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Spin bike studio SoulCycle is also getting into home fitness, launching its own at-home bike in October, while Apple is now competing for eyeballs and muscles after debuting its Fitness+ service in December. Five newcomers including AI-powered fitness mirror startup Tempo and strength training machine maker Tonal have collectively raised more than $800 million since January 2020, while Lululemon acquired fitness device maker Mirror for $500 million last June. TheyвЂ™re not the only ones fighting for a cut of the booming $244 billion global market for fitness classes, equipment and wearables. ThatвЂ™s more than FoleyвЂ™s $2 billion fortune, which is largely made up of his 6% stake in Peloton including options. That deal valued the company at $7 billion, and Forbes estimates that WattersonвЂ™s majority stake in iFIT is worth $3.2 billion ( Forbes applies a 10% discount to valuations of private companies).

IFIT is now planning its own public listing, less than a year after securing a $200 million investment from Bernard Arnault-backed private equity outfit L Catterton in October.

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When the pandemic hit, PelotonвЂ™s popular touchscreen-fitted indoor bike and online workout classes allowed it to cement its place at the top: Its nearly $3 billion revenues last year-its first full year since going public in September 2019-were double iFITвЂ™s $1.5 billion. After an alleged 2013 meeting at iFITвЂ™s Logan office, where iFIT claimed in a 2016 lawsuit that Foley asked for access to the companyвЂ™s bike technology-an offer the firm refused-Peloton took off and quickly eclipsed its older competitor. Once the largest maker of fitness equipment in the world, iFIT has since been dethroned by the much younger Peloton. When Peloton founder John Foley was still a teenager in the late 1980s, iFIT was pioneering home fitness with treadmills hooked up to VHS players that automatically adjusted the incline to match the workout on the tape. HeвЂ™s been in the fitness game since 1977, when he and his college buddy Gary Stevenson started what later became iFIT, the maker of NordicTrack and ProForm exercise machines, when they were students at Utah State. But Peloton's three million subscribers arenвЂ™t the only ones breaking a sweat over the nine-year-old startup: Watterson has been racing to catch up since Peloton launched its first bike in 2014. When the pandemic shuttered gyms across the country last year, millions of Americans turned to exercise bikes, treadmills and online workouts at home-and the biggest winner of that shift was Peloton, which posted its first net profit in its history in 2020. He adds with a chuckle: вЂњMy family suggests I need to spend a little more time in the weight room.вЂќ 'I was on Everest while it was being filmed live, but I couldn't do the whole workout,' says Scott Watterson, iFITвЂ™s 66-year-old cofounder and CEO, in a late March Zoom call from his wood-paneled office in Logan, Utah.

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That trek was a preview of a new 18-part series of virtual workouts filmed in Nepal, part of a growing library of interactive workouts shot on the ground in locations ranging from Maui and the Grand Canyon to TanzaniaвЂ™s Mt. As the guides hiked uphill, their trek was live-streamed to more than one million iFIT subscribers around the world, all working out on touchscreen-fitted NordicTrack and ProForm treadmills, bikes and ellipticals-with the machines automatically adjusting to the mountainвЂ™s escalating incline at every step. Everest to Kala Patthar, an 18,300-foot peak with an expansive view of the summit of the tallest mountain on Earth. Scott graduated from Utah State University College of Business in 1979.On the morning of March 22, 2021, a team of three fitness trainers backed by a 39-person film crew began a sunrise trek from the base camp of Mt. Previously, he served on the Board of Trustees at Utah State University, Utah State University Foundation, the Board of Trustees for the Make-A-Wish Foundation of Utah and the Utah Foundation. Scott is currently serving on the Board of Directors for The Employers Council, which serves five western states. Having co-founded iFITвЂ™s predecessor company, Weslo, Inc., in 1977, Scott has over 40 yearsвЂ™ experience in helping people from every demographic, fitness level, and ambition pursue and achieve their health and fitness goals. Scott has served in both roles since 1988, growing iFIT, formerly known as ICON Health & Fitness, Inc., to the global leader in connected fitness that it is today. Scott Watterson is responsible for setting the overall direction and strategy for iFIT Health & Fitness as the companyвЂ™s Chairman of the Board and Chief Executive Officer. Watterson Co-Founder, Chief Executive Officer and Director