Peloton Interactive Inc. on Tuesday announced a $1 billion stock offering, just weeks after the maker of connected fitness equipment said it didn’t need additional capital to weather wider-than-expected losses and slowing growth.
Peloton poured hundreds of millions of dollars into ramping up manufacturing to meet soaring demand during the pandemic as more people worked out at home. The company’s revenue more than doubled last year compared with 2019 despite product shortages and delays.