Oura filed a draft IPO prospectus with the U.S. Securities and Exchange Commission on Thursday, moving the smart ring maker closer to a public listing as its membership base and revenue continue to grow.
The Finnish-American wearables company was valued at $11 billion last year and expects revenue to reach roughly $2 billion in 2026
Bloomberg / Getty Images
Oura filed a draft IPO prospectus with the U.S. Securities and Exchange Commission on Thursday, moving the smart ring maker closer to a public listing as its membership base and revenue continue to grow.
No timeline was given for the public offering; Oura said it would move forward once the SEC finishes its review, contingent on market and other conditions. Goldman Sachs $GS, Morgan Stanley $MS, JPMorgan $JPM Chase, Allen & Co., and Jefferies Financial Group are among the banks lined up to manage the listing, and a public debut is targeted for later this year, Bloomberg reported. Oura has not yet set the share count or offering price.
Last October's Series E round, which brought in $900 million, pushed Oura's valuation to $11 billion. The company has raised more than $1.5 billion in total. Speaking to CNBC in November, Hale projected that 2026 sales could approach $2 billion, building on what he said was a trajectory toward $1 billion in 2025 revenue — twice what the company recorded in 2024.
Paid membership is expected to exceed five million this quarter, quadrupling from where it stood two years ago; over that same span, total revenue has likewise grown fourfold, the company said. Cumulative ring sales have topped 5.5 million, more than doubling the 2.5 million units the company reported having sold through June 2024.
Founded in 2013 and originally based in Finland, Oura recently moved its headquarters to San Francisco. Its ring syncs with a smartphone app and tracks metrics including sleep, stress, recovery, and women's health. Its roster of partners across health, wellness, and commercial sectors has grown to more than 1,200 organizations, among them Team USA and U.S. Soccer.
Competitive pressure is intensifying on multiple fronts: Apple $AAPL keeps expanding the health capabilities of its Watch, Samsung entered the ring category two years ago, and Google $GOOGL has unveiled a new Fitbit model that forgoes a screen. Whoop, another high-profile player in the fitness-tracking space, closed a Series G round in March that brought in $575 million and valued the company at $10.1 billion, CNBC reported.
"We've earned the trust of millions of people around the world to help them understand some of their most personal health signals," Tom Hale said in a statement. "We've evolved beyond tracking to deliver actionable health intelligence that helps people better understand their bodies and make more informed decisions for their long-term health."
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