New York CNN Business  — 

Peloton, the indoor fitness startup, filed paperwork on Tuesday for an initial public offering.

The company generated $915 million in revenue in its most recent fiscal year, ending June 30, according to its IPO prospectus. That’s more than double the revenue it posted in the year prior.

But Peloton’s net losses are growing, too. The company lost $195.6 million in the most recent year, up sharply from $47.9 million in the year prior.

Peloton, best known for its internet-connected indoor bikes and subscription cycling classes that can be streamed live or on-demand into homes, said that it has more than 511,000 ”connected fitness” subscribers, which is double the year prior. It has over 1.4 million members, which includes anyone with a Peloton account.

The company seeks to raise $500 million, according to the filing, which is a placeholder amount likely to change based on investor demand.

Peloton was founded in 2012 by a group of five people — John Foley, Tom Cortese, Hisao Kushi, Yony Feng, and Graham Stanton. Foley is the CEO; he previously served as president of Barnes & Noble’s e-commerce division.

The company was valued at $4 billion last August and was expected to file for an IPO this year.

In addition to its indoor bikes, which cost $2,245, the company also sells a $4,295 treadmill with an HD touchscreen for viewing classes.

According to risk factors listed in its prospectus, Peloton said that a “significant majority” of revenue comes from the sale of its bikes and a decline in bike sales would negatively impact future revenue and operating results.

Customers pay subscription fees associated with its bike and treadmill to participate in classes that cost $39 per month. The company also sells a “digital membership” for those with or without a bike or treadmill for $19.49 per month who can access its digital classes, which range from running to yoga to bootcamp. There’s also the option to participate in a live class at one of Peloton’s studios, but the company said that revenue generated from this has “been immaterial to date.”

Meanwhile, Peloton competitor SoulCycle backpedaled away from its plans to go public in May 2018 citing “market conditions.” Founded in 2006, SoulCycle is the industry veteran and its IPO was expected to value the company at around $900 million. While also focused on spinning, SoulCycle has amassed a cult-like following for its 45-minute indoor cycling workout set to party music in a darkened studio. Since 2011, it has been majority-owned by Equinox.

Earlier this month, SoulCycle and Equinox announced a Peloton competitor.