Oura Files for IPO as Smart Ring Maker Reports Rapid Growth

Smart ring maker Oura has filed to go public, initiating a potential initial public offering as the company reports strong revenue growth and expanding adoption of its health-focused wearable devices.

The company’s filing with the Securities and Exchange Commission shows significant financial growth over the past year. Oura reported $1.2 billion in revenue for the nine months ended June 30, compared with $697 million for the same period a year earlier.

The Wall Street Journal reported on Oura’s IPO filing, which follows previous company statements that it generated about $500 million in revenue in 2024 and roughly $1 billion in 2025.

Oura expands smart ring business

Oura said it sold 3.6 million rings over the past year and currently has about 5 million paid members who subscribe for access to broader health insights. The company reported an approximately 85% weighted-average 12-month membership retention rate, meaning most subscribers remain active one year after joining.

The company’s rings, which typically cost between $350 and $400, track health-related metrics including heart rate, stress levels, sleep patterns, and other biometric signals. Combined with its app, Oura markets the product as an always-on health intelligence platform.

Founded in Finland in 2013, Oura has expanded globally and now operates offices including one in San Francisco. The company confidentially filed for an IPO in May, with previous reports suggesting it could seek a valuation of around $16 billion. Oura was valued at approximately $11 billion in 2024.

Oura highlights AI and health data opportunities

In its filing, Oura said it sees opportunities beyond traditional fitness tracking by expanding into areas involving health plans, employers, and healthcare providers.

The company also highlighted its growing biometric dataset, saying it has collected nearly 42 billion hours of physiological data covering more than 50 health and wellness measurements. Oura said this information supports its artificial intelligence and machine learning models, helping improve personalisation and predictive capabilities.

However, Oura also faces legal challenges. The company is facing a proposed class action lawsuit alleging it misrepresented the accuracy of its sleep-tracking features. The company has disputed the claims and said it will defend itself through the appropriate legal process.

As Oura moves toward a public listing, the company is positioning its smart ring business as a broader health technology platform rather than just a fitness-tracking device.