# Why Private Equity Just Bought HYROX | Oura’s $16B IPO Explained

Page: https://stenobird.com/podcast/market-maker-3553881/why-private-equity-just-bought-hyrox-oura-s-16b-ipo-explained
Text version: https://stenobird.com/podcast/market-maker-3553881/why-private-equity-just-bought-hyrox-oura-s-16b-ipo-explained.md
Podcast: [Market Maker](https://stenobird.com/podcast/market-maker-3553881)
Published: 2026-09-21T05:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/amplify-me/episodes/Why-Private-Equity-Just-Bought-HYROX--Ouras-16B-IPO-Explained-e3p1vho
Audio file: https://traffic.megaphone.fm/APO7323235759.mp3
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JSON: https://stenobird.com/v1/public/podcasts/market-maker-3553881/episodes/why-private-equity-just-bought-hyrox-oura-s-16b-ipo-explained
Duration seconds: 3463

## Resource

HYROX has exploded into one of the biggest trends in fitness, and now private equity wants a piece of it. But what exactly makes the business so attractive? In this episode, Anthony Cheung and Stephen Barnett break down how HYROX makes money, its rapid global expansion and why private equity giant L Catterton has invested in the business. We look at its asset light event model and ask whether HYROX can become a lasting global fitness brand or risks following the same path as CrossFit. We also unpack Oura’s reported $16 billion IPO, from its hardware and subscription model to the 42 billion hours of biometric data it has collected. Could Oura become much more than a wearable technology company, or is there a risk it becomes the next Peloton? (01:52) Oura’s $16B IPO (02:50) Why Oura Is Booming (06:33) The Subscription Engine (08:08) Investors in Oura (10:53) The Role of Robinhood (12:43) IPO Underwriters (15:39) History of Oura (19:12) Oura Business Model (23:41) Oura’s Data Advantage (27:52) The Peloton Warning (31:42) Celebrity Endorsements (34:10) Can Oura Justify $16B? (40:35) Why HYROX Is Exploding (44:25) How HYROX Makes Money (50:40) The CrossFit Warning (54:58) Oura vs HYROX: Who Wins?

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## Transcript

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