Oura sets IPO range at $13.5B, undercutting the $16B chatter

Good morning 👋 Oura decided to answer the valuation question before the rumor mill could. The number's lower than the chatter, and the share count tells you why.

In today's issue:

• 🔭 Oura prices its IPO at $13.5B, undercutting the $16B buzz
• 🧠 NVIDIA open-sources a voice agent that talks and listens at once
• 🛠️ A 10-minute framework for pricing an IPO yourself
• 🔗 SoftBank's junk bonds, NVIDIA's grid math, and AI at Fashion Week

🔭 THE ONE THING

💍 Oura sets IPO range at $13.5B, undercutting the $16B chatter

Oura filed its S-1/A Monday, setting an IPO range of $40 to $44 a share on Nasdaq under ticker OURA. At the $42 midpoint, that prices the ring maker around $13.5 billion, well under the $16 billion figure that circulated before the filing. Worth reading the share count closely: of the 50 million shares on offer, only 13.5 million are new company stock. The other 36.5 million are existing holders cashing out, with Goldman Sachs, Morgan Stanley, and JPMorgan running the book. Company proceeds land near $532.6 million at the midpoint, real money, but a debut priced to leave room to pop rather than test the ceiling.

🧠 MODELS & RELEASES

• 🎙️ NemotronLabs (NVIDIA) open-sourced VoiceChat, a full-duplex speech-to-speech model that can call tools mid-conversation instead of waiting for a turn to end. Streaming speech encoder, decoder-only LM, separate output streams for agent text and function calls. First open-weights release handling interruption and tool calling natively, worth a look if you're building voice agents. Read the paper
• 📞 AWS shipped Connect Talent, an AI interviewer built for high-volume corporate hiring: automated screens, scored assessments, consistent evaluation across thousands of candidates. Real efficiency play for recruiting teams. Whether applicants want their first interview to be with a bot is a separate question. Details

🛠️ TRY THIS

Run a 10-minute gut check on Oura's IPO range before anyone else prices it for you

1. Pull the actual S-1 revenue and growth lines from EDGAR. Skip the press summary; the banker's framing is doing work on you.

2. Pick two or three real comps by EV/revenue multiple, not by category. A wearables company isn't automatically Fitbit's multiple.

3. Multiply your comp range against Oura's trailing revenue. See where $13.5B lands against it, and where the $16B chatter would have landed.

4. Feed the gap to a model and make it show its math, not just its opinion.

Prompt: Oura's IPO range implies a $13.5B valuation, down from earlier $16B chatter. Given trailing revenue of [X] and these comps with EV/revenue multiples [list], is $13.5B aggressive, fair, or conservative? Show the multiple math, then flag what would have to be true about growth for $16B to have made sense.

🔗 QUICK LINKS

• SoftBank wants to raise $11B-plus in junk bonds (Citi and JPMorgan booking it) to help fund its next OpenAI tranche, on top of the roughly $65B it's already sunk into the company. Bloomberg
• NVIDIA trotted out five clean energy customers at NY Climate Week. The sharpest number: Southern California Edison cut grid interconnection reviews from 30-45 days to two minutes using ThinkLabs AI's digital twins. NVIDIA
• Google built two no-code Flow tools for New York Fashion Week: a styling suite that let designer Jane Wade skip three days of in-person casting, and a set visualizer that let Sergio Hudson swap lighting and props without paying for new renders. Google
• AWS published a serverless blueprint for piping GitHub and GitLab activity into QuickSight dashboards. Free real-time delivery metrics, basically. AWS

That's the read for today. Talk tomorrow.

Pradeep Perugu