Coinbase's latest IPO is here: Oura, but unfortunately, overseas users can only watch again U.S. retail users can apply for Oura allocations directly at the IPO offering price before the stock officially goes public. In simple terms, Coinbase is gradually opening up what used to be the primary market access mainly reserved for brokers and institutions to its own users. Oura is that company selling smart rings. It currently has 5 million paying members, with $1.215 billion in revenue for the first 9 months of fiscal year 2026, a 74% year-over-year increase, a gross margin of 55%, and a net profit of $60.8 million. Membership revenue grew even more, up 121% year-over-year. The median daily wear time for users is close to 23 hours, and the 12-month paid membership retention rate is about 85%. They sell hardware + health data + long-term subscriptions. This IPO is priced in the range of $40–44, issuing 50 million shares, with a fully diluted valuation of up to $15.6 billion. Here's a detail I find particularly interesting: The company itself is only issuing 13.5 million shares, while existing shareholders are selling 36.5 million shares. In other words, about 73% of the shares being publicly sold this time are from existing shareholders. Oura is indeed growing rapidly, but this is also a significant cash-out opportunity for existing shareholders. Unfortunately, this time Coinbase's IPO allocation is only available to U.S. retail users, and overseas users can't participate for now.