WHOOP On Track For IPO In 2027 as It Doubles Size of Boston HQ

Fitness product, wearable and tracking company WHOOP confirmed today that it is set to launch an IPO by the end of next year as it outlined plans to ramp up investment in the business.

Double Boston HQ

The maker of trackers for athletes of all skills from runners to cyclists told Bloomberg that it plans to double the size of its Boston headquarters as part of that expansion. It aims to lease 107,000 square feet of office space in a building next to the company’s current headquarters near Fenway Park.

Chief executive Will Ahmed said the expansion would help support the company’s future growth with the new site set to be able to host 1,000 employees.

Ahmed also confirmed that WHOOP is on track for an IPO in around 18 months. This is in line with the timetable already announced by the company.

It comes only months after the company raised $575 million in a Series G round that valued it at $10.1 billion, nearly tripling its prior $3.6 billion mark and bringing total funding to roughly $900 million.

Competition is Coming

At the time Ahmed said that WHOOP had exited last year at a $1.1 billion bookings run rate, up 103% year over year. It plans to hire 600 people this year, a roughly 75% boost to its headcount, as it works to further integrate AI into its health and wellness monitoring tools and to expand internationally.

The company more than doubled revenue last year and turned cash-flow positive while operating in over 200 countries. Its subscription model, bundling hardware and software for roughly $200 to $360 annually, is showing strong engagement, with about 83% of monthly active users opening the app daily, putting WHOOP in a high-retention tier for consumer wearables.

However, it is facing more competition from the likes of Alphabet (GOOGL)-owned Google and its $100 screenless Fitbit Air wearable.

What Other IPOs are on the Way?

Let’s look at what other IPOs are on the way with our TipRanks IPO calendar.