The company generated $ 915 million in revenue in the last fiscal year, which ended June 30, according to the IPO prospectus. That's more than double the revenue it posted the year before.
But Peloton's net loss also increases. The company lost $ 195.6 million last year, up sharply from $ 47.9 million the year before.
Peloton, best known for its internet-connected indoor bikes and subscription biking classes that can be streamed live or on demand at home, said it has more than 511,000 "connected fitness" subscribers, which is double the previous year. It has over 1.4 million members, which includes anyone with a Peloton account.
The company is seeking to raise $ 500 million, according to the filing, which is a placeholder amount that is likely to change based on investor needs.
The company was valued at $ 4 billion in August last year and expected to file a stock exchange listing this year.
In addition to its indoor bikes, which cost $ 2,245, the company also sells a $ 4295 treadmill with an HD touch screen for class viewing.
According to risk factors listed in the prospectus, Peloton said that a "substantial majority" of revenue coming from bicycle sales and a decrease in bicycle sales would adversely affect future revenue and operating results.
Customers pay a bicycle and treadmill subscription fee to attend classes that cost $ 39 per month. The company also sells a "digital membership" for those with or without a bike or treadmill for $ 19.49 a month who can access its digital classes, ranging from running to yoga to bootcamp. There is also the opportunity to attend a live class at one of Peloton's studios, but the company said that the revenue generated from this has "been insignificant to date."
Meanwhile, Peloton competitor SoulCycle backpedaled away from plans to go public in May 2018 citing "market conditions." Founded in 2006, SoulCycle is a veteran in the industry, and the IPO is expected to value the company at around $ 900 million. While SoulCycle was also focused on spinning, he has amassed a cult-like following for his 45-minute indoor cycling workout set to party music in a darkened studio. Since 2011, it has been majority owned by Equinox.
Earlier this month, SoulCycle and Equinox announced a Peloton competitor.