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Tuesday, 29 September 2026 |
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| The smart ring maker said the move came “despite strong demand, due to uncertainty in the IPO market.” |
| To be honest, this caught us by surprise. We predicted we’d see Oura start to trade as soon as this week. |
| Oura looked strong when its S-1 filing flipped public right around Labor Day Weekend. The Finnish company has been profitable since 2024 and posted $1.2 billion in revenue for the first nine months of its fiscal year. |
| And last week, the company said it was looking to raise up to $2.2 billion by offering 50 million shares priced between $40 to $44 each. |
| Oura isn’t alone in delaying its IPO this fall: Anthropic and OpenAI both said they plan to postpone their closely
watched filings. (Coincidentally, Anthropic’s S-1 appears to have leaked just last night.) Holtec Nuclear Corporation postponed its public debut and home insurance company Bamboo Insurance
reportedly did as well. |
| We’re trying to wrap our heads around why Oura decided to delay. Our top guesses: |
- The AI conversation has taken quite a turn in the last few weeks. While AI is a part of Oura’s business (whose business isn’t these days?), we hadn’t thought about it having that much exposure. But it’s possible the doomsday predictions contributed to the decision, as they did to OpenAI’s.
- The Federal Reserve raised its interest rates for the first time in over three years earlier this month, funneling investors’ capital into less risky government bonds that have suddenly become a lot more attractive. Given the high valuation that Oura’s reportedly gunning for, the company might have wanted to wait rather than risk a discount.
- Apple’s product plans may have worried investors. Shortly after Oura filed its S-1, Apple announced a new Apple Watch with better sensors, as well as the option to order blood tests — a service similar to one Oura offers. There have also been reports that Apple is looking at a screen-less watch that sounds distinctly competitive with Oura’s ring.
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| Ultimately, the book might have simply fallen through as it presumably can in any run at the public markets. |
| - Lydia and Ngai |
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After GLP-1s, biosimilars are the new frontier in direct-to-employer plans
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Fresenius Kabi will sell biosimilars directly to employers.
The drugmaker is working with Eversana-owned Waltz Health, which runs a marketplace that helps employers shop for better deals on prescription drugs. Waltz began striking up these types of arrangements in 2025, when Eli Lilly and Novo started selling GLP-1 weight loss drugs directly to employers at a fixed price, similar to the direct-to-consumer cash pricing that has risen in popularity. |
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Enrollee removal |
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760,000 |
The number of people covered by the Affordable Care Act whose enrollments were cancelled by the Trump administration, which alleged fraudulent or ineligible enrollment. The government also paused or restricted other federal healthcare funding earlier over fraud allegations as part of a broader crackdown. |
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Worldwide made. Thanks for reading.
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