Strava’s most recent priced round valued the fitness platform at $2.2 billion in May 2025, and its strong user growth to roughly 200 million athletes plus record in-app purchase revenue exceeding $175 million through September 2026 have anchored trader expectations near that level. The company confidentially submitted its S-1 in early 2026 and has added public-market expertise to its board, yet no public filing or priced offering has occurred as of October 2026, leaving timing and market reception uncertain. Comparable multiples for subscription software and fitness apps suggest a 4–6x revenue range could support a 3–5 billion outcome, while slower subscription conversion from its large free base or weaker IPO sentiment could cap it closer to 2–3 billion. These offsetting fundamentals keep the leading 2B–5B buckets tightly contested, with any public S-1 release or macro shift in tech IPO windows likely to create clearer separation.