Oura, the maker of health-tracking smart rings, has postponed its planned listing on the Nasdaq, blaming “uncertainty in the IPO market”.
The Finnish-American company had been in the late stages of preparing to go public after publishing its prospectus in early September. An updated filing last week had indicated that it hoped to raise up to $2.2 billion (€1.93 billion) at a valuation of as much as $14 billion.
Tuesday’s statement said it would postpone the IPO “despite strong demand” for the offering.
“We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment,” said Tom Hale, Oura’s chief executive. “In the meantime, we will execute against the opportunities ahead.”
RM Block
The delay comes two weeks after nuclear power services group, Holtec International pulled its IPO over concerns about AI infrastructure demand, and as Wall Street awaits AI company Anthropic’s public filing in advance of what could be a $2 trillion IPO later this year.
Oura’s $400 health trackers are paired with a monthly subscription for its app, which combines fitness data with AI-powered advice on sleep habits and workout planning.
The company, which was founded in Finland but relocated its headquarters to the US in advance of the IPO, launched its fifth-generation ring in June.
Oura this month touted year-on-year growth of 74 per cent for the first three quarters of this year compared with the same period in 2025. But it faces new competition from Apple’s revamped Watch line-up and Google’s Fitbit Air, a screen-free fitness and sleep tracker, as well as rival start-up Whoop’s wearable bands.
At the same time, rising oil prices and interest rates have unsettled equity markets and driven up bond yields in recent weeks.
Investors are divided on the likely sustainability of the AI boom that has propelled many tech stocks to record highs, especially those involved in the semiconductor supply chain. The consumer electronics market has also been hit with rising component costs as suppliers divert resources into AI infrastructure.
Anthropic’s mooted valuation would eclipse that achieved by Elon Musk’s AI and rockets company SpaceX when it went public in June in the biggest IPO on record.
The SpaceX flotation left most of the company in private hands. Millions more shares become free to sell into the market in early October, however, testing investors’ ability to absorb a wave of extra supply just as the stock market is being buffeted by rising oil prices and surging bond yields.
“SpaceX is only partly digested,” said BCA Research’s head of equities, Noah Weisberger. Tech listings this year had on average fallen about 23 per cent since their first day of trading, he added. – Copyright The Financial Times Limited 2026
