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 top Republicans who aren't voting for Trump in 2020

Photo: Brendan Smialowski/AFP via Getty Images

Former Pennsylvania Gov. Tom Ridge announced in an op-ed Sunday that he would be voting for Joe Biden.

Why it matters: Ridge, who was also the first secretary of homeland security under George W. Bush, joins other prominent Republicans who have publicly said they will either not vote for Trump's re-election this November or will back Biden.

Former GOP governor of Pennsylvania Tom Ridge endorses Joe Biden

Tom Ridge. Photo by Drew Angerer/Getty Images

Tom Ridge, the former Republican governor of Pennsylvania, will vote for Joe Biden, he announced in a Philadelphia Inquirer op-ed on Sunday.

Why it matters: Ridge, who also served as the first Secretary of Homeland Security under George W. Bush, said this would be his first time casting a vote for a Democratic candidate for president. He's now the third former Republican governor from a swing state to endorse Biden and reject Trump — joining John Kasich from Ohio and Rick Snyder from Michigan.

Poll: Majority of voters say election winner should fill SCOTUS vacancy

President Trump and Judge Amy Coney Barrett. Photo by Chip Somodevilla/Getty Images

A majority of voters believe the winner of the next election should fill the Supreme Court vacancy left by the death of Ruth Bader Ginsburg, a new poll from the New York Times and Siena College finds.

Why it matters: President Trump and Senate Republicans have vowed to swiftly confirm his nominee Amy Coney Barrett, in part hoping for a political boost as the conservative base is extremely motivated by issues concerning the court. The poll indicates that moving fast may not help them with voters they also need to win over: women, independents, and college-educated white voters.

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