Peloton files publicly for IPO

Peloton, the well-funded maker of high-tech bikes and treadmills, has revealed documents for its upcoming initial public offering. The business previously submitted a confidential draft submission of its S-1 statement to the U.S. Securities and Exchange Commission in June.

The company, which plans to raise $500 million in what could be a placeholder amount, will trade on the Nasdaq under the ticker symbol PTON.

Peloton reported $915 million in total revenue for the year ending June 30, 2019, an increase of 110% from $435 million in fiscal 2018 and $218.6 million in 2017. Its losses, meanwhile, hit $245.7 million in 2019, up significantly from a reported net loss of $47.9 million last year.

Peloton, founded in 2012, raised $550 million in venture capital funding last year at a valuation of $4.15 billion. The startup, which initially struggled greatly to convince venture capitalists of its vision, has since inspired a new wave of fitness tech companies to launch, including a smart mirror company appropriately named “Mirror.”

In total, Peloton has raised $994 million in venture capital funding, according to PitchBook. Its S-1 filing lists CP Interactive Fitness, TCV, Tiger, True Ventures and Fidelity as principal stakeholders, or investors with at least a 5% stake in the company.

This story is developing.

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