Peloton IPO Filing Shows Wider Losses as Marketing Surges

Peloton, the provider of internet fitness classes and connected exercise equipment, has seen its losses balloon as it has poured money into sales and marketing, the company said in a filing for an initial public offering on Tuesday afternoon. 

Peloton is not your typical tech or internet IPO, as its filing makes clear. It sells both expensive hardware—a stationary bicycle and treadmill—and online fitness classes that take advantage of those devices. Its customer base is relatively small: little more than half a million devices have been sold so far, it says, and it reported only 613,000 global subscribers.