Smart-ring maker Oura on Tuesday became the latest company to delay its initial public offering, as more businesses put IPO plans on hold due to economic uncertainty.
The San Francisco-based company – which makes AI-powered rings that cost up to $499 to monitor health indicators like heart rate, body temperature and sleep – was expected to command a valuation well above the $11 billion it notched in a funding round last year.
But Oura CEO Tom Hale made the delay announcement the very day the offering had been scheduled “due to uncertainty in the IPO market.”
“We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment,” he added in a statement that shied away from setting a new date.
Oura filed its IPO paperwork public earlier this month and said it was seeing strong investor demand in aiming to list on the Nasdaq.
The startup didn’t elaborate on the market conditions that led it to postpone its IPO. Broadly, investors have been contending with volatile oil prices and inflation caused by the war with Iran, including shipping disruptions through the Strait of Hormuz.
Until recently, the overall market for public listings had been surging – 208 IPOs raised a whopping $137 billion during the first half of this year, compared to 180 companies that raised $27 billion the first six months of 2025, according to the Securities and Exchange Commission.
The party might be coming to a halt, as Holtec Nuclear, Bamboo Insurance and now Oura postponed their planned listings over just the past few days.
Earlier this month, AI titan Anthropic pushed its blockbuster IPO from October to November – a listing that could value the Dario Amodei-led company at $2 trillion and raise up to $100 billion.
Still, Oura said its business – which taps into the growing trend of tracking health metrics – has been growing.
The company logged revenue of $1.21 billion for a nine month stretch through June, up 74% from the same period a year earlier. The biz said its 5.7 million paying members helped it recently become profitable, netting $60.8 million in the period, up from $1.6 million during the same period last year.
Oura was founded in 2013 in Finland and has inked partnerships with major sports leagues, along with celebrity endorsements, and has said a key source of revenue comes from the US Defense Department.
Oura said its smart rings can produce insights such as which days of the year its wearers were the most stressed.