VR-enabled treadmill developer Virtuix Holdings files for a direct listing on the Nasdaq
IPO Overview
Virtuix Holdings, which develops treadmills for VR/AR gaming and fitness purposes, filed on Tuesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Virtuix Holdings will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
For the year ended March 31, 2025, the company disclosed a volume-weighted average share price of approximately $5.41. If the company listed its shares at that price, it would command a market cap of $209 million.
Virtuix specializes in omni-directional treadmills for virtual reality applications, offering products like Omni One, Omni Arena, Omni Care, Omniverse, and Omni Pro across consumer, enterprise, and defense markets. It has shipped over 4,000 Omni Pro units to more than 45 countries, installed 80 Omni Arena systems in US entertainment centers with a player base of over 500,000, and delivered 1,800 Omni One units since its launch in September 2024. Additionally, Virtuix operates a production facility in Zhuhai, China.
The Austin, TX-based company was founded in 2013 and booked $5 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol VTIX. Virtuix Holdings filed confidentially on August 11, 2025. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim Group LLC will serve as a financial advisor.
Company Overview
Virtuix pioneers movement in AI-generated worlds, real or imaginary. We are the creator of “Omni,” the premier brand of omni-directional treadmills that let players walk and run in 360 degrees inside virtual reality （“VR”） games, digital twins, and other applications, positioning us at the intersection of gaming, fitness and enterprise VR. To date, we’ve brought three products to market and generated over $20 million in sales. We increased quarterly revenue 4x from the first quarter to the fourth quarter of fiscal year 2025 （primarily resulting from recognizing Omni One preorder sales）。 Our “Omni” line of omni-directional treadmills consists of various products that target a variety of industries: Omni Pro, the original Omni, is our commercial-grade treadmill launched in 2016 for enterprise use in arcades, VR centers, corporations, and research institutions. Omni Arena launched in 2019 as a turnkey attraction for the out-of-home entertainment industry. The attraction comprises four Omni Pro treadmills for multiplayer gaming and features weekly esports prize contests. Omni One is our latest product and our most advanced treadmill yet, supporting full freedom of movement including crouching, kneeling, and jumping. Virtual Terrain Walk （“VTW”） is our multi-user system for next-generation mission planning in the defense industry