Oura’s decision to postpone its planned $2.2 billion Nasdaq IPO on September 29, 2026, citing IPO-market uncertainty despite roughly 4x oversubscription, is the dominant factor behind the 96.7% market-implied probability of no listing before January 2027. The offering targeted a $13.5–15.6 billion valuation, well above the $11 billion post-money level set in the October 2025 Series E, with 73% of shares secondary. Strong revenue momentum—projected 90% growth for fiscal 2026 on 5.7 million paying members and improving gross margins—gives the company flexibility to wait. Trader consensus reflects the absence of any new filing or relaunch announcement through early November 2026. A clearer window driven by lower Treasury yields or stabilized macro conditions could still prompt a revised offering before year-end.