Smart ring maker Oura has postponed its planned $2.2 billion initial public offering, citing uncertainty in the IPO market. The Finnish health technology company had planned to price 50 million shares at $40 to $44 on Tuesday and begin trading on the Nasdaq on Wednesday, in a listing that would have valued it at about $15.6 billion. Chief Executive Tom Hale told investors the company had the luxury of choosing its moment, and the offering was more than four times oversubscribed, according to Bloomberg. Oura, which reports 5.7 million paid members, expects fiscal 2026 revenue of $907.9 million, up nearly 90 percent, and holds $372 million in cash. The delay pushes the listing to after the November midterm elections. The IPO pipeline faces broader turbulence: Anthropic's prospectus shows 2025 revenue of about $4.6 billion against an operating loss of $8.06 billion and roughly $42 billion in net loss, while OpenAI is eyeing early 2027. The Wall Street Journal has reported OpenAI could raise up to $100 billion.