Sweetgreen's Spyce Exit Is the Cleanest Sell-Side Story of 2025 — and the Most Honest One

Sweetgreen sold Spyce/Infinite Kitchen to Wonder for an implied $186.4M on Dec 29 and kept a long-term supply contract. The asset moves off the balance sheet; the operating benefit stays on the line. That is the cleanest — and most honest — sell-side story of the year.