Peloton Interactive, the on-demand fitness company best known for its connected indoor cycling bike, has officially announced plans to go public after months of CEO John Foley teasing that an IPO in 2019 would “make a lot of sense.” The company had reportedly been interviewing banks in preparation for its IPO. Today, Peloton said in a press release that it has elected to submit a confidential filing, which is the same method other tech startups have used recently, including Lyft, Uber, and Slack.
Peloton did not clarify how many shares it intends to sell or what the price range would be. Its latest round of funding in August 2018 valued the fitness company at $4.15 billion. Foley remarked last year that Peloton has a “beautiful business model” and that it was “weirdly profitable.”
Peloton began selling its connected indoor cycling bike in 2014. It has a monitor on which users can stream live or on-demand classes so they can follow along. Since its rise, other traditional cycling studios and fitness equipment manufacturers have come out with similar devices, with brands like Flywheel, SoulCycle, and NordicTrack now offering their own versions of either a connected bike or on-demand class content.
In 2018, Peloton shipped its second equipment, the Peloton Tread treadmill. It is rumored that the company may be working on its third piece of equipment, a rowing machine, after customers found the URL pelotonrowing.com (and other rowing-related domains) registered under Peloton Interactive. In April this year, Peloton experienced a bit of a hiccup after artist groups sued the company alleging that Peloton did not obtain the proper sync license to use some music content. Peloton has since countersued, and the case is ongoing.