I find this fascinating. Peloton is aiming for a valuation that is $2B more than the entire U.S. bicycle market! NYU professor Scott Galloway describes three tenets of the Gig economy: explosive growth, network effects and recurring revenue (memberships). I recognize that subscriptions give Peloton recurring revenue -- pending what was said above about churn. There are network effects and they have had great growth. But warehousing and distributing (and finding customers for) a costly spin bike is a significant hurdle to overcome. Going to South America or overseas adds language and customs/tax barriers. Peloton's next foray is running. I appreciate the safety of working out in your own home, much like gravel or Zwift avoids distracted drivers. Running is not the same as cycling; it is high impact. The number of individuals with disposable income who want to or can run would be less than spin bikes. Are there elements in the prospectus that support the valuation?