SoulCycle is an American fitness company and brand headquartered in New York City. Founded in 2006, it offers indoor cycling workout classes in eleven US states. Purchased almost entirely by Equinox Fitness in 2011, in 2012 SoulCycles net revenue equaled $112 million. In 2014, SoulCycle opened studios in Chicago and Boston, eventually branching into Miami, Houston, Philadelphia, and Dallas. SoulCycle filed for an initial public offering in July 2015, with plans to eventually open at least 250 studios. At the time, the Los Angeles Times described SoulCycle as "the biggest indoor cycling chain in the U.S.," with around 72,000 rides sold per week and 12,000 class participants a day. According to the New York Times, "[SoulCycle classes] offer mood lighting, a cadre of support staff to help you adjust your bike, custom playlists that match musical beats to choreographed cycling moves and charismatic instructors who pitch your workout as a path to self-improvement." Unlike many fitness companies, the company operates on a pay-per-class model and does not offer memberships. In 2016, Fast Company named SoulCycle No. 28 on its list of the Worlds 50 Most Innovative Companies of the Year. SoulCycle organizes a number of philanthropic initiatives, including charity rides and its SoulScholarship program, which provides free classes and workshops for youth. The fitness company SoulCycle was founded in New York City in 2006. Although sharing a common interest in fitness, SoulCycles three co-founders came from diverse backgrounds. Julie Rice, a former talent agent from Los Angeles, had moved to New York several years prior. Elizabeth Cutler was working as a real estate broker at the time, while Ruth Zukerman, who left in 2009, was working as an indoor cycling instructor. After meeting in 2006, they discovered a joint interest in operating an indoor cycling company that had "challenging but joyful" workouts held in a "chic" and luxurious environment. Several months after its founding, SoulCycle opened its first studio for indoor cycling classes on the Upper West Side in a former dance studio.