Oura’s imminent Nasdaq debut, with IPO terms set September 21 at $40–$44 per share for 50 million shares targeting a fully diluted valuation up to $15.6 billion, anchors trader sentiment around the $15B–$17.5B bracket. Strong revenue momentum—$1.21 billion for the nine months ended June 30, up 74% year-over-year, alongside projected 2026 revenue near $2 billion and expected 5.7 million paid members—supports premium multiples relative to the prior $11 billion Series E valuation. However, closely matched probabilities across the $12.5B–$20B range reflect uncertainty over first-day trading dynamics amid broader market volatility, including shifting Fed rate expectations and elevated Treasury yields. The week-of-September-28 listing serves as the immediate catalyst for resolution.