Oura Files Confidential IPO as Revenue Targets Triple From 2024 to 2026
Oura Health Oy filed confidential IPO paperwork with the US Securities and Exchange Commission this week.
The company is working with Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group on the offering, per a person familiar with the matter.
Oura hasn't set the share count or price range yet.
The company generated $500M in 2024. It expects revenue to reach $1.5B in 2026, tripling over two years.
That growth follows a September 2025 Series E round that raised $875M. The round pushed the company's valuation to $11B.
CEO Tom Hale said in September 2025 that Oura had sold 5.5M rings to date. That was more than double the 2.5M units sold through June 2024.
The Competitive Landscape Is Getting Crowded
Oura, founded in 2013 with offices in San Francisco and Finland, competes with Apple and Samsung Electronics in the wearables market.
Samsung launched its own smart ring in 2024. Apple is developing a line of AI-powered wearable devices, per Bloomberg.
Oura's rings sync with both iPhone and Android apps and track health, fitness, and sleep metrics for users who find smartwatches too bulky.
Fitness rings still represent a small share of the broader wearables market, but consumer interest has been climbing quickly, leaving room for multiple players.
Oura Joins a Wave of High-Profile Tech IPOs
SpaceX filed its own prospectus this week, and ChatGPT maker OpenAI is preparing to submit its paperwork in the coming weeks, per Bloomberg.
Oura's path from a niche wellness device to an $11B company heading toward public markets reflects how quickly the wearables category has expanded.
Whether public markets value its growth story at the same level as its private backers remains the central question heading into its debut.
