Angel Studios Closes Deal to Become Publicly Traded Company

Published: September 12, 2025

Theater2 — Photo by Krists Luhaers via Unsplash

By Michaela Gordoni

Angel Studios, the company behind SOUND OF FREEDOM and CABRINI, officially became a publicly traded company valued at $1.6 billion.

It conducted the operation through Southport Acquisition Corp., which allows companies to go public without having to launch a traditional initial public offering, Variety reported

The company began trading on the New York stock exchange on Sep. 11 under ANGX. It started the merger process back in 2024, Deseret reported.

Neal Harmon, Angel Studios’ co-founder, chairman and CEO, will lead the company post-merger. His brother Jordan Harmon serves as president, and his brother Jeffrey Harmon is chief content officer.

“This marks a huge milestone for Angel and our 1.5 million-plus Guild members worldwide,” Neal said in a statement. “Our model and technology are leading a movement to reshape entertainment, empowering audiences as virtual co-producers. The Guild selects stories that amplify light and timeless values — curating a powerful library through greenlighting films and shows for theaters, TV, or Angel streaming — and we’re just getting started.”

The Harmon brothers took a celebratory photo at the New York Stock Exchange on Thursday.

“A historic moment at the NYSE! 🎉” they wrte in their Instagram caption. “The Harmon brothers celebrate as Angel goes public, proof that bold faith and light-amplifying storytelling can shape the future of entertainment! 🌟 #AngelTakesNYSE”

On Sept. 5, Angel sold Class c common stock at an aggregate of 1,250,000 $44.00 per share. Proceeds were approximately $55 million. The sale was made to 40,521 individual investors. On Monday, Angel also closed a $100 million credit deal with Trinity Capital, an alternative asset manager, that Angel will use to expand the Angel Guild program.

Angel’s revenue increased to $135 million in the first six months of this year, but is net loss was at $53.3 million. Angel says this was due to marketing expenses.

Its Angel Guild lets its 1.5 million paying members vote for which films and TV shows the studios greenlights and fund those projects with their membership fees.

The Angel Guild program made $101.1 million in cash the first six months of the year, and its revenue increased by 517% in the second quarter.

Angel Studios has released 21 TV series, 36 movies, and 750 comedy specials. It claims it has the highest per-release domestic box office average of any independent studio from 2023-25.

As of June 30, Angel had $28 million in cash and $40.1 million in liabilities as deferred revenue. It had $29.6 million as debt payable.

The studio has strong faith it is Guild program and claims its guild-chosen movies have an average rotten Tomatoes score 95%, which is higher than any other distributor, “Paramount (84%), Disney (79%), HBO (75%), A24 (73%), and Netflix (61%).”

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