Oura Moves Toward Public Listing with Confidential IPO Filing

While much of the attention this week has focused on SpaceX and its highly anticipated public offering plans, another notable technology company is also preparing for a stock market debut. Finnish wearable technology maker Oura announced on Thursday that it has confidentially submitted a Form S-1 to the U.S. Securities and Exchange Commission, marking an important step toward a potential initial public offering.

Founded in 2015, Oura has established itself as one of the leading names in the wearable health tracking market. Unlike traditional fitness devices from companies such as Fitbit, Garmin, or Apple, Oura’s product is built around a compact smart ring that provides health insights without the larger form factor of a smartwatch.

The Oura Ring tracks a wide range of health and wellness metrics, including physical activity, sleep quality, recovery levels, and daily readiness scores. Its lightweight design and continuous health monitoring capabilities have helped the company attract a growing global customer base.

The company’s growth has accelerated significantly in recent years. During its Series E funding round last September, Oura reported that it had sold approximately 5.5 million smart rings worldwide. That represented a substantial increase over the 2.5 million units the company had disclosed only a year earlier, highlighting strong consumer demand for wearable health devices.

The Series E financing round also marked a major milestone for the company’s valuation. Oura raised $875 million during the funding round, achieving an estimated valuation of $11 billion. The figure more than doubled the company’s previous valuation of roughly $5 billion reached during an earlier funding round in 2024.

As competition in digital health and wearables intensifies, Oura is expanding its product capabilities. Most recently, the company introduced a proprietary artificial intelligence model focused on women’s health, an initiative better suited to serve a rapidly growing segment of its customer base.

The AI-powered system is designed to provide more personalised health insights and support for women, reflecting a broader industry trend toward specialised health tracking and data-driven wellness recommendations.

Although Oura has not disclosed details regarding the size, timing, or pricing of a potential IPO, the confidential filing indicates that the company is formally preparing for a public market debut. If completed, the offering would be one of the most significant listings in the wearable health technology sector and give investors a chance to participate in a company that has become a major player in the rapidly expanding digital wellness market.

With millions of devices sold, a growing subscription-based ecosystem, and continued investment in AI-powered health tools, Oura appears to be positioning itself for its next phase of growth as it nears a public listing.