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

My Oura ring and I share a close bond. Every morning, before I put on my glasses and after leaving my comforter, I check my Oura app and for seven seconds gaze upon the silver band on my index finger. This routine has remained consistent for three years since I first received my Oura ring in August 2023. So, when I noticed Oura filing its S-1 for a public offering in early September, I realized that the company had become the most significant upcoming IPO.

Meanwhile, Anthropic is reportedly delaying its IPO to November, and OpenAI has postponed its IPO to 2027. Oura's financials are impressive: for the nine months ending June 30, total revenue surpassed $1.2 billion, up from $697.6 million in the same period in 2025. Net income also increased from $1.6 million in 2025 to $60.8 million in 2026.

Hardware accounts for about 80% of Oura's revenue, but the subscriber base is also growing. As of the end of the 2026 fiscal year, Oura had 5.7 million paid members, a 96% year-over-year increase (up from 5 million in the initial filing). Despite encountering controversy, particularly regarding data privacy, Oura remains committed to not selling customer data, as CEO Tom Hale has stated.

The company, founded in Finland in 2013, has its own AI story. During a recent AI video feature I hosted, Hale emphasized that data is the scarce resource and Oura's data set of 42 billion hours across a large population fuels intelligence. However, Oura won't be an AI-focused IPO. Covering Oura has been refreshing amidst the AI boom, as consumer companies hold special places in our lives.

As I looked at my Oura app at around 7 AM, it struck me that the IPO we can rely on right now might be something I keep on my finger.