Oura Delays IPO As Anthropic Reveals AI Costs

Smart ring manufacturer Oura has decided to delay its initial public offering, which was originally scheduled to price on Tuesday, pointing to “market uncertainty” as the reason.

On Monday, Reuters shared details from the IPO prospectus of artificial intelligence leader Anthropic, offering prospective investors a look at its financial standing.

Oura had intended to sell 50 million shares priced between $40 and $44 each, with trading anticipated to commence on Wednesday. Reaching the upper end of that price spectrum would have generated $2.2 billion through the offering. The business noted that it is postponing the transaction even amid robust demand, and a fresh timeline has yet to be determined. Chief Executive Officer Tom Hale remarked that Oura possesses “the luxury of choosing our moment.”

Anthropic continues to advance toward a public market debut, though its exact schedule is still undetermined. According to the prospectus obtained by Reuters, revenue surged by a factor of 12 to reach nearly $4.6 billion in 2025, accompanied by an operating loss of $8.06 billion. Its massive net loss of nearly $42 billion featured approximately $34 billion in accounting charges primarily associated with prior funding rounds.

Additionally, the filing revealed a massive $518 billion in anticipated future commitments for cloud services, computing capacity, and infrastructure. Reuters has previously indicated that a public listing will likely occur following the November midterm elections.

As the most valuable venture-backed startup globally, Anthropic has signaled its intention to reach the public markets ahead of its competitor, OpenAI. A recent Wall Street Journal report suggests the company could launch its debut as early as October and secure up to $100 billion through the stock offering. Meanwhile, OpenAI—which submitted a confidential filing in June, per Reuters—is reportedly aiming for early 2027.

At the same time, predictive analytics tools from Crunchbase suggest a slightly extended timeframe for Anthropic’s public offering, indicating that a timeline of six to 12 months is more probable.

Who’s next

Thus far, the 2026 cohort of public offerings features a record-breaking lead participant in SpaceX.

Additional candidates are also in the pipeline. Nscale, an AI cloud service provider supported by Nvidia, made a public filing this month for a listing in the United States, disclosing $140.6 million in revenue for the first half of the year alongside a net loss of $1.02 billion. Furthermore, The Fidelis Partnership, a specialty insurance underwriting firm backed by Blackstone, submitted its paperwork on September 24.

Neither organization has disclosed a specific date to begin trading.

Switch, a data center operations company, represents another potential candidate for the fourth quarter. In July, Reuters reported that the enterprise had engaged financial institutions to prepare for an IPO capable of gathering as much as $10 billion, though schedules remain fluid.

Related Crunchbase query:

• Global IPOs For Venture-Backed Companies In 2026

Related reading:

• IPOs Are Holding Up In 2026, But SaaS Debuts Aren’t Happening
• The IPO Window Is Closing. Here Are 8 Startups To Watch.

Illustration: Dom Guzman

Frequently Asked Questions

Why did Oura postpone its initial public offering?

Oura delayed its IPO, which was set to price on Tuesday, due to “market uncertainty” despite noting strong demand for its shares.

How much money was Oura expecting to raise?

Oura planned to offer 50 million shares at $40 to $44 apiece, which would have raised up to $2.2 billion at the top of that range.

What were Anthropic’s financial highlights revealed in its prospectus?

Anthropic’s prospectus showed revenue climbing twelvefold to nearly $4.6 billion in 2025, alongside an operating loss of $8.06 billion and a net loss of nearly $42 billion, which included about $34 billion in accounting charges tied to earlier financing.

How much does Anthropic have in future infrastructure obligations?

The company outlined $518 billion in future cloud, computing, and infrastructure obligations.

What other companies are eyeing a public listing?

Other candidates include Nvidia-backed AI cloud provider Nscale, Blackstone-backed specialty insurance underwriter The Fidelis Partnership, and data center operator Switch.