Another unicorn is cycling its way to Wall Street.
Peloton, the indoor fitness startup, said Wednesday it submitted confidential paperwork with the US Securities and Exchange Commission to go public.
Peloton is best known for its internet-connected indoor bikes and subscription cycling classes that can be streamed live or on-demand into the home. The company also offers a treadmill with an HD touchscreen for viewing classes.
Peloton was founded in 2012 by a group of five people – John Foley, Tom Cortese, Hisao Kushi, Yony Feng, Graham Stanton – and all are still with the company today. Foley serves as CEO; he previously served as president of Barnes & Noble’s e-commerce division.
The company was valued at $4 billion last August and was expected to file for an IPO this year.
Meanwhile, Peloton competitor SoulCycle backpedaled away from its plans to go public in May 2018 citing “market conditions.” Founded in 2006, SoulCycle is the industry veteran and its IPO was expected to value the company at around $900 million. While also focused on spinning, SoulCycle amassed a cult-like following for its 45-minute indoor cycling workout in a dark studio set to party music. Since 2011, it has been majority-owned by Equinox.
In an interview in February for a “Boss Files” episode, Whelan didn’t rule out selling a bike similar to those available from Peloton.
SoulCycle did not immediately respond to a request for comment on the news.
For both companies, cost can be a barrier: Peloton bikes cost about $2,000, plus a membership fee of $39 a month for streaming classes. SoulCycle’s classes range in price depending on location, but one session in New York, for example, can cost $36
If and when Peloton goes public, it will join a set of other unicorn companies – the term for privately-held companies valued at $1 billion or more – that have made their Wall Street debuts this year, including Pinterest, Lyft, Uber, and Zoom. In April, WeWork also filed confidential paperwork to go public