Strava, an exercise-tracking app last valued at $2.2 billion, is benefiting from Gen Z’s obsession with run clubs and marathons and is looking toward a future IPO, according to its CEO.
Michael Martin, who took over as CEO in 2024 from Strava cofounder Michael Horvath, told the Financial Times the company has the “intention to go public at some point,” and noted that a public listing “provides easy access to capital in case we wanted to do more and bigger acquisitions.”
Martin declined to provide more details to the FT on when the company would go public. A spokesperson for Strava did not immediately respond to a request for comment.
The company already acquired U.K.-based coaching app Runna and cycling training app The Breakaway for undisclosed sums earlier this year. Those personalized coaching offerings—when combined with the app’s social features that allow users to track their friends’ workouts and give digital “kudos”—have likely increased Strava’s following among tech-savvy youth.
Strava has also benefited from Gen Z’s move toward healthier lifestyles since the pandemic that may explain Starbucks’ foray into protein lattes and the slow death of boozy nightclubs.
Running in particular has become Gen Z’s latest fixation, and many see the activity as a way to connect with others while also staying fit. While young people reportedly feel burnt-out by dating apps, Strava’s Year in Sport: Trend Report last year reported a 59% increase in running club participation globally in 2024.
And among the 5,000 Strava users and non-users surveyed, one in five Gen Z respondents went on a date with someone they met through a running club and were four times more likely to want to meet people while exercising than at a bar.
But running isn’t just for socializing. The New York City Marathon also attracted a record 200,000 lottery applicants back in March for its race next month, up 22% from a year ago.
Estimates of Strava’s user data show just how much the company has benefited from the recent cardio craze. The company claims over 150 million users, up from more than 120 million in 2023. Its app downloads from January to September were also up 80% compared with last year, according to Sensor Tower.
While it’s unclear when Strava may go public, it has already invited banks such as Goldman Sachs and JPMorgan to pitch it for participation in a potential IPO, Reuters reported last month.
Horvath teased the possibility of an IPO before he stepped down as the company’s leader in 2023. He claimed the person who would replace him as CEO would need a different skill set for navigating the company’s “next chapter.”
On going public, Horvath also said in 2022, “It’s a means to an end, and it’s something we would consider at the right time.”
