Smart ring maker Oura has put its planned initial public offering (IPO) on hold due to growing market uncertainty. The health technology company that makes the Oura smart ring said that, despite strong demand, it would postpone its debut on the Nasdaq (NDAQ) exchange “due to uncertainty in the IPO market.”
In a statement, Oura CEO Tom Hale said: “We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment.” The IPO postponement comes as bond yields continue to rise in the U.S. When yields are high, equity valuations become compressed, dampening sentiment for companies that are going public.
A calendar of upcoming IPOs. Source: TipRanks
Volatile Equity Markets
Currently, yields on bonds, particularly U.S. government Treasurys, are rising, pressuring stocks and other risk assets such as cryptocurrencies. All three of the major U.S. indices are down in the month of September amid a broad market selloff that’s been caused by rising bond yields and crude oil prices. Growing concerns about artificial intelligence (AI) are also impacting investor sentiment.
San Francisco-based Oura was expected to hold a $2 billion IPO as soon as October of this year. When the company will now go public isn’t known. The company only recently filed with the U.S. Securities and Exchange Commission (SEC) to hold an IPO. The company planned to list shares on the Nasdaq exchange under the ticker symbol “OURA.”
Oura’s Business Model
Oura’s ring is a health wearable device that monitors people’s vital signs, activity levels, and sleep patterns. The Oura ring tracks people’s sleep, heart rate, and other health metrics. The company makes money from selling its rings and also earns continuous subscription revenue from people who want to track their personal data.
The privately held company was last valued at $11 billion in a 2025 funding round. The company’s rings retail for between $399 and $499 each. Oura reported a net loss of $924.3 million on revenue of $1.21 billion for the nine months ended June 30th of this year. Oura’s IPO was expected to be the biggest technology share sale in the U.S. since the blockbuster market debut of Elon Musk’s SpaceX (SPCX) in June.
Is SPCX Stock a Buy?
As Oura is not yet public, let’s look at the stock of SpaceX, which went public in June of this year. SpaceX’s stock has a consensus Moderate Buy rating among 31 Wall Street analysts. That rating is based on 24 Buy, five Hold, and two Sell recommendations issued in the last three months. The average SPCX price target of $232.35 implies 62% upside from current levels.
