated priority, and the brand now holds that distinction in more than 20 states. Garner has called it the company’s north star.
It connects to a longer track record — she had been a trustee for Save the Children for several years before joining the company in 2017.
The Risks the Prospectus Discloses
A public listing forces disclosure that private celebrity ventures never face. Three risks stand out.
Tariff and sourcing exposure. The prospectus highlighted risks related to tariffs and trade barriers, particularly against Mexico and South America, from where the company sources a significant portion of its fruit and vegetable ingredients.
Key-person concentration. A brand built substantially on one founder’s public identity carries a risk no diversified CPG company does.
Acquisition framing. Ahead of the listing, Hedgeye analyst Bennett Cheer characterised the company as an acquisition “play” — a view that treats the IPO as a staging post toward a strategic sale rather than a destination.
The Post-IPO Slide, and What It Tells You
The stock’s path is the honest part of this story. Priced at $18, up 17% on day one, close to $25 within a week, then down roughly 15% for the year by August.
Garner’s stated response has been to ignore the daily price and focus on execution — her position being that the stock follows the mission rather than the reverse.
Whether or not one finds that convincing as investor communication, the underlying pattern is common and worth understanding. Consumer IPOs frequently pop on scarcity — the listing was described as a rare food offering that excited investors — and then reprice once the float settles and quarterly results replace the narrative.
For investors, the lesson generalises. A founder’s celebrity generates demand at listing. It does not generate gross margin.
The Broader Commercial Portfolio
Beyond Once Upon A Farm, Garner’s commercial activity follows a consistent pattern: long-term brand relationships rather than one-off endorsements.
She has been the recurring face of Capital One’s advertising campaigns, continuing through 2026. She brokered Once Upon A Farm’s first sports sponsorship in 2024 — a multi-year deal making it Angel City FC’s exclusive children’s snack partner.
She was named to the Forbes 50 Over 50 class of 2026 at age 54, alongside continued acting work.
What This Means for the Global Market in 2027
Coverage of celebrity businesses stops at the launch. Here is what actually determines outcomes.
Public listing is the real test of a celebrity brand. Private valuations are negotiated; public ones are voted on daily. Expect more celebrity-founded consumer companies to attempt listings after this precedent — and expect most to trade below their debut.
Governance disclosure becomes the differentiator. Once Upon A Farm published its founder compensation structure. Investors evaluating the next celebrity IPO should ask for the same and treat its absence as a signal.
Tariff exposure is the underpriced risk in food CPG. Companies sourcing produce from Mexico and South America face input volatility that margin models built in a stable trade environment do not capture.
The PBC structure will be tested. A public benefit corporation’s mission commitments have not yet been stress-tested against a sustained share price decline. Once Upon A Farm may become the case study.
Acquisition remains the likely endgame. If the Hedgeye thesis holds, a strategic buyer eventually acquires the brand. The question for shareholders is whether that happens above or below the $18 listing price.
Frequently Asked Questions
What company did Jennifer Garner found?
Garner is a co-founder and chief brand officer of Once Upon A Farm, an organic children’s food company. She joined in September 2017 alongside CEO John Foraker; the business was originally founded by Cassandra Curtis and Ari Raz.
When did Once Upon A Farm go public?
The company listed on the New York Stock Exchange under the ticker OFRM on 6 February 2026, pricing at $18 per share for a valuation of $724 million and raising $197.9 million.
How much revenue does Once Upon A Farm generate?
The company reported $225 million in annual revenue for the year ending September 2025, representing growth of more than 40% year-on-year and a compound annual growth rate above 60% since 2018.
Is Jennifer Garner paid by Once Upon A Farm?
Yes, and the terms are disclosed. She was paid $1 million in the year before the IPO, with $2 million to $3 million in expected annual compensation through 2028, separate from stock options and an IPO-linked bonus.
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