Oura Reportedly Targets September IPO at More Than $16B Valuation

Oura is reportedly preparing for a U.S. initial public offering as soon as September that could value the smart ring maker at more than $16 billion, marking another major step in the company’s rapid expansion beyond its early health-tracking niche.

According to Bloomberg, Oura and some existing shareholders could seek to raise to $3 billion in the offering. Investors are expected to sell a significant amount of stock as part of the transaction, although the timing and final terms could still change.

Oura’s valuation could climb above $16 billion

A valuation above $16 billion would represent a substantial increase from the $10.9 billion valuation Oura reportedly received in September 2025 after raising $875 million. Investors in that round included Fidelity, ICONIQ, Whale Rock and Atreides.

Oura confirmed in May that it had confidentially filed paperwork for an IPO, allowing the company to begin the regulatory process without immediately publishing its full financial disclosures.

The company has grown well beyond its origins as a product associated primarily with biohackers and performance enthusiasts. Oura says it has sold more than 5.5 million rings worldwide and employs more than 900 people, with operations spanning the U.S., Finland and other markets.

Revenue has risen quickly

Oura has also reported significant sales growth. CEO Tom Hale said the company generated about $500 million in revenue in 2024 and roughly $1 billion in 2025. Oura has projected revenue approaching $2 billion in 2026.

The smart ring market has become more competitive as larger consumer technology companies move into the category. Samsung launched its Galaxy Ring in 2024, while fitness wearable company Whoop has expanded its health offerings beyond athletic performance.

Sleep-tracking lawsuit adds legal scrutiny

Oura is also facing a proposed class action filed Aug. 20 in federal court in California. The complaint accuses Oura of misleading consumers about the accuracy of its sleep-stage tracking and argues that the company’s marketing overstates what a wearable ring can determine compared with clinical sleep testing.

Oura disputes the allegations. The company has said its ring is not a medical device or replacement for a clinical sleep study, while maintaining that its sleep-stage technology has been tested in studies comparing its performance with polysomnography.

The lawsuit remains in its early stages, and the allegations have not been proven in court.

If Oura proceeds with the reported September offering, its public filing should provide investors with a more detailed look at its revenue, profitability, subscription business and risks as it seeks a valuation significantly higher than its most recent private-market price.