Peloton鈥攖he at-home, on-demand fitness company听best known for its pricey听stationary bikes and听 蹿辞濒濒辞飞颈苍驳鈥斕齏ednesday that it filed confidentially听for an initial public offering with the Securities and Exchange Commission, a crucial step toward听becoming a publicly traded company. The number of shares it expects to sell, their听price range, and the date of the IPO听. (The company did not immediately respond to 国产吃瓜黑料鈥檚听requests for comment.)听
CEO John Foley听has been since 2018. A confidential听filing 听for听鈥渆merging growth鈥澨齝ompanies with under听$1 billion听in revenue, as听it听 to withhold sensitive private information听until their actual IPO听date while the SEC reviews their registration statement. (Tech companies Lyft, Pinterest, and Uber, and the work-share company WeWork, all also filed confidentially in 2019.) Peloton was last 听at $4.15 billion, but Bloomberg reports that that could听skyrocket听to听听as the at-home fitness trend continues to boom.
The company has seen explosive growth since it was founded in 2012. As Luke Darby wrote in 2018听for 国产吃瓜黑料, it is looking听to 鈥渂ring the intensity and devoted following of cycling classes like SoulCycle and Flywheel into the home.鈥 New riders cite听feeling 鈥渋nstant camaraderie鈥 with both the instructors and fellow cyclists, a connection听that听keeps听them hooked.听Peloton鈥檚 $2,245 bikes, equipped with a 22-inch screen to livestream or play over 10,000 on-demand workouts,听have garnered some criticism for their hefty price tags.听A subscription costs an additional $39听a month for unlimited classes. But the company boasts reviews that are , barring one recent music-, after which听some users claimed the app鈥檚 music quality declined.听
Peloton is a giant in the digital-fitness space, but it听has seen a rise in competition as more businesses enter a market projected to grow 听to $27.4 billion听by 2022. Companies like Flywheel and NordicTrack also offer at-home stationary bikes and streaming classes (and their bikes are cheaper, starting at $1,999). Fitness apps like Aaptiv听and Zwift听are also vying for a similar听user base, and听Strava听is setting its sights on serving . Even big-box听gym chains like Gold鈥檚 are introducing .听
Still, Peloton is the first major player in the digital-fitness space听to file for an IPO, while others鈥 attempts have stalled out. Aaptiv听CEO Ethan Agarwal recently backed off his suggestion that Aaptiv听could go public in 2020, and听Peloton鈥檚 studio-based听competitor, SoulCycle,听withdrew from its IPO registration听in 2018,听.鈥
With this public offering, Peloton is betting on the longevity of its听community-based, live-streaming workouts. And for outdoor-riding听evangelists, this could听be听good news: more people staying at home means less crowding on the good old-fashioned singletrack.