Hinge Health is officially heading to Wall Street. The digital therapy startup has filed for a $437 million initial public offering (IPO), eyeing a $2.42 billion valuation even as public markets remain volatile.
In an updated prospectus filed Tuesday, the San Francisco-based healthtech company revealed plans to sell around 13.7 million shares of its Class A common stock at a price range between $28 and $32 per share. If shares price at the midpoint, the deal would value the company at roughly $2.42 billion based on the number of outstanding Class A and B shares. The final valuation could climb higher once fully diluted figures are taken into account.
Founded in 2014 by Daniel Perez and Gabriel Mecklenburg, Hinge Health offers a software-based solution for treating musculoskeletal (MSK) conditions, chronic pain, and post-surgical rehabilitation—all from home. Both founders were driven by personal injury recoveries—Perez from a car accident at 13, and Mecklenburg from a judo injury—which sparked their vision for digital, accessible physical therapy.
While many digital health companies have delayed IPO plans due to economic uncertainty, Hinge is choosing a different path. The company confidentially filed its initial prospectus in March, and now it’s pushing forward at full speed despite lingering investor caution.
The IPO move comes amid a broader thaw in the healthtech IPO market, which has remained largely frozen since 2021. Hinge’s decision to go public follows a similar filing by Omada Health last week, signaling that investor appetite may be returning—at least for companies with strong fundamentals.
Hinge Health’s momentum appears to support its IPO ambitions. The company posted $123.8 million in revenue for Q1 2025, up 50% year-over-year. In Q4 2024, revenue reached $117.3 million, marking a 44% increase from the same period the previous year. These gains highlight strong demand for its virtual care platform, which combines wearable sensors, app-based coaching, and one-on-one clinical support.
The startup plans to list on the New York Stock Exchange under the ticker symbol HNGE.
Hinge Health has raised more than $1 billion in funding to date, backed by investors such as Tiger Global Management, Coatue Management, and Atomico. At its last private valuation in October 2021, the company was worth $6.2 billion. Among its largest shareholders are Insight Partners and Atomico, which hold 19% and 15% stakes, respectively, according to the latest filing.
Though now headquartered in San Francisco, Hinge’s origins trace back to the U.K., where Perez and Mecklenburg first sketched out their vision as PhD students. They quickly turned that idea into a working prototype, laying the groundwork for what is now one of the leading startups in digital musculoskeletal care.
Despite market headwinds and geopolitical uncertainty, Hinge Health is stepping boldly into public markets—staking its claim as a category-defining healthtech company ready for its next chapter.
