Whoop raises $575M at $10.1B valuation as it targets IPO and medical-grade expansion
Boston-based wearable health company Whoop has raised $575 million in a Series G round at a valuation of $10.1 billion, bringing total funding to more than $950 million.
The round was led by Collaborative Fund, with participation from the Qatar Investment Authority, Mubadala Investment Company, Abu Dhabi's 2PointZero Group, Australia's Macquarie Capital, Abbott Laboratories, the Mayo Clinic, and GP Bullhound. High-profile athlete and celebrity investors — including LeBron James , Cristiano Ronaldo , and Rory McIlroy — also joined the round.
Founded in 2012 by Will Ahmed , a former Harvard squash team captain, Whoop makes screenless fitness wristbands sold on a subscription model ranging from $199 to $359 per year. The device tracks heart rate variability, blood pressure, blood oxygen, sleep, and stress.
The company was cash flow positive in 2025, doubled bookings that year, and finished 2025 at a $1.1 billion annualised revenue run rate. It has more than 2.5 million members.
Whoop is building toward an IPO, which Ahmed has indicated could come within two years. The raise strengthens the balance sheet ahead of a public listing and funds an aggressive hiring push: the company plans to grow from roughly 800 to 1,400 employees in 2026. International expansion is also accelerating — 60% of sales now come from outside the US, up from 30% four years ago, across 60 countries.
Whoop is navigating a regulatory grey zone between consumer wellness device and medical equipment. In 2025, the US Food and Drug Administration warned the company that its blood pressure feature had been rolled out without regulatory approval. Whoop refused to disable it; the FDA issued updated guidance in January 2026 that cleared the path for the feature. But as Whoop adds more medical-grade capabilities — ECG, atrial fibrillation detection, and glucose monitoring — regulatory friction will only increase.
Competition is intense. Oura, a rival smart ring maker, is valued at $11 billion and generates more than $1 billion in annual revenue. Apple Watch and subscription-free fitness trackers from Garmin and Coros compete for the same customers without a recurring fee.
Investors are betting that the winners in consumer health wearables will be those that evolve from fitness trackers into what Ahmed calls a "health operating system" — continuous, AI-driven platforms capable of predicting illness before it strikes.
Whoop's valuation, nearly three times its 2021 level of $3.6 billion, reflects that ambition. The convergence of longevity culture, AI-powered health analytics, and medical-grade hardware is creating a new category — and a new kind of regulatory and competitive battleground.
Sources:
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