Oura postpones IPO, cites market uncertainty despite strong demand

Volatile oil prices and inflation pressure broader IPO market

Smart-ring maker Oura has postponed its planned initial public offering, the San Francisco-based company said Tuesday, citing market uncertainty despite what it called strong investor demand. Oura had been aiming to list on the Nasdaq as soon as this month at a valuation well above $11 billion, the level achieved in a funding round last year.

The company made its IPO paperwork public earlier this month and said the offering had attracted strong demand. The decision to delay, Oura said in its Tuesday statement, came “despite strong demand, due to uncertainty in the IPO market.”

For the nine months ended June 30, Oura reported revenue of $1.21 billion, up 74% from the same period a year earlier. The company said it recently turned profitable, earning $60.8 million in the period, up from $1.6 million in the same period the prior year. Oura said it now has 5.7 million paying members.

“Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey,” Oura Chief Executive Tom Hale said Tuesday. “We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment.”

Oura’s delay makes the Silicon Valley startup one of the highest-profile firms to postpone an offering as investors weigh volatile oil prices, driven by disruptions to flows through the Strait of Hormuz, and the resulting inflationary pressures. Earlier this month, AI firm Anthropic pushed back its blockbuster public offering from October to November; investors expect the company to be valued at around $2 trillion and to raise up to $100 billion, both figures that would top records set by SpaceX’s June debut. Holtec Nuclear and Bamboo Insurance have also delayed planned IPOs in recent days.

Despite the recent spate of delays, the broader IPO market had been on a strong run. Companies raised $127 billion through offerings so far this year, up 400% from 2025, according to figures cited by the Wall Street Journal.

Oura’s smart rings, some priced up to $499, monitor health indicators including heart rate, body temperature and sleep. Capitalizing on the growing consumer interest in health tracking, the company offers personalized insights and guidance through subscription tiers.

Founded in Finland in 2013, Oura has built a following among health and longevity enthusiasts. The company has expanded its profile through partnerships with major sports leagues and celebrity endorsements, and has identified the U.S. Defense Department as an important source of revenue.