*as of 9/22; Sources: S&P, BTC, FTSE, DJRE, GOLD

Smart ring maker Oura is reportedly aiming to raise up to $2.2 billion in its upcoming U.S. IPO, with a share price range between $40 and $44, which would represent a $14.1 billion valuation at the high end. That marks a step up from its previous $11 billion valuation in October 2025 and $5.2 billion valuation from 2024. The company reported $1.2 billion in revenue in the past twelve months, a 74% gain over the year prior. Meanwhile, VC investment in the wearables space is on pace to break the all-time record this year, led by Oura competitor Whoop’s $575 million recent funding round.

➨ TAKEAWAY: Oura’s post-IPO performance will be a big test for the wearables space and will serve as a barometer for companies like Whoop as well as healthtech startups across the sector. Oura’s IPO is also is another reminder of the potential returns from Pre-IPO investing, as early backers of the company are set to cash in, with 2/3rds of the proceeds going to existing shareholders rather than to fund the company.

Vincent's Slava Rubin and Sacra’s Marcelo Ballve discuss the next generation of defense technology companies - Castelion, Chariot, Neros, Hadrian, HavocAI and more - analyzing their market potential, valuation, and strategic positioning amid increasing defense spending and geopolitical tensions.

💵 Private credit report: The amount raised globally for private credit funds grew by 33.7% in the first half of the year, but the number of funds fell by 34.6%. This shows that fundraising is being dominated by a handful of big funds, who still have investor confidence despite overall returns declining in the past year.

🤖 Anthropic IPO update: Despite the recent concerns over AI safety, Anthropic is moving ahead with its planned IPO and has hit an annual revenue run rate of $100 billion, a 50% gain in just two months. The public offering reportedly could happen as soon as November, and we will be running a investor briefing in advance of it.

⚾ PCA 1 of 1 auction: Chicago Cubs star Pete Crow-Armstrong, who is the frontrunner for the NL MVP, is getting a standalone auction for his 1 of 1 signed Topps Chrome MLB Debut Patch card, which features a patch from the uniform he wore in his first game. It is poised to set the record for any MLB Debut patch card, and will be a good gauge of the non-Shohei Ohtani modern baseball card market.

🏡 Home prices tick up: U.S. home prices rose 0.25% in August, at essentially the same pace as the two months prior. St. Louis and Pittsburgh had the strongest months, while Austin and Charlotte saw the biggest declines.

🎰 Kalshi wants margin trading: The prediction market is petitioning the CFTC to allow margin trading, but only for institutional clients on non-sports and cultural markets. If the company is successful in attracting more institutional money, expect other prediction markets to follow their lead.

🚀 Heidi fundraise: The Australian AI healthtech startup raised $100 million at a $900 million valuation, doubling its value and also secured an additional $240 million in debt financing. The company has seen its revenue jump by 50x in the past two years and looks poised to continue its breakout.

Crypto has had a big week, but no token in the top-100 by market cap has seen a greater increase in value than the native token of the NEAR protocol, which has nearly doubled and is now one of the top-20 most valuable tokens. NEAR is a layer-1 proof-of-stake blockchain which uses account abstraction to allow users to transact across multiple blockchains privately. It recently integrated with Hyperliquid to launch “Confidential by Default” perpetuals and partnered with Ondo to launch tokenized stocks and ETFs. These partnerships have led to increased activity on the protocol and increased demand for the token, pushing its price up to year-long highs.