Jun 6, 2019

What to make of Peloton's confidential IPO filing

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.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 p.m. ET: 857,487 — Total deaths: 42,107 — Total recoveries: 178,034.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 8 p.m. ET: 188,172 — Total deaths: 3,873 — Total recoveries: 7,024.
  3. Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
  4. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
  5. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  6. U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: UN warns of recession with "no parallel" to recent past

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 856,000 and the death toll exceeded 42,000 Tuesday, per Johns Hopkins data. Italy reported more than 12,000 deaths.

Go deeperArrowUpdated 1 hour ago - Health

White House projects 100,000 to 240,000 U.S. coronavirus deaths

President Trump said at a press briefing on Tuesday that the next two weeks in the U.S. will be "very painful" and that he wants "every American to be prepared for the days that lie ahead," before giving way to Deborah Birx to explain the models informing the White House's new guidance on the coronavirus.

Why it matters: It's a somber new tone from the president that comes after his medical advisers showed him data projecting that the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperArrowUpdated 2 hours ago - Health