Robinhood has entered the IPO underwriting business for the first time, joining a syndicate of 18 banks for Oura Inc.'s upcoming Nasdaq listing under the ticker OURA. The brokerage ranks 18th among the underwriters, following major firms like Goldman Sachs and Morgan Stanley.
Previously, Robinhood's IPO involvement was limited to its IPO Access feature, which allowed retail users to request shares provided by lead underwriters. Now, as a formal underwriter, the company has a contractual role in the pricing and allocation of shares.
The brokerage received regulatory approval for underwriting in June 2026. The partnership is supported by personal ties: Robinhood CEO Vlad Tenev uses an Oura ring, and former Robinhood CFO Jason Warnick is a member of Oura's board of directors.
Oura reported revenue of $1.21 billion for the nine months ending June 30, 2026, marking a 74% year-over-year increase. The company has approximately 5 million paid members and an 85% weighted-average membership retention rate.
The IPO is expected to value Oura at over $11 billion and could raise up to $3 billion, including secondary sales. Oura's public S-1 filing appeared around September 3-4, 2026, after a confidential submission in May.
Before going public, Oura raised more than $1.5 billion in private funding. This includes a $900 million Series E round completed in October 2025, which valued the company at $11 billion.
