The Grand Roundup: Devoted's $25B round, Oura's IPO, Cigna Investor Day, the C-SNP gold rush, and more

Kevin and Martin spend the first half of this week's episode on Devoted Health, which formally announced a $1.18B Series G at a $25B valuation. They get into the NAIC filings showing a 1.1% margin, confirmation that Devoted is profitable at the parent level, the 13 Series F investors who sat this round out, and why 133 new C-SNP plans in the MA landscape file might be the real story. Is the AI-driven admin cost edge durable, or a head start the incumbents eventually close?

From there it's Oura pulling its IPO, what that says about the gap between private and public markets, and Martin's bet on a post-midterms window. Then Cigna's Investor Day: Evernorth's specialty engine, Select's growth with small employers, and what that means for the challenger plans renting Cigna's network.

They round it out with Grindr buying Freddie, MultiCare launching an MA plan while others exit, Anthropic joining ARPA-H's ADVOCATE, HealthPartners and Essentia merging, and Thoreau's $500M commitment to Ortet.

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Links referenced
Business Insider: Devoted Health could be valued at $25 billion
https://www.businessinsider.com/healthcare-startup-devoted-health-could-be-valued-at-25-billion-2026-8
Axios (Dan Primack): Oura delays its IPO
https://www.axios.com/2026/09/29/oura-ipo-delayed-smart-ring

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