Hinge Health files for $437M IPO, targets $2.4B valuation amid market headwinds

Just last week, we covered how Hinge Health was prepping for a public debut while its digital health rivals stayed on the sidelines. Now the startup is officially making its move.

The San Francisco–based company filed an updated prospectus Tuesday, revealing plans to raise up to $437 million through its IPO. Hinge expects to price its Class A common stock between $28 and $32 per share, offering roughly 13.7 million shares.

If shares price in the middle of that range, the company would land a $2.42 billion valuation based on outstanding Class A and B shares. That number could shift depending on full dilution.

“Based on the number of Class A and Class B shares outstanding after the offering, the deal would value the company at $2.42 billion in the middle of the range, though that number could be higher on a fully diluted basis,” CNBC reported.

Digital Therapy Startup Hinge Health Pushes $437M IPO Despite Volatile Market

Hinge Health, founded in 2014, builds software that helps people recover from musculoskeletal injuries, manage chronic pain, and complete rehab after surgery—all from home. Co-founders Daniel Perez and Gabriel Mecklenburg started the company after their long recoveries—Perez after getting hit by a car at age 13, and Mecklenburg after a judo accident.

The startup quietly filed its initial prospectus in March. A few weeks later, President Donald Trump rolled out a wide-reaching tariff plan that rattled the markets, prompting companies like Klarna and StubHub to put their IPOs on hold. Hinge isn’t waiting.

Now headquartered in San Francisco with a 1,400-person team, Hinge is betting it can break through investor hesitation.

Meanwhile, Hinge won’t be alone. Another digital health company, Omada Health, also filed to go public on Friday. Both offerings could signal that the IPO window, shut tight since 2021 for most health tech firms, might be cracking open.

Hinge has shown strong growth leading up to its offering. The company reported $123.8 million in Q1 revenue, up 50% from the same period last year. Its Q4 revenue came in at $117.3 million, a 44% year-over-year jump.

Hinge plans to list on the New York Stock Exchange under the ticker HNGE.

The company has raised over $1 billion to date from backers like Tiger Global Management and Coatue Management, and carried a $6.2 billion private valuation as of its October 2021 round. According to its filing, Insight Partners and Atomico are the largest institutional shareholders, with 19% and 15% stakes, respectively.

Hinge traces its roots to the U.K., where Perez and Mecklenburg—both former PhD students—first put their idea on paper. They built the first prototype within months and haven’t slowed down since.