Oura, the maker of popular biometric tracking rings, announced Tuesday morning that it would delay its planned $2.2 billion IPO due to market “uncertainty.”

The move could affect a number of the company’s sports-connected investors, who might have been in line for a hefty return as part of the process. Early backers include Shaquille O’Neal, Manu Ginobili, Jimmie Johnson and Lance Armstrong. David Shuman, a new investor in the New York Islanders, is the company’s executive chairman, while Elysian Park Ventures, the VC arm of the Los Angeles Dodgers, was also an early backer.

Health tech and wearables have become popular sectors for athletes and sports team owners to invest in, partially due to the clear overlap between their industries. Backers of Oura competitor Whoop, which is also expecting an upcoming IPO, include LeBron James, Cristiano Ronaldo, Kevin Durant, Patrick Mahomes and Rory McIlroy.

O’Neal, Ginobili, Johnson and Armstrong all personally participated in Oura’s 2018 Series A extension, which carried a post-money valuation of $35.2 million, according to data from PitchBook. Elysian Park and Armstrong’s Next Ventures later invested in the 2021 Series C, which had a $900 million post-money valuation, also per PitchBook. It’s unclear if all of them are still invested; none of them are listed in the company’s S-1 filing as owning more than 5% of Oura stock.

“We aim to deliver an extraordinary IPO for our employees and investors, and we have the luxury of choosing our moment, Oura CEO Tom Hale said in a statement. “In the meantime, we will execute against the opportunities ahead.” The company declined further comment.

Oura and some of its existing investors had previously marketed 50 million shares in the offering, which was priced in the $40 to $44 range, meaning the company would have raised up to $2.2 billion. The fully diluted valuation of about $15.6 billion is higher than the reported $11 billion from Oura’s last private raise, and significantly higher than the valuation from earlier rounds when some of those backers initially came in. Backers of private companies that go public are often converted to public shares, which they can typically sell after a lock-up period expires.

Oura reported $907 million in revenue in the 12 months ended September 2025, but said it has already cleared $1.2 billion in the nine months ended in June, according to the company’s S-1 filing. Gross profit was $471 million in fiscal 2025, and $662 million in the nine months leading up to June. The company ended that period with $371 million of cash on its balance sheet. According to the S-1, the company has roughly 5 million paid members, with an annual retention rate of about 85%.

The U.S. IPO market was strong earlier this year, according to experts, but the sentiment has cooled in the last few months. That’s due in part to the Fed’s recent hike in interest rates, surging bond yields, geopolitical uncertainty, the ongoing Iran war and a shift in how many investors view the short-term growth of AI stocks.

Energy tech company Holtec recently suspended its planned U.S. IPO, as did Bamboo Insurance and metal manufacturer Amaero. That said, AI giant Anthropic is expected to push forward with its $2 trillion public offering later this year, in what could be the largest IPO in U.S. history.

Oura was incorporated in 2013 in Finland as Jouzen and changed its name to Oura Health four years later. Its data and health-driven business model includes hardware (the ring itself), which currently generates about 80% of revenue, with software (its membership platform) accounts for the rest.

There have been other sports investors and athletes on the Oura cap table. Former NFL linebacker Jaylon Smith told Sportico earlier this year he exited as part of the Series E. Minnesota Timberwolves owner Alex Rodriguez also lists his Oura investment as “realized” on his company website. Former NFL quarterback Drew Brees sued the company a few years ago, claiming Oura did not honor a deal for 400,000 shares of stock.