Fitness tracking platform Strava prepares for spring listing after 50% revenue surge

Strava, the fitness tracking and social networking platform with over 180 million users globally, has confidentially filed for an initial public offering in recent weeks, The Information reported on 8 January, citing people with direct knowledge of the matter. The move positions the company for a potential spring 2026 listing. Goldman Sachs is set to organize the IPO, according to The Information. The company did not immediately respond to requests for comment, Reuters reported.

Strava’s strong revenue growth drives IPO timing

The timing reflects Strava’s robust financial performance, with the company’s business growing 50 percent year over year recently, according to The Information. The platform has also achieved profitability – a key milestone that positions it favorably for public markets. Annual revenues currently sit below $500 million (€475m), making Strava comparatively small among recent tech IPOs, but the company’s growth trajectory and engaged user base have attracted significant investor interest.

Strava was most recently valued at $2.2 billion (€2.1bn) in a May funding round led by Sequoia Capital, with participation from existing investors Jackson Square Ventures, TCV and Go4it Capital Partners, according to The Wall Street Journal and PitchBook data.

The platform’s user base has grown rapidly, with the company reporting over 180 million users as of late 2025 in its December 2025 Year In Sport Report. This represents significant growth from the 150 million users cited in earlier reports, underscoring the platform’s accelerating adoption among fitness enthusiasts globally.

The evolving Strava business model

Founded in 2009, Strava initially focused primarily on making sports activity data publicly viewable through its app. The platform has evolved significantly, particularly during the pandemic when it added increasingly social features. Users can now follow each other’s accounts, rate shared activities, and communicate through a messenger system that enables direct messages and group chats – functionality added two years ago.

The platform blends workout tracking with social networking, allowing users to monitor performance across multiple sports, set goals, share progress and stay motivated through features like giving “kudos” to other users’ activities. The service operates in more than 185 countries and has become particularly popular among cycling and running enthusiasts who use it to compare results with friends and measure themselves against elite athletes.

Strategic challenges and opportunities

Strava made headlines in fall 2024 with a patent infringement lawsuit against Garmin, demanding the manufacturer cease sales of its fitness trackers. The move raised eyebrows in the industry, as Garmin devices provide much of the data that flows into Strava’s app. The company quickly withdrew the lawsuit, acknowledging the symbiotic relationship between hardware manufacturers and its platform.

For Strava’s longtime backers – including Sequoia Capital and TCV, who have supported the company through multiple funding rounds over 17 years – the IPO represents a long-awaited liquidity event. But the listing carries broader implications for the sporting goods industry.

A successful public debut would validate the business model of fitness platforms that blend activity tracking with social engagement, potentially accelerating investment in similar technologies. Brands and retailers are watching closely: Strava’s ability to monetize a community of 180 million athletes could reshape how the industry thinks about consumer data, digital engagement and the commercial potential of connecting physical activity with online communities.