Nvidia-backed Iambic Therapeutics and Oura Ring Maker File US IPOs Targeting Billions

Two venture-backed health companies moved toward US listings on September 22. Iambic Therapeutics, an AI drug developer backed by NVDA and the Qatar Investment Authority, filed for an IPO under the ticker IAM as biotech financing heats up. Reuters reported Iambic has raised about $461.8 million since inception, and its lead candidate, IAM1363, is in early-stage trials for solid tumors including breast cancer. JPMorgan, Jefferies, BofA and Citi are underwriting.

Oura, the smart-ring maker, set terms to sell 50 million shares at $40 to $44 each on Nasdaq under the ticker OURA, which would raise up to $2.2 billion. The $2.2 billion is the size of the raise, not the valuation: at the top of the range Oura would be valued at up to $14.1 billion on outstanding shares, or $15.62 billion fully diluted, against about $11 billion in its 2025 private round. Only 13.5 million of the shares are being sold by the company; existing holders are selling the other 36.5 million, and Oura receives no proceeds from those.

Oura's filing shows fast growth and heavy losses. Revenue for the nine months ended June 30 rose 74% to $1.21 billion, it had more than five million paying members, and it posted a net loss of $924 million. Eli Lilly indicated interest in buying up to $100 million of shares and Dragoneer up to $300 million, a sign of anchor demand.

Watch pricing relative to the range for both deals. Oura's reception will test investor appetite for a loss-making consumer health subscription business at a premium to its last private mark, while Iambic's will show whether AI drug discovery can command public-market valuations before late-stage clinical data.