The Digital Health IPO Watchlist 2026
The 2026 Digital Health IPO market is defined by a shift from growth-at-all-costs to durability. Featured companies like Oura, Ro, and Abridge are leading the charge with scaled revenue and proven AI-driven outcomes."
After a market cooldown post-COVID, health tech IPOs ramped back up in 2025, and the momentum is likely to continue in 2026. For the last several years, the focus has shifted from growth-at-all-costs to durability, profitability, and clinical-grade evidence. This has led companies to a more disciplined approach to growth, creating a backlog of IPO-ready candidates.
Experts point to a handful of signs that the stock market overall is headed for a new growth cycle. And while healthcare stocks underperformed compared to the broader market in 2025, many IPO-ready health tech companies look more like tech companies than traditional healthcare companies… and that just may work in their favor.
Before I share the digital health startups on my IPO watchlist, here are the key trends and themes driving this list:
AI adoption: AI is being adopted in healthcare faster than any other innovation we’ve seen, driving tremendous growth for startups that were ready to sell into provider systems with clear, clinical use cases, and scalable infrastructure.
GLP-1 prescribing: Digital health platforms were already set up to prescribe online, ship medications directly to patients, drive patient engagement, and operate outside of traditional insurance systems. That infrastructure made it easy for hundreds of companies to launch or pivot toward GLP-1 prescribing to meet demand quickly.
Too big not to IPO: Many of the companies on this list have raised hundreds of millions—or even billions—in venture funding. With valuations to match, few strategic acquirers can afford them, making an IPO the most realistic path to providing returns for investors and liquidity for employees.
With that context in mind, here are the nine digital health companies best positioned to go public in 2026, starting with the one that’s already signed the paperwork.
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1. Freenome
Why? A Definitive Merger Agreement.
This is a freebie for me since Freenome announced a definitive business combination with Perceptive Capital Solutions Corp in December. The deal targets a post-transaction equity value of approximately $1.1 billion. The merger is expected to provide $330 million in gross proceeds, including a $240 million PIPE from heavyweights like Bain Capital and RA Capital. The deal is set to close soon, with the company listing on the Nasdaq under the ticker “FRNM.”
Freenome develops blood-based tests for early cancer detection, using a sophisticated “multiomics” platform that combines molecular biology, advanced biology, and machine learning (ML) to analyze cell-free biomarkers in blood for cancer signals, even at very early, treatable stages.
Freenome’s latest funding round was a $254 million in February 2024, led by Roche and other investors, bringing its total capital raised to over $1.35 billion to date.
2. Virta Health
Why? Scaled revenue and strategic IPO readiness.
Virta Health CEO Sami Inkinen has publicly stated that the company expects to be IPO-ready in 2026. The company announced it surpassed $160 million in annualized revenue in late 2025, maintaining a growth rate of over 80% year-over-year. While Virta rose to prominence as a medication-free alternative for reversing Type 2 diabetes, it has expanded to become a critical partner in the GLP-1 era.
Inkinen is no stranger to the public markets; he previously co-founded the real estate marketplace Trulia and steered it through a successful IPO in 2012 before its eventual $3.5 billion merger with Zillow.
Virta’s last announced round was a $133 million Series E in 2021, valuing the company at $2 billion.
3. Oura
Why? Scale, recurring revenue, and a “clinical-grade” expansion.
Oura is the leader in the “wellness to clinical” transition and has become a mainstream device, with over 5.5 million smart rings sold as of late 2025. CEO Tom Hale (who was on the Heart of Healthcare Podcast last year) said Oura is expected to generate $1.5-$2 billion in revenue in 2026, up from $1 billion in 2025. With a massive cash cushion and a shift toward more clinical features, the company has the financial profile of a high-performing consumer tech stock.
Oura raised a Series E at an $11 billion valuation in late 2025.
4. Abridge
Why? Explosive generative AI adoption.
Abridge has become the “poster child” for GenAI in healthcare, doubling its valuation in just months. Now deployed in over 150 health systems, supporting 50+ million medical conversations annually, customers include major names like Johns Hopkins, Kaiser Permanente, Duke, and the Mayo Clinic. Abridge has a clear ROI story (reducing clinician burnout) and a recurring revenue model that just may be viewed by public investors as having favorable SaaS-like economics, making it a prime candidate for a 2026 AI-themed listing.
A $300 million Series E in mid-2025 boosted Abridge’s valuation to $5.3 billion.
5. Ro
Why? Massive scale & GLP-1 tailwinds.
Ro has evolved from “Roman” into a vertically integrated telehealth powerhouse. Sources indicate Ro went from $185.3 million in 2023 to a $598 million revenue run rate in 2024, with growth accelerating toward 2026. Ro’s 2025 launch of a direct-to-consumer integration with Novo Nordisk for the branded Wegovy pill signals a move toward high-intent, medical-grade commerce that public markets crave.
Competitor Hims & Hers offers a useful, if cautionary, public comp: it demonstrates that scaled, DTC-first telehealth businesses can work in the public markets, while also reinforcing that valuation and timing matter. Hims’ post-IPO volatility is typical for growth-stage healthcare companies and is less a referendum on the model than a reminder that Ro will need to show durable growth and improving margins to command a premium in a 2026 IPO window.
Ro’s last announced fundraise was in 2022, at a $7 billion valuation.
6. Maven Clinic
Why? Category leadership in women’s health.
Maven has maintained its position as the largest virtual clinic for women’s and family health, selling into more than 2,000 employers and health plans. In 2025, the company grew its client base by more than 170% to 23 million people globally, up from 17 million in 2024. Reporters noted four key senior leader hires in 2025 with big-company and IPO experience, suggesting they are filling the bench in preparation for a public offering.
Maven’s last announced round was a $125 million Series F in late 2024, valuing the company at $1.7 billion.
7. Devoted Health
Why? Full-stack payor-provider model & proven leadership.
Devoted Health is the standout in the “Value-Based Care” category, combining a Medicare Advantage plan with its own virtual-first medical group. As a “full-stack” healthcare company, its path mirrors that of successfully listed insurers, but with better tech-driven margins, making it a powerful contender. CEO Ed Park is no stranger to the public markets, having previously helped take Athenahealth and Castlight public, which provides an additional layer of executive experience and investor confidence.
Devoted Health has raised a staggering $2.3 billion to date, with a last known valuation of $12.6 billion.
8. Noom
Why? EBITDA-positive and a unique GLP-1 “microdose” wedge.
Noom is back in the spotlight after previously exploring a 2022 offering where it hired Goldman Sachs to lead preparations, a move that was ultimately shelved due to shifting market conditions. In a recent investor presentation, the CEO highlighted a significantly matured financial profile, noting a “strong balance sheet with a substantial cash balance and no debt,” alongside strong revenue growth and positive EBITDA and FCF.
Noom has carved out a unique wedge in the crowded GLP-1 telehealth space with its “Microdose” program, which pairs low-dose compounded semaglutide with its signature behavioral coaching. By focusing on minimal effective doses to reduce side effects and costs, Noom is moving beyond simple prescriptions to offer integrated “Med + Behavior” plans, which now make up 60% of revenue.
Noom’s last announced round was a $540 million Series F in 2021, valuing the company at $3.7 billion.
9. Innovaccer
Why? Positive cash flow and a standard for healthcare AI data.
Even though Innovacer said an IPO isn’t on its to-do list, I think bankers could change CEO Abhinav Shashank’s mind. Innovaccer has built a reputation as the “Healthcare Intelligence Cloud,” a critical data layer that unifies fragmented patient records for large health systems. In early 2025, Shashank confirmed that the company had maintained 50% year-over-year revenue growth for five consecutive years and had generated positive cash flow. This, combined with a major $75 million ESOP buyback in January 2026 to provide employee liquidity (a rarity in startups), makes it one of the most stable enterprise-grade candidates for an IPO.
Innovaccer’s last announced round was a $275 million Series F in January 2025, valuing the company at $3.45 billion.
