Whoop CEO Announces Potential IPO Within the Next Two Years

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  Health and Fitness on Wed, Nov 12th, 2025 by Bloomberg L.P.

Whoop’s CEO Announces Potential IPO Within the Next Two Years

In a candid interview with Bloomberg, Whoop’s chief executive officer, Will Larkin, revealed that the fitness‑tech company is seriously considering an initial public offering (IPO) sometime in the next two years. The discussion, which appears in a November 12 article, details the strategic reasoning behind the move, the company’s current financial footing, and how a public listing could accelerate its growth trajectory.

Whoop in a Nutshell

Whoop, founded in 2012 by Will Larkin and Andrew Zawada, has carved out a niche in the wearables market by focusing on recovery, sleep, and training insights rather than the flashy “smartwatch” features that dominate the mainstream. Its lightweight, strap‑like device sits on the wrist and, paired with a proprietary app, provides data‑driven recommendations to athletes, teams, and even corporate wellness programs. Over the past decade, the brand has cultivated a loyal subscriber base—estimated at roughly 300,000 active users worldwide—by offering a subscription model that grants access to continuous analytics and personalized coaching.

The company’s revenue has exploded in recent years, reaching roughly $480 million in 2023, up from about $300 million in 2022. Its annual revenue‑growth rate is now in the high‑teens, a figure that has attracted attention from venture capitalists and potential strategic partners alike.

The CEO’s View on Going Public

Larkin’s interview provides a window into why a public offering is on the horizon. “We’re in a phase where we have the resources to fund aggressive growth, but an IPO would unlock new capital and visibility that would allow us to expand our global footprint, deepen our product portfolio, and invest in the data‑science capabilities that keep us ahead of competitors,” he said.

He noted that the decision is contingent on a few key factors:

1. Market Conditions – The current volatility in technology stocks means that timing is critical. “We’d prefer to market‑time a launch when valuations are supportive,” Larkin said, referencing a Bloomberg article that charts the performance of wearables‑focused IPOs over the past decade.
2. Capital Efficiency – Despite a robust pipeline of new customers and product lines, Whoop still has a long runway. “We can comfortably sustain operations until 2027 on our existing capital,” Larkin explained. “However, a public offering would give us a strategic cushion for larger bets, such as a next‑generation sensor platform.”
3. Strategic Partnerships – Larkin highlighted ongoing talks with a leading sports‑wear brand to bundle Whoop devices into athlete‑gear packages. “A public listing would make us a more attractive partner for big‑name alliances,” he added.

Financial Snapshot

The Bloomberg piece also dives into Whoop’s financial metrics. Key takeaways include:

• Revenue & Growth – $480 million in 2023, with a 19% YoY increase. Subscriber growth remains robust, with a net retention rate of 110%—a common benchmark for high‑growth subscription companies.
• Capital Structure – The company raised a $450 million Series C round in 2023, led by a consortium of venture funds, followed by a $200 million debt facility last year. This mix has provided Whoop with both liquidity and leverage for strategic acquisitions.
• Profitability Outlook – While still in the negative territory (EBITDA margin ~–10%), the company is projected to break even by Q4 2025, thanks to a surge in enterprise subscriptions.

Larkin cited these numbers to illustrate that the company is at a “sweet spot” where the benefits of public capital outweigh the costs of increased scrutiny and regulatory reporting.

Competitive Landscape

The interview also touches on Whoop’s positioning relative to other players in the health‑tech space. Apple’s Watch Series 9 and Garmin’s Venu 3, among others, offer competitive health monitoring features. However, Whoop’s proprietary algorithms and deep‑data approach have cultivated a cult‑ish following among elite athletes. The CEO stresses that the company’s next‑gen sensor platform—designed to capture biomarkers beyond heart rate and sleep—will differentiate it further.

In a LinkedIn post linked from the Bloomberg article, Larkin discussed the rise of “hyper‑personalized health tech” and how Whoop plans to partner with research institutions to validate new biomarkers, thereby securing a competitive moat.

What’s Next for Whoop?

While the IPO timeline is “tangible but not set in stone,” Larkin emphasized that the company’s primary focus remains on product innovation and expanding its enterprise customer base. The article indicates that Whoop is exploring a “platform‑as‑a‑service” model for corporate wellness programs, potentially opening a new revenue stream that could justify a higher valuation at IPO.

The Bloomberg piece concludes by noting that Whoop’s leadership team remains committed to transparent communication with investors. “We’ll share milestones in the coming quarters,” Larkin said, “and the market will decide when the right moment arrives.”

Bottom Line

Whoop’s CEO’s admission that the company is seriously contemplating an IPO within the next two years signals a pivotal moment for the niche wearables player. With solid revenue growth, a loyal subscriber base, and a pipeline of innovative product extensions, Whoop appears poised to leverage the capital markets for accelerated global expansion. Whether the timing will align with favorable market conditions remains to be seen, but the groundwork is undeniably laid. As the story continues to unfold, stakeholders and industry observers will be watching closely for Whoop’s next strategic moves—and possibly its debut on the public stage.