Whoop raises $575 million at a $10 billion valuation on its way to an IPO

Synopsis

Whoop, the maker of popular screenless fitness bands, is now valued at $10.1 billion after raising an additional $575 million, a new milestone on its way to an initial public offering. The Series G round was led by Collaborative Fund, with participation from investors including Qatar Investment Authority, Mubadala Investment Co, Abbott Laboratories and GP Bullhound.

Whoop, the maker of popular screenless fitness bands, is now valued at $10.1 billion after raising an additional $575 million, a new milestone on its way to an initial public offering.

The company, which now has more than 2.5 million members, was cash flow positive in 2025 and saw subscriptions increase 103% over the same period, it told Bloomberg News. The Series G round was led by Collaborative Fund, with participation from investors including Qatar Investment Authority, Mubadala Investment Co, Abbott Laboratories and GP Bullhound.

Several high-profile individual investors also joined the round, including professional athletes Cristiano Ronaldo, LeBron James, Rory McIlroy and Reggie Miller. Boston-based Whoop was previously valued at $3.6 billion after a $200 million funding round in 2021. To date, the company has raised over $950 million.

“This new raise allows us to really strengthen our balance sheet and ultimately invest more in areas of the business that are already working,” founder and Chief Executive Officer Will Ahmed said in an interview. “We’ve had a very ambitious research and development road map that we’re going to continue to invest behind.”

The company will also use the funding to increase its marketing efforts; expand third-party sales; add to its wholesale and retail offerings; and continue its international push, he added.

Whoop is part of a growing cohort of consumer hardware brands that take a broader approach to fitness beyond just tracking workout stats. The company, along with competitors such as smart ring maker Oura Health Oy, is increasingly focused on proactively monitoring users’ health and offering insights on how they might improve. Oura last fall completed a funding round of its own that brought its valuation to a similar figure of $11 billion.

Ahmed has said he envisions Whoop evolving into a “health operating system” using its own artificial intelligence models to analyze health data continuously and one day be able to predict heart attacks, strokes and other conditions.

There is evidence that approach has been working. Bookings — a measure of growth that includes the money members pay up front — grew 103% in 2025, finishing the year at a $1.1 billion revenue run rate, Whoop said. For comparison, its membership of roughly 2.5 million people is on par with fellow fitness technology company Peloton Interactive, which has close to 2.7 million subscribers on hardware. Oura, for its part, has sold over 5.5 million rings and generates over $1 billion in revenue a year.

Whoop and some of its peers have drawn scrutiny from US regulators, who see some consumer fitness wearables blurring the lines between a gadget and medical equipment. In July, the Food and Drug Administration asked Whoop to remove the blood pressure tracking feature offered on its highest-end wristband, claiming it was operating as a medical device without proper authorization. The company refused to disable the tool but continued negotiating with the agency.

Since then, the FDA has come out with updated guidelines that support the idea that blood pressure can be used in products marketed as wellness devices.

Whoop, founded in 2012, is in the midst of a hiring spree, with plans to expand its staff by as much as 75% to spur growth ahead of a potential IPO, Ahmed told Bloomberg earlier this month. The company, which currently employs nearly 800 full-time staff, is looking to fill more than 600 new roles across various departments, including software, research, design, hardware, product development, manufacturing, sales and marketing.

International markets have been a major growth driver for the company in recent years. Whoop currently operates in 60 countries, with 60% of sales coming from outside the US. Just four years ago, the US made up about 70% of its member base.

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