What's going on?

Luxury exercise equipment-maker Peloton � whose workout bikes cost over $2,000 � wiped out when it hit the stock market late last week: investors sold its shares in droves, and they fell 15% (tweet this).

What does this mean?

Peloton�s main product is its indoor exercise bike, which made up most of last year�s near $1 billion of revenue. But the company also makes almost $200 million annually selling workout content subscriptions to its bike-owners, as well as to other gym bunnies: Peloton has a 1.4 million-strong, er, peloton of members.

In keeping with other big-name companies that debuted on the stock market this year, Peloton isn�t currently profitable. But it still raised $1.2 billion in its initial public offering (IPO) of shares worth $29 each. That put the company�s valuation at more than $8 billion � double its last one by private investors.

Why should I care?

For markets: Investors needed stabilizers.

Public investors initially bought Peloton shares at the top end of the previously advertised range. But when the stock hit the market, the price of each share had already fallen � and it continued to drop on Thursday and Friday, perhaps as sudden selling spooked would-be buyers. Early investors � along with the company itself � may have ended the week as winners, having secured a high sale price. But Peloton might now have to play catch-up to get new investors on side.

The bigger picture: Avoiding a pile-up.

Late on Thursday, entertainment and sports company Endeavor postponed its plan for a Friday IPO. It was worried it would get a poor stock market welcome after Peloton�s drab listing and amid low interest from investors. Speaking of cold shoulders, WeWork�s about to have an even tougher time winning investors over for its eventual IPO: a credit rating agency lowered its rating of the company�s bonds, now deeming them even riskier despite WeWork�s attempts to dramatically cut costs.