Strava, the widely used fitness tracking platform known for blending social networking with exercise data, is taking early steps toward a U.S. initial public offering (IPO) and has begun sounding out investment banks about underwriting roles, according to people familiar with the matter.
The San Francisco–based company, which reached a valuation of roughly $2.2 billion during a fundraising round in May, has invited several of Wall Street’s biggest names—including Goldman Sachs, JPMorgan Chase, and Morgan Stanley—to pitch for lead roles on the IPO, the people said. They spoke on condition of anonymity because the process is private.
That $2.2 billion financing was backed by a roster of high-profile investors including Sequoia Capital, Square Ventures, TCV, and Go4it Capital Partners, according to data from PitchBook. Representatives for Strava declined to comment on the potential listing, while Goldman Sachs, JPMorgan, and Morgan Stanley also declined to comment.
Founded in 2009 by Harvard University rowing teammates Michael Horvath and Mark Gainey, Strava has built one of the largest online communities of recreational and professional athletes. Its mobile application allows users to track runs, rides, swims, and other workouts, then post the data on a social feed where others can offer “kudos,” compare performances, and even compete on virtual leaderboards. According to the company’s website, Strava now counts more than 150 million “athletes” across 185 countries. The app saw a surge in popularity during the COVID-19 pandemic as outdoor exercise became a substitute for gym-based training and people sought virtual ways to stay connected.
People close to the company said a public offering could come as early as the first quarter of 2026, depending on market conditions. However, Strava has not yet determined how much it hopes to raise or the valuation it will target in the IPO. The hiring of a new chief financial officer last month—an appointment often interpreted as a sign of IPO readiness—has fueled speculation that the company’s plans are accelerating.
A successful listing would put Strava among the most prominent consumer-facing fitness and social-networking companies to go public in recent years. The move also comes as the U.S. IPO market is showing signs of revival. Last week saw six deals raise more than $4 billion, marking the busiest stretch for new listings since 2021 and hinting at investor appetite for high-growth technology and consumer platforms.
For Strava, an IPO would represent both a major milestone and a test of its ability to sustain the growth it achieved during the pandemic. Analysts say the company could use fresh capital to expand internationally, build out its subscription features, and deepen partnerships with device makers, apparel brands, and event organizers. But the timing and structure of the offering will likely depend on broader market conditions and how investors value subscription-based fitness platforms in a post-pandemic environment.
If Strava does move forward with a 2026 IPO, it would join a growing list of venture-backed companies seeking public-market exits after years of private fundraising. That trend underscores a shift in investor sentiment: with capital markets stabilizing and interest in growth stocks returning, companies like Strava may find a more receptive audience for their shares.
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