Oura said Tuesday that it will delay its planned initial public offering due to market uncertainty.

The smart ring maker said in May that it confidentially filed for an IPO, and recently revealed that it sought to raise up to $2.2 billion in the offering. The company has reached profitability, and its revenue has grown over the last three years, according to Oura’s prospectus. The company said it expects revenue to grow 90% year over year for its fiscal 2026; Oura reported $907.9 million in revenue in its 2025 fiscal year. The company has 5.7 million paid members. 

“We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment,” CEO Tom Hale said in a statement. “In the meantime, we will execute against the opportunities ahead.” 

Oura said it has filed a registration statement with the Securities and Exchange Commission related to the proposed offering, but it has not yet been declared effective.

The company initially filed for the IPO after raising more than $900 million in funding last year, which it planned to use to develop more health features. The funding gave Oura a valuation of roughly $11 billion.