The Ring & the Rent | Oura's Shelved IPO & the Pricing of Single-Product Companies

Oura asked public markets to pay a platform multiple for a business that still earns four of every five dollars selling hardware. The market's answer was not "no." It was "not at this price, and not with this much stock coming out the door."

Oura is not a one-hit wonder in trouble. It is a profitable, fast-growing company that tried to sell its future business model at today's prices, through a structure built for insider liquidity. The market priced the ring. The company wanted it priced as the rent. The gap closes either through time, as membership and payer revenue grow into.

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Two Theories of the Face Wearables | Meituan, Even Realities & How the Post-Smartphone Interface Gets Funded

A $150 million round at a $1 billion valuation is the least interesting fact about Even Realities. Read together, the company’s cap table and its product philosophy map two competing theories of how the post-smartphone interface gets built — and who is willing to pay for it.

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