Oura Postpones $2.2 Billion IPO; Anthropic Prospectus Lays Bare AI Costs

Oura, the smart ring maker, has postponed an initial public offering that was set to price Tuesday and could have raised $2.2 billion at the top of its range, citing "market uncertainty."

The company had planned to offer 50 million shares at $40 to $44 apiece, with trading expected to begin Wednesday. At the high end, the deal would have valued the raise at $2.2 billion. Oura says demand was strong but has not set a new date. CEO Tom Hale said Oura has "the luxury of choosing our moment."

The delay lands at an awkward moment for the IPO market, which is preparing for what could be its largest artificial-intelligence debut ever.

On Monday, Reuters reported details from Anthropic's IPO prospectus, giving potential investors a first structured look at the AI giant's finances. Revenue climbed twelvefold to nearly $4.6 billion in 2025, according to the document. The growth came with an operating loss of $8.06 billion and a staggering net loss of nearly $42 billion, which included roughly $34 billion in accounting charges tied largely to earlier financing rounds.

The prospectus also disclosed $518 billion in future cloud, computing and infrastructure obligations — a figure that frames the true capital intensity of frontier AI and the scale of commitments Anthropic has locked in with partners such as cloud providers.

Anthropic, the world's most valuable venture-backed startup, has indicated it plans to beat rival OpenAI to the public markets. It could debut as soon as October and raise up to $100 billion via the offering, according to a recent report in The Wall Street Journal. OpenAI, which Reuters says filed confidentially in June, is now reportedly targeting early 2027. Reuters has separately reported that an Anthropic listing is likely to come after the November midterm elections. (Crunchbase's predictive intelligence tools point to a slightly longer timeline, putting an Anthropic IPO six to 12 months out.)

Who's next in the queue

The 2026 IPO class already has a record-setting headliner in SpaceX. Behind it, the pipeline is thinning but not empty.

Nscale, an Nvidia-backed AI cloud provider, filed publicly this month for a U.S. listing. The company reported $140.6 million in first-half revenue alongside a $1.02 billion net loss — a familiar pattern of fast growth and heavy burn among AI infrastructure players.

The Fidelis Partnership, a Blackstone-backed specialty insurance underwriter, filed on Sept. 24. Neither company has announced a trading date.

Switch, a data center operator, is another possible fourth-quarter entrant. Reuters reported in July that Switch had hired banks for an IPO that could raise as much as $10 billion, though the timing remains subject to change.

For Oura, the pause is a scheduling decision rather than a cancellation, at least by the company's own account. For Anthropic, the prospectus numbers set the terms of the debate investors will have to settle: whether twelvefold revenue growth justifies an $8 billion operating loss and half a trillion dollars in committed spending. The answer, delivered in the coming weeks or months, will shape how the market prices every AI listing that follows.