Overview
- Robinhood was named an underwriter for Oura’s Nasdaq filing and is listed 18th of 18 on the deal, a placement that sources reported Tuesday.
- Oura filed its S-1 on September 3 showing roughly $1.2–1.4 billion in recent revenue, about 5 million paid members, and strong retention that underpins a valuation target above its last private round.
- Robinhood won regulatory clearance to underwrite IPOs in June 2026 and until now had only distributed shares to customers through its IPO Access program.
- The two companies have prior ties — Robinhood invested via a fund, former Robinhood CFO Jason Warnick sits on Oura’s board, and Robinhood’s CEO has publicly worn an Oura ring — raising questions about potential conflicts even as fee share for Robinhood is expected to be small.
- Key unknowns remain: the SEC review, market demand, possible secondary sales by private investors, and legal and competitive risks that will determine the size, price, timing, and who gets allocations.