Peloton's latest financing round of $550 million may be its last before becoming a publicly traded stock.
The company sells $2,000 spinning bikes that are equipped with a screen to stream recorded and live classes that are filmed from its New York-based studio.
"We stream 24 hours of live television content around the world every day. We have 10,000 classes on demand. It is a media company akin to a Netflix," Peloton co-founder and CEO John Foley said Friday on CNBC's "Squawk Box."
Foley said the company will spend $45 million to develop "the best" digital streaming studio in midtown Manhattan. He added Peloton also plans to build a studio in Europe.
The new investment round was led Silicon Valley's TCV. Many of Peloton's existing investors, including Tiger Global, True Ventures, Wellington Management, Fidelity, NBCUniversal, Kleiner Perkins, and Balyasny participated in this round.
Foley told The Wall Street Journal the timing of an initial public offering "remains fluid," but 2019 "makes a lot of sense."
The $550 million Series F round brings the total equity raised by Peloton to nearly $1 billion for a reported valuation of $4.15 billion.
— Disclosure: CNBC parent Comcast-NBCUniversal is an investor in Peloton and participated in this round of funding.