Whoop Raises $575M at $10.1 Billion Valuation After Hitting $1B in Annual Revenue

Wearable health device maker Whoop has raised $575 million led by Collaborative Fund at a $10.1 billion valuation, after the company says it hit $1 billion in annual recurring revenue by the end of 2025. Notably, 60% of its 2025 sales came from outside the US.

The Numbers

Whoop’s $10.1 billion valuation makes it one of the most valuable wearable companies in the world, rivaling the enterprise value of publicly traded competitors. The $1B ARR milestone is significant — it means Whoop has built a subscription hardware business at genuine scale.

The international growth is particularly striking: 60% of 2025 sales were non-US, suggesting Whoop has cracked the global health-conscious consumer market that many wearable companies struggle to penetrate beyond North America.

The Subscription Model

Whoop’s business model is built on hardware-as-a-subscription — users pay a monthly fee that includes the wearable device itself plus ongoing health analytics. This creates predictable recurring revenue that investors love, compared to the one-time purchase model of competitors like traditional consumer electronics.

The Bottom Line

In a market where many consumer tech companies can’t find profitability, Whoop has built a $1B ARR subscription business around a wrist band. The $10.1B valuation prices the company at roughly 10x ARR — premium but not unreasonable for a hardware company with software-like margins. Health wearables may be the rare consumer tech category where subscriptions actually work.