Virtuix Holdings Inc. IPO - What You Need to Know

Hey there! Thinking about dipping your toes into the Virtuix IPO? That's awesome! It can feel a bit like a puzzle, but let's break it down into plain English so you can understand what you're potentially getting into. Think of this as a chat with a friend about a new company hitting the stock market.

1. What does this company actually do? (in plain English)

Imagine a treadmill, but for virtual reality. That's pretty much Virtuix's main gig! They make a special platform called the Omni where you can strap in, put on a VR headset, and then walk, run, or even crouch in a virtual world without actually moving from your spot in the real world. It's designed to make VR games and experiences feel much more immersive and active.

So, instead of just sitting or standing still while playing a VR game, the Omni lets you physically move your body to control your character in the game. It's mostly found in places like arcades, entertainment centers, and even some businesses that want to offer unique VR experiences.

2. How do they make money and are they growing?

Virtuix primarily makes money in a couple of ways:

• Selling their Omni systems: Their biggest revenue stream comes from selling those VR treadmills (the Omni units) to entertainment venues, arcades, and other commercial clients.
• Selling games and content: They also sell the virtual reality games and experiences that run on their Omni platforms. Think of it like selling the console and the games for it.

When we talk about "are they growing?", we'd want to look at things like: Are they selling more Omni units each year? Are they expanding into new countries or more types of venues? Are people who use the Omni having such a good time that they keep coming back, which encourages venues to buy more systems? These are the kinds of questions we'd ask to see if their business is expanding.

3. What will they do with the money from this IPO?

Okay, this is a bit different for Virtuix! Unlike a traditional IPO where the company sells new shares to raise a bunch of cash, Virtuix is doing something called a Direct Listing.

In a Direct Listing, the company itself generally doesn't sell new shares to raise money. Instead, it's mostly about allowing existing shareholders (like early investors or employees) to sell their shares to the public for the first time. So, the money from these specific share sales goes to those existing shareholders, not directly into Virtuix's bank account.

This doesn't mean Virtuix can't raise money in the future, but this particular listing is more about making their stock publicly available and giving current owners a way to sell. If they were to raise money (perhaps through a separate offering later), they'd likely use it for things like:

• Developing new products: Maybe they'll create an even cooler, more advanced Omni, or develop new games and software to go with it.
• Expanding their reach: This could mean getting their Omni systems into more arcades, entertainment centers, and potentially new markets around the world.
• Marketing and sales: Telling more people about their awesome technology and convincing more businesses to buy their products.
• General operations: Just keeping the company running smoothly, hiring more talented people, and investing in their infrastructure as they grow.

4. What are the main risks I should worry about?

Every investment has its ups and downs, and with a company like Virtuix that's in a newer tech space, there are some specific things to keep in mind:

• VR isn't mainstream (yet): While VR is growing, it's not something everyone has in their home. If the broader public doesn't embrace VR entertainment as much as expected, it could impact Virtuix's business.
• Competition: Other companies are also trying to make immersive VR experiences, and some might come up with something even better, cheaper, or more popular.
• Reliance on venues: A big part of their business depends on arcades and entertainment centers doing well and wanting to invest in their product. If those businesses struggle, so could Virtuix.
• Technology changes fast: What's cutting-edge today could be old news tomorrow. Virtuix needs to keep innovating to stay ahead.
• Economic downturns: If people have less money to spend on entertainment, venues might buy fewer Omni systems.
• Direct Listing Specific Risks: Because this is a Direct Listing and not a traditional IPO, there's no investment bank actively supporting the stock price after it starts trading. This can sometimes lead to more price swings and volatility in the early days.
• Company Size and Reporting: Virtuix is classified as a "smaller reporting company" and an "emerging growth company." This means they have fewer public reporting requirements than larger, more established companies. While this can save them money, it also means there might be less detailed financial information available to investors, and they can delay adopting new accounting standards, which could make it harder to compare their financials to other companies.

5. How do they compare to competitors I might know?

Virtuix is pretty unique with its full-body VR treadmill, so direct comparisons can be a bit tricky.

• Direct competitors: There are a few other companies making similar VR treadmills, like Kat VR. Virtuix would argue their Omni offers a superior experience or design.
• Broader VR entertainment: They also compete with other types of VR arcade experiences (like those where you walk around a physical space, such as The Void or Sandbox VR) and even home VR systems (like Meta Quest). The key difference for Virtuix is offering a way to move naturally in VR without needing a huge physical space, which is great for commercial venues.
• Traditional entertainment: Ultimately, they're competing for people's entertainment dollars, whether that's going to a movie, playing traditional arcade games, or doing something else entirely.

6. Who's running the company?

The person steering the ship at Virtuix is Jan Goetgeluk, who is the founder and CEO. He's been the driving force behind Virtuix since the beginning, with a strong vision for making VR movement truly immersive. The company's main office is in Austin, TX, at 11500 Metric Blvd, Suite 430. When you invest in a company, you're also putting some faith in its leadership team, so it's good to know who's in charge and what their vision is.

7. Where will it trade and under what symbol?

Virtuix plans to list its shares on the Nasdaq Global Market (often just called "Nasdaq"). This is a popular exchange for tech companies.

As mentioned, this will be a Direct Listing, not a traditional IPO. This means the company isn't selling new shares to raise capital, but rather allowing existing shareholders to sell their shares directly to the public.

They'll also announce their ticker symbol, which is the short code you use to find their stock on the market (like 'AAPL' for Apple or 'GOOG' for Google). We'll have to wait for the official announcement for the exact details, but it will be publicly available before the listing. The company filed its initial paperwork (an S-1 form) with the SEC on December 26, 2025, so the actual listing date will be sometime after that.

8. How many shares and what price range?

According to their filing, up to 34,213,618 shares of Class A Common Stock are being registered for resale by existing stockholders. This total includes not just regular shares, but also shares that could be issued if current owners convert their warrants (which are like options to buy shares) or convertible notes (which are loans that can turn into shares).

While there isn't a traditional "price range" set by investment bankers for a Direct Listing, the company has estimated a maximum offering price of $8.75 per share for registration purposes. It's important to remember this is just an estimate used for filing, and the actual opening price will be determined by what buyers and sellers are willing to pay on the first day the stock trades. This means the price can be more volatile initially compared to a traditional IPO. All these shares are being sold by current owners, not by the company itself to raise new money.

Hope this helps you get a clearer picture! Remember, investing always has risks, so it's smart to do your homework and only invest what you're comfortable losing.