Robinhood has moved from distributing IPO shares to retail investors to taking a formal seat in the syndicate that prices and allocates them. The retail brokerage has secured its first-ever formal underwriting role, joining the group of banks backing Oura Inc.'s upcoming Nasdaq listing under the ticker OURA.

Robinhood ranks 18th out of 18 underwriters in the syndicate, placing it last behind major banks such as Goldman Sachs and Morgan Stanley. That bottom ranking is typical for first-time underwriters, which generally begin at the foot of the syndicate table and must build a track record of deals before moving up.

From distributor to underwriter

Until now, Robinhood's participation in IPOs was limited to its IPO Access feature, which allowed retail users to request shares the platform had received from lead underwriters. As an underwriter, Robinhood now holds a formal contractual role in pricing and allocating shares — a step that puts it on a path long dominated by traditional Wall Street banks and reflects a broader push by retail brokerages to expand into services such as matching deposits, retirement products, and futures trading.

Robinhood received regulatory approval for IPO underwriting in June 2026, and the Oura listing marks the first time the company is putting that license to use.

The ties between the two companies extend beyond a purely commercial arrangement. 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 financials point to rapid growth

For the nine months ending June 30, 2026, Oura reported $1.21 billion in revenue, a 74% increase year-over-year. The company counts roughly 5 million paid members and an 85% weighted-average membership retention rate. Oura's flagship product, the Oura Ring, competes in the smart-ring category against entrants including Samsung's Galaxy Ring, which launched in 2024.

Oura's public S-1 filing appeared 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. Final pricing terms and the ultimate deal size have not yet been set and will be determined closer to the listing.

Before deciding to go public, Oura raised over $1.5 billion in private funding. Its most recent round, a $900 million Series E completed in October 2025, valued the company at $11 billion.