Robinhood just went from handing out IPO shares at the door to actually having a seat at the table where those shares get carved up. The retail brokerage has secured its first-ever formal underwriting role, joining the syndicate for Oura Inc.’s upcoming Nasdaq listing under the ticker OURA.
Robinhood sits 18th out of 18 underwriters, dead last behind heavyweights like Goldman Sachs and Morgan Stanley.
From distributor to underwriter
Until now, Robinhood’s involvement in IPOs was limited to its IPO Access feature, which let retail users request shares that the platform had received from lead underwriters. As an underwriter, Robinhood has a formal contractual role in pricing and allocating shares.
Robinhood received regulatory approval for IPO underwriting back in June 2026, and Oura’s listing is the first time it’s putting that license to work.
The connections between the two companies run deeper than a business deal. Robinhood CEO Vlad Tenev reportedly wears an Oura ring himself. And Jason Warnick, who previously served as Robinhood’s CFO, now sits on Oura’s board of directors.
Oura’s numbers tell a growth story
For the nine months ending June 30, 2026, Oura reported $1.21 billion in revenue. That represents a 74% increase year-over-year.
The company counts roughly 5 million paid members, with an 85% weighted-average membership retention rate.
Oura’s public S-1 filing surfaced around September 3-4, 2026, following a confidential submission earlier in May. The IPO is projected to value the company at more than $11 billion, and the offering could raise as much as $3 billion when including potential secondary sales.
Oura raised over $1.5 billion in private funding before deciding to go public. Its most recent round, a $900 million Series E completed in October 2025, pegged the company’s value at $11 billion.