Coinbase is opening IPO allocations to eligible U.S. retail customers directly through its app, with smart-ring maker Oura as the first available offering. The company announced the feature on September 21, 2026, describing it as another step toward building its “Everything Exchange” and giving users early access to companies before they begin public trading.
Customers can submit conditional offers during the IPO order window. They must hold sufficient cash, specify how many shares they would buy within an expected price range, and confirm again if final pricing moves outside their stated conditions. Allocations may be filled in full, partially, or not at all, depending on demand and the amount of stock Coinbase receives through its selling group.
Unlike earlier pre-IPO derivative products such as SpaceX, OpenAI, and Anthropic futures for eligible non-U.S. users, this U.S. product delivers actual common stock. Coinbase Capital Markets acts as the customer’s agent in a best-efforts selling group, while Apex Clearing Corporation handles execution, clearing, and custody. The product does not include an automatic lock-up, but Coinbase said selling during the first 30 days may block a customer from future IPO access for 60 days and repeated early sales can reduce allocations.
Oura’s planned offering consists of 50 million shares at an expected price range of $40 to $44. Existing shareholders are selling 36.5 million shares, while Oura is selling 13.5 million newly offered shares. At the top of the range, existing holders would receive about $1.61 billion and Oura would receive roughly $594 million before fees. Coinbase has not disclosed the size of its Oura allocation or how many users may compete for shares. The expansion follows Coinbase’s June launch of pre-IPO perpetual futures and a recent SEC filing to list equity perpetuals.
