Oura is "ringing" the opening bell next week. Traders on Liquid are already pricing it 21% above its proposed IPO price. What is that premium pricing in? Oura, the maker of smart rings that track sleep, activity and other health metrics, is expected to go public next week at a proposed $40–$44 per share. The perpetual reflects traders’ expectations of opening prices once public. The S-1 filing shows substantial growth. For the nine months ended June 30, 2026: > Revenue: $1.21B, up 74% year over year > Membership revenue: $240.5M, up 121% > Paid members: 5M, double a year earlier > Gross margin: 55%, up from 51% > Net income: $60.8M But there’s a valuation question. Compared with previous consumer-health IPOs, Oura’s $51 implied price represents roughly 11.5× trailing revenue, versus 4.2× for Fitbit and 8.9× for Peloton at their IPO prices. Think that valuation is too high? You can short Oura’s pre-IPO perpetual on Liquid. Think its growth justifies a higher price? You can go long. Retail investors typically have limited access to private-company shares before an IPO. Pre-IPO perpetuals offer a way to trade those companies’ implied prices now, without securing an IPO allocation, finding a secondary-market seller or owning the underlying shares. And the IPO pipeline is expanding. AI infrastructure company Nscale filed its S-1 on September 18, and more companies are expected to come to market soon. Oura, Anthropic and OpenAI pre-IPO perpetuals are available on Liquid, with more planned as markets become available. You don’t have to wait for the opening bell to trade your view. Trade your view now here: