• The fitness app company, which recently hired a CFO with extensive IPO experience, is reportedly in early discussions with investment banks.
  • Strava is approaching $500 million in annual recurring revenue and achieved profitability in 2021, making it an attractive public market candidate.
  • The company's recent $50 million funding round at a $2.2 billion valuation and strategic acquisitions signal aggressive growth ahead of a potential listing.

Strava Inc., the popular social fitness platform, has initiated early discussions with investment banks to advise on a potential initial public offering in the United States, according to people familiar with the matter. The move represents a significant step toward the public markets for the San Francisco-based company, which has seen its valuation climb to $2.2 billion.

The talks, which are still in preliminary stages, come just months after the company bolstered its leadership team with the appointment of Matt Anderson as Chief Financial Officer in August 2025. Anderson brings substantial IPO expertise to the role, having previously led public offerings at both Nextdoor and Square (Block). His hiring was widely seen within financial circles as a clear signal of the company's ambitions, as establishing robust financial reporting and compliance infrastructure is a critical first step for any company eyeing an SEC filing.

Strava's financial metrics appear to support a public offering. The company has been profitable since 2021 and is now approaching an impressive $500 million in annual recurring revenue. This strong financial performance was underscored by a $50 million Series F extension funding round closed in May 2025, which valued the company significantly higher than its $1.5 billion valuation in 2020.

When reached for comment, a Strava spokesperson declined to address the specific reports of bank discussions but reiterated CEO Mike Martin's previous statement from May that "the future is extremely bright for us right now" regarding a potential public listing. The company has not yet filed a confidential S-1 statement with the SEC, typically the next formal milestone in the IPO process.

The fitness technology sector continues to attract investor interest as health and wellness remain consumer priorities. Strava, which boasts approximately 150 million registered users and was ranked the number one fitness app in 2024, has been aggressively expanding its ecosystem through acquisitions. The recent purchases of cycling training app The Breakaway and running training app Runna demonstrate a strategy to move beyond basic activity tracking into comprehensive training solutions.

For now, access to Strava equity remains limited to accredited investors through secondary market platforms like Hiive and Forge Global, often requiring minimum investments of $10,000 or more. The timing of any potential public offering remains uncertain, but the company's building momentum suggests Wall Street may soon have a new way to bet on the digital fitness revolution.