Oura has confidentially submitted paperwork to the U.S. Securities and Exchange Commission for an initial public offering.
The company made the announcement on May 21. It did not reveal the number of shares, the price range, or the exact timing. Investors now wait eagerly for those details and a fuller picture of the company’s finances when the full filing becomes public.
The Finnish-founded company makes the Oura Ring, a sleek wearable that tracks sleep, activity, stress, recovery, readiness, heart health and women’s health metrics. Users wear the lightweight titanium ring around the clock. It stands out in the sleep tech and wearables industry because it avoids the bulk and constant notifications of smartwatches. People who want discreet, passive monitoring choose it.
The ring collects more than 50 health signals continuously and delivers personalised insights through a subscription app. Oura has carved a strong position as the leader in the growing smart ring category while competing against giants like Apple Inc (NASDAQ: AAPL), Garmin Ltd (NYSE: GRMN) and Samsung Electronics Co Ltd (KRX: 005930).
Oura has demonstrated considerable growth recently. In 2025, the company sold over 5.5 million rings. It sits on track to surpass five million paid subscribers soon.
Revenue quadrupled over the past two years, reaching about half a billion in 2024. Executives project it will approach US$1 billion in 2025 and close to US$1.75 billion this year. Its last private valuation hit roughly US$11 billion after a large funding round in the fall of 2025.
Analysts and reports have highlighted Oura’s shift from a hardware maker to a subscription-heavy health intelligence platform. The company has added AI-powered coaching and deeper women’s health tools. It now partners with more than 1,200 organizations, including sports teams and research groups.
Oura joins a strong wave of anticipated 2026 tech IPOs. SpaceX publicly filed its paperwork and is eyeing what could become one of the largest listings ever, fuelled by its rocket business, Starlink and ambitious plans. Additionally, AI majors OpenAI and Anthropic have been in the spotlight over their plans to go public in the near future.
Read more: Sleep tech wristband maker ‘Whoop’ hits US$10B valuation on way to IPO
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