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Illustration: Sarah Grillo/Axios

Peloton, the connected fitness company, said that it filed confidential IPO paperwork. No specifics were disclosed, but word is that Goldman Sachs and J.P. Morgan are lead bankers, with plans to price the offering in September.

Why it matters: Peloton may be first out of the gate for the post-Labor Day IPO rush, and will confound analyst "buckets." It's a hardware maker that's also a subscription content creator that's also a streaming software company that also does its own last-mile logistics. CEO John Foley is known to prompt cynical chuckles by calling Peloton the next Apple, but it's hard to think of a much better comp.

  • ROI: Peloton has raised nearly $1 billion, most recently at a $4.15 billion post-money valuation. Investors include Tiger Global, Kleiner Perkins, L Catterton, Grace Beauty Capital, Tugboat Ventures, True Ventures, Bullish, Fidelity, Wellington Management, TCV and Brand Foundry Ventures.

The bottom line: The key metric will be churn, or a supposed lack thereof, but Peloton will still need to convince Wall Street that it's more a media company than a faddish fitness hardware company in the vein of Fitbit and GoPro.

Go deeper

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.

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