Oura shelves its $2.2B IPO, blaming market uncertainty
Oura has postponed its stock market debut, which would have valued the smart ring maker at about $15 billion. The company said "uncertainty in the IPO market" forced the delay. Nothing changes for people who own or plan to buy an Oura Ring, and the subscription stays. The delay does show how nervous investors are about hardware companies that lean on monthly fees.
The offering
Oura planned to sell 55 million shares at $40 to $44 each. At the $42 midpoint, that would have raised roughly $2.2 billion. Early backer Forerunner Ventures, which owns 9.3% of Oura, would have sold shares worth around $1.2 billion.
CEO Tom Gale said the company can "choose its moment" and called an IPO just one stage in its development. Oura had intended to use most of the proceeds to cover taxes tied to shares handed to employees. That money now has to come from elsewhere.
Oura isn't the only one. Bloomberg reports that nuclear services firm Holtec and Bamboo Insurance also pulled back this month.
The numbers
Business looks healthy. Oura says it has 5.7 million paid subscribers, up from 5 million at the end of June. It expects revenue to grow 90% in fiscal 2026, from $907.9 million the year before.
Subscriptions make up about 20% of sales, with a gross margin of 89%. That is far higher than margins on the rings themselves, which is why investors watch the fee so closely. The company raised $900 million in October 2025 at a valuation near $11 billion, up from $5.2 billion a year earlier.
The competition
The subscription is Oura's weak spot. It costs $5.99 a month, on top of a ring that starts around $399 in the US. Samsung's Galaxy Ring costs about the same up front with no monthly fee, though it works only with Android phones. Ultrahuman's rings also skip the fee, and cheaper newcomers such as Rogbid's $130 ZenRing push prices lower still.
Big platforms are moving in on health tracking too. Apple's redesigned Health app in the iOS 27.2 beta adds longevity tools without asking for a separate subscription.
What's next
Oura has given no new date. The company says it will focus on other business opportunities for now. A relisting attempt would likely wait for calmer markets, and for more evidence that customers will keep paying monthly for ring data.
