Tonal Stock for Accredited Investors

Consumer Tech
By UpMarket Research  |  Last updated: July 2026
CEO Krystal Zell Founded 2015 HQ San Francisco, US

Tonal is a wall-mounted smart home gym that uses digital weights, AI, and expert-led coaching for personalized strength training.[3][4] The company was founded in 2015 and is headquartered in San Francisco, California.[2][5]

Access to pre-IPO shares is available to accredited investors through UpMarket.

Latest Price
$550M-$600M
Series E, Apr 2023, Perplexity
UpMarket Estimate
$495M
Based on UpMarket valuation model
Previous Price
$1.6B
Series D 2021

How to Invest in Tonal Through UpMarket

Tonal shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.

Step 01

Verify accredited investor status

Confirm eligibility under SEC Rule 501 of Regulation D. Income or net worth threshold applies.

Step 02

Create an UpMarket account

Complete KYC/AML onboarding. Typically 1–2 business days. Licensed rep assigned on signup.

Step 03

Review available Tonal offerings

Full offering memoranda and risk disclosures provided before any commitment is required.

Step 04

Complete subscription documents

Review and sign subscription agreement. All documents handled digitally through the platform.

Step 05

Fund your investment

Wire transfer or ACH. $50K minimum. Funds held in custodial account until close.

Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.

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Valuation Growth Over Time

Post-money valuation by round
Previous rounds Most recent
DateRoundPPS (split-adj.)Valuation
Apr 2023 Series E $550M-$600M
2021 Series D $1.6B

Tonal Revenue and Growth

Annual revenue

Why Investors Are Watching Tonal

Growth Signal

Tonal raised $580M total, with a $130M round in 2023

Forge Global says Tonal has raised $580 million across 7 rounds, with its latest funding on Apr. 10, 2023. Contrary Research says the 2023 round raised $130 million at a $550 million to $600 million valuation range.

Product Milestone

AI-guided wall-mounted gym offers up to 200 pounds

Contrary Research describes Tonal as a wall-mounted smart home gym with AI, digital weights, and video guidance. The system uses electromagnetic resistance and supports up to 200 pounds across 200+ exercises.

Market Opportunity

Consumer fitness backer L Catterton led Tonal's early scaling

Tonal's CEO said the company raised $110 million from L Catterton, the Amazon Alexa Fund, Delta-v Capital, and Mousse Partners. The company said the round lifted total funding to $200 million, showing strong investor support for connected fitness.

Interested in Tonal stock? Fill out the form above or sign up directly. Subject to availability. Accredited investors only.

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Tonal Leadership Team

Krystal Zell
CEO
Aly Orady
Founder & CTO
Ron Will
CFO

UpMarket Investment Curation Process

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Tonal Stock FAQ

No. As of March 2026, Tonal is a private company and does not trade on any public stock exchange. Accredited investors can access Tonal shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.

Tonal does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.

Yes. Accredited investors can indicate interest in Tonal shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered more than $500M in alternative investments since 2019.

Pre-IPO investments carry significant risks. Tonal shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.

In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.

There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.

The minimum investment for most pre-IPO offerings on UpMarket is $50,000. This amount may vary depending on the specific offering and share availability. There are no fees to create an UpMarket account or browse available investments. Investors only pay transaction-related fees when they complete an investment.

UpMarket's valuation estimate of is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.

Tonal sells a wall-mounted smart home gym with digital weights, AI, and coaching, generated $100M in 2022 revenue, and was valued at $495M after raising $580M total, including a $130M round in 2023 — accredited investors can access Tonal stock through UpMarket.

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