iFIT Inc.

What does iFIT Inc. own?

The iFIT subscription platform, NordicTrack, ProForm, Freemotion, Reform RX, and the Sweat workout app, all operated as wholly owned businesses inside the private company.

Is iFIT Inc. publicly traded?

No. The company filed for an IPO in 2021 and withdrew the registration in October 2022. It remains private with no announced timeline to refile.

Who owns iFIT Inc.?

Founder and chairman Scott Watterson is the controlling shareholder, with private equity investors including Pamplona Capital Management and L Catterton holding significant minority stakes.

Where is iFIT Inc. headquartered?

Logan, Utah, USA, where the company has been based since its 1977 founding as Weslo.

How does iFIT make money?

Through equipment sales under the NordicTrack, ProForm, Freemotion, and Reform RX brands, and through monthly iFIT and Sweat subscriptions that carry the higher margins.

How many members does iFIT have?

The company reports more than six million members on its platform as of 2026, though it does not break out paying subscribers from free-tier and trial accounts.

Scott Watterson and Gary Stevenson founded Weslo in 1977 in Logan, Utah, initially importing and marketing a simple kitchen gadget before pivoting to fitness. The company found its footing in the 1980s selling low-priced treadmills and exercise bikes through mass-market retail, then moved into higher-end equipment with the NordicTrack brand, which it licensed and later acquired outright, and ProForm.

Renamed ICON Health & Fitness in 1994, the company became the largest fitness equipment maker in the world by unit volume, adding Freemotion for commercial gyms and holding licenses for brands including Reebok and Gold's Gym equipment lines. Private equity firm Pamplona Capital Management took a major stake in the 2010s.

The iFit technology platform, acquired as a startup in the 2000s, became the differentiator once its Google Maps terrain workouts matured into full trainer-led streaming content. By the late 2010s ICON was effectively a subscription business attached to a hardware arm.

The pandemic years delivered explosive growth. Home fitness demand pushed revenue toward $1 billion, the company bought the Sweat app in July 2021 for a reported $300 million-plus, and in August 2021 it renamed itself iFIT Inc. It filed confidentially and then publicly for an IPO targeting a valuation near $6 billion.

The window closed. Connected fitness demand fell off as gyms reopened, and iFIT withdrew the IPO in October 2022. Layoffs and cost restructuring followed through 2023, alongside a $355 million funding round that stabilized the balance sheet. Since then the company has leaned into AI coaching, acquired connected Pilates company Reform RX in May 2025, and launched entertainment ventures including the Prime Video series Trainer Games, which premiered in early 2026.

iFIT has faced recurring consumer complaints about hardware paywalls, since key equipment features require an active iFIT subscription, and about auto-renewal and cancellation friction. A 2021 California class-action settlement required clearer return and restocking-fee disclosures. The withdrawn 2021 to 2022 IPO attracted criticism from fitness-industry analysts who noted the company sought a pandemic-inflated valuation; iFIT has since emphasized profitability rather than revisiting the process. No major safety recalls have been documented in recent years, though the company issued smaller voluntary corrections on individual equipment SKUs.