ImprovOlympic's two theater spaces, the Cabaret and the Del Close Theater, run nightly shows mostly made up of teams of current and former students of IO's training center. IO is also involved in the annual Chicago Improv Festival. A companion theater, IO West, opened in Los Angeles, California about five years ago. As well, the Upright Citizens Brigade, which is now based in New York and runs the UCB Theater there, was once an ImprovOlympic house team.
Annually, a clone of the ImprovOlympic is held for one night at the Nelson College for Boys in Nelson, New Zealand.
Notable ImprovOlympic alumni include: