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World desk2 min

Oura Postpones Proposed $15bn IPO Despite Surging Revenue

Oura postponed its proposed Nasdaq IPO, citing uncertainty in the market. The $15bn valuation was only indicated, while 90% fiscal 2026 revenue growth remains company guidance.
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Oura postponed its proposed Nasdaq IPO on September 29, 2026, citing uncertainty in the IPO market despite what it described as strong demand. The company gave no replacement date. Its announcement also pointed to 5.7 million paid members and projected 90% revenue growth for fiscal 2026—but that growth figure is guidance, not a completed-year result.

Why did Oura postpone its IPO?

Oura said it was postponing the offering because of “uncertainty in the IPO market,” even as it described demand as strong. That is the company’s stated explanation; it did not identify a particular market event as the cause. Oura’s September 29 announcement quoted CEO Tom Hale saying the company believed it had “the luxury of choosing our moment.”

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Reuters reported that the decision came against a backdrop of volatile markets, higher bond yields, rate-hike concerns, geopolitical turmoil, and investor reassessment of AI infrastructure spending and valuations. Those factors provide market context, but Oura did not confirm any one of them as its specific reason for delaying the IPO. Reuters’ September 29 report also quoted an equity-capital-markets executive describing a materially changed IPO market.

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What were the proposed IPO terms?

Reuters reported that Oura and some existing investors had marketed 50 million shares at an indicated $40 to $44 apiece. At the top of that range, Reuters calculated a possible $2.2 billion raise and a fully diluted valuation of $15.62 billion. TechCrunch described the offering as up to $2.2 billion and the valuation as up to $15 billion. Reuters and TechCrunch therefore support the rounded “$15bn” headline, but it was an indicated valuation, not a value established by public trading.

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The IPO had not been completed: the registration statement had been filed but was not yet effective in the reporting reviewed. The indicated price range and valuation were contingent on the proposed offering, rather than a realized market capitalization. Reuters

What do Oura’s revenue figures show?

Oura’s announcement said it had 5.7 million paid members and expected fiscal 2026 revenue to grow 90% year over year. The 90% figure is the company’s forward-looking expectation; it should not be read as final fiscal-year revenue growth. Oura’s announcement

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For a completed-period view, Wareable reported $1.2 billion in revenue and $70 million in pre-tax income for the nine months ended June 30, 2026. That is a nine-month result, not a full fiscal-year total. Wareable reported prior-year sales of $907.8 million for comparison; TechCrunch reported the comparable prior-year revenue as $907.9 million. Wareable and TechCrunch

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How does the membership business fit in?

TechCrunch reported that memberships generated about 20% of sales in the latest period and had an 89% gross margin. Hardware still produced most revenue, according to that report. The figures describe a business combining ring sales with recurring membership revenue; they do not mean subscriptions already account for most of Oura’s sales. TechCrunch

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  • SIZING IS ESSENTIAL - Oura Ring 5 uses unique sizing different from standard jewelry rings and other Oura Ring generations; use the Oura Ring 5 Sizing Kit to find your perfect fit before purchasing
  • EVERYDAY HEALTH SENSING - Oura tracks over 50 health metrics, including sleep, activity, stress, heart health, metabolic health and women’s health metrics. Oura seamlessly integrates with over 40 apps including Natural Cycles, Strava, & more
  • OURA MEMBERSHIP - First month of membership is included with purchase, for new members only. Subscription is 5.99/mo afterwards. Membership is tied to your account via the Oura App, not your physical ring
  • REBUILT FOR GREATER ACCURACY - Oura Ring 5 has been re-engineered and reconfigured, providing more precise personal health data. Larger, smarter sensors bring research-grade accuracy—all in Oura’s smallest form factor yet
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When will Oura go public?

Oura announced a postponement but did not announce a new IPO date or timetable. The available company announcement and coverage do not establish when the offering might return to market. The postponement is not evidence that Oura has permanently cancelled its plan to go public. Oura; Reuters

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