Oura has said that it is delaying plans for its public listing on the Nasdaq due to uncertainty in the IPO market. The delay comes despite “strong demand” and a strengthening of the business since the start of the IPO process, the company said in a statement on Tuesday. Read more:

Oura will delay its planned IPO on Nasdaq due to uncertainty in the market for first time offerings. The startup and its shareholders were looking to raise as much as $2.2 billion in the US IPO, which was about four times oversubscribed. Read more: 📷: Businesswire

OURA IPO DRAWS 4X DEMAND Oura’s IPO is about four times oversubscribed, with banks expected to stop taking orders Monday afternoon, per Bloomberg. The smart-ring maker is offering 50M shares at $40-$44, implying up to a $2.2B deal. Oura itself is selling 13.5M shares, while existing shareholders are selling 36.5M. At the top of the range, Oura would be valued at about $14.1B, or roughly $15B fully diluted. Pricing is expected Sept. 29, with shares set to trade on Nasdaq under $OURA. Source: Bloomberg

OURA TARGETS UP TO $14.1B VALUATION IN IPO; 73% OF OFFERING FROM EXISTING HOLDERS Oura plans to offer 50M shares at $40-$44, putting the smart-ring maker at a valuation of about $14.1B at the top of the range. The deal could raise up to $2.2B in total, but most of it is secondary: Oura is selling 13.5M shares, while existing holders are selling 36.5M. The 7.5M-share greenshoe is also entirely from selling stockholders. At $44, Oura itself would raise about $594M before fees. Eli Lilly has indicated interest in buying up to $100M of shares, while Dragoneer-affiliated funds may buy up to $300M. Oura plans to list on Nasdaq under $OURA.

OURA SEEKS UP TO $2.2B IN IPO, ELI LILLY AND DRAGONEER SIGNAL INTEREST Oura is offering 50M shares at $40-$44 each, implying a market cap of roughly $12.8B-$14.1B. Of the 50M shares: • Oura is selling 13.5M new shares • Existing shareholders are selling 36.5M shares • Oura will not receive proceeds from the secondary shares At the $42 midpoint, Oura expects to receive about $533M in net proceeds, with roughly $526M expected to go toward tax withholding tied to RSUs vesting around the IPO. Eli Lilly has indicated interest in buying up to $100M of shares, while Dragoneer could buy up to $300M. The indications are non-binding. Lilly also already has a $50M SAFE investment that is expected to convert into roughly 1.19M Oura shares before the IPO. Oura’s business has been growing quickly: • Revenue: $1.21B for the first 9 months of FY26, +74% YoY • Net income: $60.8M vs. $1.6M a year ago • Rings sold: 3.1M vs. 1.8M • Paid members: 5.0M vs. 2.5M Oura plans to list on Nasdaq under ticker $OURA.

Oura reported $1.21B in nine-month revenue, up 74% year over year. The wearable market is scaling, and so is the health data people generate every day. That expanding data layer is exactly what Sleepagotchi's AI agents are built to use. Wearables track → Sleepagotchi acts. 🌙

Oura just filed their S-1. Some notes: - $1.21B revenue in the 9 months to June, +74% y/y - Hardware was 80% of revenue, membership 20% (growing +121% y/y) - 5M paid members up 2x y/y - 55% blended gross margins and $60.8M net income - Members wear the ring a median of ~23 hours a day - 65% DAU/MAU and ~85% 12-month retention - 72% of members are women

OURA IS GOING PUBLIC. The smart-ring maker just filed its S-1 and plans to list on Nasdaq under $OURA. The filing gives the first detailed look at how fast the business has grown: For the 9 months ended June 30: • Revenue: $1.21B, +74% YoY • Net income: $60.8M vs. $1.6M a year ago • Adjusted EBITDA: $106.7M • Gross margin: 55% vs. 51% • Operating cash flow: $328M vs. $135M • Rings sold: 3.1M, +75% YoY • Paid members: 5.0M, up from 2.5M The interesting part is the subscription business. Oura generated $240.5M in membership revenue, up 121% YoY, with an 89% gross margin. Paid membership costs $5.99/month or $69.99/year in the U.S., and roughly 63% of new members chose an annual plan. 12-month paid member retention sits around 85%. Oura is still primarily a hardware company today. Around 80% of revenue comes from hardware and 20% from memberships. Hardware generated $974M in the first 9 months of FY26, with average revenue per ring of $311. Retail is also becoming a major distribution channel. Roughly 49% of hardware revenue now comes through retail, with Oura sold through Amazon, Best Buy, Costco, Target and others. There is still a large U.S. concentration, with less than 20% of hardware revenue currently coming from outside the U.S. Oura launched Ring 5 in June, priced from $399 to $499, and now serves 5M paid members across 56 markets. One thing to watch: Oura disclosed that certain Ring 4 units experienced battery issues that increased warranty claims and costs. As of June 30, Oura had $371.8M in cash and $380.1M in debt. It generated $328M in operating cash flow over the first nine months of FY26. The IPO price range, share count and expected valuation have not yet been disclosed. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company and Jefferies are among the lead underwriters. This is increasingly looking less like a pure wearable hardware story and more like a hardware + recurring health subscription business, although hardware still accounts for the vast majority of revenue today.