Strava Prepares to Launch IPO as Soon as Early 2026

Fitness tracking app Strava is reportedly set to hear pitches from investment banks for roles in the company’s initial public offering.

The company could launch its IPO in early 2026, though that depends on market conditions, and it has not finalized the amount it plans to raise or the valuation it will seek, Reuters reported Wednesday (Sept. 17), citing unnamed sources.

Strava did not immediately reply to PYMNTS’ request for comment.

It was reported in May that the company was valued at $2.2 billion in a recent funding round and that the valuation was up from $1.5 billion it achieved in a 2020 funding round.

Strava said in an Aug. 19 press release that it made two key executive appointments to finalize its leadership team for the company’s “next stage of growth.”

The company said its new chief financial officer, Matt Anderson, and new chief marketing officer, Louisa Wee, bring to Strava proven track records is scaling global consumer tech businesses. It added that Anderson guided NextDoor through its public listing and led Block’s IPO efforts in 2015.

“Matt and Louisa bring world-class expertise in finance, marketing and growth that finalizes the leadership bench for Strava’s next phase,” Strava CEO Michael Martin said in the August press release. “Their leadership will be instrumental as we expand our global reach, strengthen our brand, grow our subscription revenue and continue building the world’s largest community of active people.”

Strava said in a Sept. 7 press release that its app is used by more than 150 million athletes in more than 185 countries. In the Aug. 19 release, the company said its annual recurring revenue is approaching $500 million and its platform saw greater than 50% growth in new users in 2024.

The company announced its acquisition of cycling training app The Breakaway in May and its acquisition of running training app Runna in April.

Strava’s app was ranked No. 1 in the PYMNTS Provider Rankings of Fitness App in 2024. As of August, it still holds the top spot, with a score of 98 out of 100.

PYMNTS reported in December that the company had unveiled new initiatives and product developments aimed at enhancing the experience of its users.