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Oura Just Filed for IPO. Here Is Why It Will Flop.
Oura filed for its $11 billion IPO with 5 million subscribers and $2 billion in projected revenue. The catch: its core business model is a subscription paywall on health data that competitors already offer for free, sitting on top of a canceled Pentagon contract and an active class-action lawsuit.
James Hoffmann May 22, 2026 · 12 min read