Oura Health, the Finnish smart ring maker, is seeking up to $3B in a US IPO that could value the company at more than $16B, with an offering possible as soon as September.
That would be a sharp jump from Oura’s $10.9B valuation last September, when it raised $875M from investors including Fidelity and ICONIQ.
Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies are leading the listing, with existing investors expected to sell a sizable stake.
Oura brought in $500M in revenue in 2024 and projected roughly $2B by the end of 2026. Paid membership is expected to exceed five million this quarter, and cumulative ring sales have topped 5.5M units. The company filed a draft IPO prospectus with the SEC in May.
The broader IPO wave
Oura's planned debut fits into a broader IPO surge building across Wall Street. Traditional US IPOs have raised $137B so far this year, according to Dealogic.
AI company Anthropic is expected to raise up to $100B in its own offering, potentially as soon as September or October. If Anthropic proceeds, the combined total will easily top the current record of roughly $156B raised in 2021.
Companies that went public in 2026 are trading up 21% on average from their IPO prices, a stronger showing than the class of 2021, two-thirds of which ended that year below their offer prices.
Oura's listing is also part of a pattern of European companies choosing New York over their home exchanges. Oura said in February it's redomiciling to the US, while Finland would stay a key hub for operations.
Glasgow-based power firm Aggreko and several other European companies have filed for US IPOs this year, prompting concern about a hollowing out of European equity markets.
"If our most promising companies consistently cross the Atlantic to list or get acquired by VC/PE firms, the European equity ecosystem risks being hollowed out."
Stephan Kemper, BNP Paribas Wealth Management
Risks heading into the offering
The wearables market has gotten competitive. Samsung launched its own ring two years ago, and rival Whoop carries a valuation of $10.1B.
On the legal front, a proposed class-action suit filed recently in US District Court in California accuses Oura of misleading consumers about its sleep-tracking accuracy, arguing that identifying sleep stages requires electrode-based clinical testing a ring cannot perform.
Oura called the allegations false and said its sleep-staging technology has been validated favorably against polysomnography, the clinical gold standard. The company said it intends to defend against the claims in court.