The IPO Market Is Getting Cold Feet

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Last week, biometric ring maker Oura delayed its IPO, citing “uncertainty” in market conditions. As it turns out, it may be in (not so) good company.

According to Tobias Burns at CNBC:

• Four companies looking to raise at least $50 million postponed or pulled their IPOs in a single week. That brings the Q3 total to seven– a big step up from four in Q2 and three in Q1.
• What’s given these companies cold feet? Analysts point to a few fairly formidable headwinds: a 19-year high in bond yields, resumed rate hikes, and concerns over AI spending. Companies also have less reason to brave the public markets when private capital is plentiful.
• Oura also has some baggage of its own. Its reliance on a narrow consumer product may have spooked investors, who have been burned before by the likes of Peloton, GoPro, and Fitbit.
• 2026 has still brought in a hefty $146.9 billion from 110 IPOs, excluding special purpose acquisition companies (or SPACs). But deal numbers are down 30% from this time last year. Total proceeds may be up 394%, but that’s thanks to a handful of mega-IPOs.

Our take? Going public used to be the big graduation day for a successful company. These days, there’s a lot less pressure to put on the cap and gown.

There’s an interesting contradiction here. Companies have more ways to remain private for longer, even as regulators look for ways to give ordinary investors greater access to private markets. If more of a company’s growth happens behind closed doors, expect the debate over who gets through those doors to become increasingly important.

For more on the divide between public and private companies, read Private vs Public Companies: What Investors Need to Know Before They Invest.