This morning, Peloton( NASDAQ: PTON ), the tech-enabled stationary bicycle and fitness material streaming busines, caused $1.2 billion in its NASDAQ initial public offering. Despite dropping more than 10% in its first day of trading — ultimately closing down 11% at $25.84 per share — the IPO was a bona fide success. Peloton, formerly repudiated( time and again) by VC skeptics , now has hundreds of millions of dollars to take its business into a brand-new period. One in which, the media, equipment, software, logistics and social company attempts to become a generation-defining fellowship akin to Apple.
Founded in 2012 — six years old after Soul Cycle opened its first cycling studio in New York’s Upper East Side and two years before a Soul Cycle benefactor, Ruth Zukerman, rushed ship to launch her own indoor cycling business, Flywheel Sports — a male by the name of John Foley drew the ambitious, some might say senseless, decision to start a company that would sell these exercise bikes direct-to-consumer. That highway, you have been able take a Soul Cycle class, in essence, in the consolation of your own home. Even better, technology would improve the experience.
As my colleague Josh Constine recently described it, these bicycles come outfitted with a 22 -inch Android screen, converting an outdated work experience and accompanying it into 2019: “It prepares lazy beings like me work out. That’s the genius of the Peloton bicycle. All you have to do is Velcro on the shoes and you’re trapped. You’ve eliminated selection and you will exercise, ” Constine writes.