OpenAI punted. Anthropic stalled. The hottest imminent IPO fits on your finger

My Oura ring and I are close. 

Every morning, before I put on my glasses and right after I shuffle out from under my comforter, I check my Oura app and for 7 seconds contemplate the non-jewelry silver band on my index finger. My Sleep Score rarely surprises me, sure, but this is how it’s gone, more or less, every morning sometime between 6 and 7 AM for the last three years of my life, since I got my first Oura ring in August 2023. 

So, in early September, I was especially interested when Oura filed its S-1, the official public disclosure of a company going public. And, this Monday morning, as I rolled over and looked at my Oura ring, it occurred to me: As Anthropic is reportedly looking to push its IPO back to November (and could push further), while OpenAI has punted to 2027, Oura is now the most consequential IPO that’s imminent. 

And Oura’s numbers are compelling: The wearable maker’s total revenue, for the nine months that ended June 30, was over $1.2 billion, a leap from $697.6 million for the same period in 2025. Additionally, net income jumped in that time frame, from $1.6 million in 2025 to $60.8 million in 2026. 

Hardware is about 80% of Oura’s revenue, but the company’s subscriber base (of which I’m part) also has momentum. On Monday, the company updated its filing to show that as it ended the 2026 fiscal year, Oura had 5.7 million paid members, marking 96% growth year-over-year. (The initial filing had 5 million.)

Oura—whose backers seeking a return include Fidelity, Dragoneer, Iconiq........

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