Strava Upcoming IPO: Social fitness app gets into public market gear

While some startups sprint to go public, others like Strava have taken a more marathon-like approach. The fitness-tracking and social network app, founded in 2009, has long been popular in running and cycling communities. But the app particularly gained momentum over the past few years amid a broader trend of more consumers exercising.⁶

In February 2026, Strava announced that it had confidentially submitted a draft registration statement, its Form S-1, with the U.S. Securities and Exchange Commission (SEC) to pursue an initial public offering (IPO).¹ So far, though, the company has not disclosed the size or timing of any offering.

For now, because Strava is still private, its shares do not trade on a public exchange. Instead, eligible investors may be able to access pre-IPO Strava shares through a private marketplace such as Forge, subject to availability and applicable eligibility requirements.

Strava: Company background

Strava was founded in 2009 in San Francisco by Michael Horvath and Mark Gainey. The two had been friends since rowing together at Harvard in the 1980s, and they first imagined Strava in the mid-1990s as a "virtual locker room."⁷

The internet era was taking off then, but because it wasn't widespread yet, the timing was not yet right to build Strava. So, they instead created an email software company, Kana, which they took public in 1999.⁸

A few years after leaving Kana, as GPS technology improved and became more mainstream, they were ready to start Strava in 2009.⁹

Strava IPO date and timeline

Strava confirmed in February 2026 that it had confidentially filed a draft Form S-1 with the SEC.¹ Earlier reporting from The Information indicated that the company had hired Goldman Sachs to lead the offering and had eyed a listing as soon as Spring 2026.² As of mid-2026, however, no public S-1 has appeared and Strava has not confirmed a date.

That said, Strava has taken steps indicative of conducting an IPO, beyond the confidential S-1 filing. For one, the company added Barry McCarthy, who previously helped take Netflix and Spotify public, to its board in January 2026.¹⁰ And in an October 2025 interview with the Financial Times, CEO Michael Martin said Strava intended to go public "at some point," with a listing providing capital for potential acquisitions.¹¹

Recent reporting also suggests that company developments like adding new hiking features¹² and limiting data scraping could be part of IPO preparations.¹³ Still, timing remains uncertain. Market conditions, the confidential review process and the company's own readiness could each accelerate or delay a listing. Reported plans should not be read as a confirmed IPO date.

How Strava built a social fitness network

Strava started as a web-only cycling app, but in 2011 it launched mobile apps and expanded into running.¹⁴ It has since grown to support over 50 activities.¹⁵

At its core, though, Strava has always been about community rather than just workout tracking, functioning as a niche social network for athletes. A popular saying among its users captures the culture: "If it's not on Strava, it didn't happen."¹⁶

Although Strava can track workouts directly, many users rely on separate devices such as Apple or Garmin smartwatches, which automatically sync activities to the app.¹⁷ There, users follow their friends' activities and give "kudos," the equivalent of a "like" on other social platforms.

The app now hosts around 1 million clubs, a figure that nearly quadrupled in 2025, where users join events and take on fitness challenges.¹⁸ Some challenges are sponsored, providing an additional revenue stream.

However, most of Strava's revenue reportedly comes from subscriptions,¹⁹ though that appears to stem from a relatively small share of the freemium app's user base. In May 2025, The Wall Street Journal reported that Strava had more than 150 million users and was nearing $500 million in annual recurring revenue (ARR).²⁰ As of August 2026, Strava reports that its user base now exceeds 200 million across 185 countries.²¹

Moreover, monthly active users (MAU) roughly doubled between 2022 and 2025 to around 50 million, according to the Financial Times citing Sensor Tower data. That is nearly twice its closest category rival, Garmin Connect, and app downloads grew about 80% year over year through September 2025.²²

Strava has also expanded through acquisitions. In 2025, it acquired the training apps Runna, for running, and The Breakaway, for cycling, as it leaned further into premium subscriptions that include personalized coaching and training plans.²³

Strava stock price history

Strava's Forge Price is $13.99 at a $2.2 billion valuation as of August 20, 2026.²⁴ While that is down from a $16.97 Forge Price in early 2024 and a high of $20 that held from 2024 through mid-2025, its implied valuation tells a different story. The current Forge Price implies a $2.2 billion valuation, up from $1.55 billion in late 2023, and nearly matching the $2.21 billion level reached when its Forge Price was $20.²⁴

Forge Data as of 08/28/2026

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Strava funding history and private market valuation

Strava has raised around $230 million over its history. That began with its Series A in early 2011, when it raised $3.99 million at a $13.52 million valuation, with investment from Jackson Square Ventures and Sigma Partners. Later that year, the Strava Series B raised $12.6 million at a $39.66 million valuation from Madrone Capital Partners and Sigma Partners.³

In 2013, Strava's Series C raised $19.7 million, more than doubling its valuation to $93.79 million, with investment from Jackson Square Ventures and Sigma Partners. About a year and a half later, in 2014, the Series D raised $18.5 million, lifting its valuation to $151.26 million, with Sequoia Capital joining Jackson Square Ventures and Madrone Capital Partners.³

After nearly a four-year gap, in 2018 Strava raised $13.7 million for its Series E, bringing its valuation to $364.02 million in a round that also brought in Go4it and Goldbriar Ventures, alongside some exisitng investors.³

In 2020, Strava conducted its largest primary funding round, pulling in $110 million for its Series F at a $1.54 billion valuation. That round drew new investors such as TCV and Dragoneer Investment Group, alongside several existing investors.³

Most recently, in May 2025, Strava raised another $50 million in a Series F-1, with investment from Sequoia, among others, lifting its valuation to $2.2 billion.³

Forge Data as of 08/28/2026

How to invest in Strava before its IPO

For now, Strava remains private, meaning its shares are not available to trade through traditional brokerages. However, accredited investors may be able to access shares of some pre-IPO companies like Strava through secondary market transactions on private marketplaces like Forge, in which existing shareholders such as employees or early investors sell their holdings. An accredited investor is a person or entity that meets income or net-worth thresholds, or professional criteria, as set by the SEC.²⁵

However, private market access can come with constraints. Share availability is not guaranteed, and companies often impose transfer restrictions, including a Right of First Refusal (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain.

To learn more about pre-IPO opportunities, explore our buyer's guide to investing in private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Looking ahead

Although Strava has not announced a specific IPO date, it has taken steps consistent with preparing for a public listing. These include its confidential draft filing and the addition of an IPO-experienced board member.  

Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a potential Strava IPO and other pending public offerings. 

For now, eligible investors may create an account and, subject to availability, buy and sell shares of private companies such as Strava.