Coinbase is expanding beyond cryptocurrency by giving eligible U.S. retail customers access to Oura’s initial public offering before its shares begin trading on Nasdaq, marking the launch of a new IPO allocation service inside the Coinbase app.
Eligible customers can request an allocation at the IPO offer price after funding their accounts, although submitting a request does not guarantee that investors will receive shares. Depending on demand, allocations can be filled completely, partially, or not at all.
Oura is offering 50 million shares at an expected price of $40 to $44 per share, putting the total potential size of the offering at as much as $2.2 billion.
The smart-ring maker has applied to list on the Nasdaq Global Select Market under the ticker OURA.
Oura Targets a $15.62 Billion Valuation
Oura’s updated IPO filing shows that the company itself is selling 13.5 million shares, while existing shareholders are offering another 36.5 million shares.
That distinction is important because Oura will not receive the proceeds generated by shares sold by its existing investors.
At the assumed offering price used in its prospectus, Oura estimates net proceeds to the company of approximately $532.6 million. Existing shareholders, meanwhile, are responsible for most of the stock being offered.
The IPO is targeting a fully diluted valuation of approximately $15.62 billion, representing another major increase in Oura’s value as demand for wearable health technology continues to grow.
Oura sold 3.6 million rings during the 12 months ended June 30, while revenue increased 74% year over year to approximately $1.21 billion.
The company also expects to finish fiscal 2026 with approximately 5.7 million paid members, up 96% from the previous year.
Eli Lilly and Dragoneer Signal Interest
Several major investors have already indicated interest in participating in the offering.
Pharmaceutical giant Eli Lilly has expressed interest in purchasing as much as $100 million of Oura shares at the IPO price.
Funds affiliated with Dragoneer Investment Group have separately indicated potential purchases of up to $300 million.
Those indications are not binding commitments. The investors could ultimately buy more shares, fewer shares, or none at all, according to Oura’s prospectus.
Goldman Sachs, Morgan Stanley and J.P. Morgan are among the lead banks managing the offering.
Coinbase Pushes Beyond Crypto
For Coinbase, Oura’s listing represents something larger than a single IPO.
The company is using the offering to launch IPO access for eligible U.S. retail traders through Coinbase Capital Markets, giving customers the ability to request allocations directly through its app.
Coinbase says customers can navigate to an IPO page, select an active offering and submit a conditional offer to buy after the expected price range has been published.
The move forms part of Coinbase’s broader effort to build what it calls an “Everything Exchange” – a platform offering access to financial assets beyond cryptocurrencies.
The company has already been expanding into areas including traditional stocks and prediction markets.
Providing access to IPO allocations brings Coinbase into another part of the traditional brokerage business and puts it into more direct competition with platforms offering retail investors access to newly listed companies.
Retail Investors Gain Earlier Access
IPOs have historically been dominated by institutional investors, with retail traders often gaining access only after shares begin trading publicly.
Coinbase’s new service attempts to narrow that gap by allowing eligible customers to request shares at the actual offering price.
That can matter significantly in heavily oversubscribed IPOs where shares move sharply once open-market trading begins.
It does not eliminate allocation risk, however. Strong demand could mean an investor receives only part of the requested position or no shares at all.
Oura will provide the first major test of the system.
With an offering of as much as $2.2 billion, a valuation approaching $15.62 billion and interest from major institutional investors, the smart-ring maker’s Nasdaq debut could also provide an early indication of investor appetite for high-growth consumer technology IPOs heading into the final months of 2026.
