Strava has filed a confidential IPO in its first major step toward going public and enlisted Goldman Sachs to facilitate the listing, according to published reports on Thursday.
At a valuation over $2 billion, the company has spent recent months assessing the investment bank that would be suitable for pushing the IPO, according to a report from Reuters that cited sources familiar with the matter.
The company navigated its way though a year of mostly highs in 2025 as its user base continued to grow and it made several moves to assert its dominance as a leading force in fitness technology.
Strava now boasts more than 150 million active users in 185 countries and drew a wave of attention when it acquired popular training app Runna for a rumored $200 million in last April. The move unit two major nameplates in running and word of Strava’s valuation showed that the company had the resources to grab important piece for its portfolio.
The following month Strava bought cycling training app The Breakaway and at the time, CEO Mike Martin was clear that record revenue were a major motivation behind Strava’s push toward pursuing acquisitions.
“When Strava was founded more than 16 years ago, it was created initially for cyclists—these users remain important members of our global community, and we are excited to enhance their experience through this acquisition,” Martin said.
But the year saw its share of detours and in July, the company announced a joint subscription with Runna that drew questions of how long both platforms would continue to co-exist. And by September, speculation about a possible public offering grew when reports suggested that Strava had been evaluating investment banks with eyes on a 2026 listing.
Just weeks later in early October, Strava filed a patent lawsuit against Garmin alleging infringement over heatmaps and segments, signaling an end to a ten-year working relationship between both companies. Strava dropped the lawsuit just 21 days later and even urged developers to comply with new Garmin mandate that attribution had to be shown in apps and platforms that process — and display — data generated from Garmin devices.
Strava was founded in 2009 and has made significant inroads in the fitness tracking space and running in particular. The company has received financial backing from a host of investment powers like Sequoia Capital, TCV, Jackson Square Ventures, Dragoneer Investment Group and Sigma Partners.
