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Oura Officially Files for IPO, Revenue Soars to $1.2 Billion in Nine Months

Oura, the company behind the popular smart rings, has officially taken the plunge into the public markets. On Thursday, it submitted its IPO paperwork to the U.S. Securities and Exchange Commission (SEC), giving us a rare peek into its financials. And the numbers are pretty impressive.

For the nine months ending June 30, Oura's revenue jumped from $697 million to a whopping $1.2 billion. That's a significant leap, and it aligns with the company's earlier projections of hitting $500 million in 2024, $1 billion in 2025, and nearly $2 billion in 2026. Looks like they're on track.

So, what's driving this growth? Well, Oura has sold about 3.6 million smart rings in the past year alone. And it's not just about the hardware – they've got around 5 million paid members, with a 12-month weighted average member retention rate of about 85%. That means people are sticking around, which is a good sign for a subscription-based model.

Their rings, priced between $350 and $400, track a bunch of physiological indicators like heart rate, metabolism, stress, and sleep. And through the companion app, users get continuous health monitoring. It's like having a tiny health coach on your finger.

Oura was founded in Finland back in 2013, and it's been quietly building its empire since then. In May, it submitted a confidential IPO application, and now it's official. Earlier reports suggested the company was looking to raise about $3 billion, with a potential valuation of $16 billion. That's up from the $11 billion valuation it had in October 2025.

But Oura isn't just resting on its laurels. The company says it's planning to expand beyond traditional activity and fitness tracking into broader healthcare scenarios. They're deepening partnerships with insurance companies, employers, and healthcare providers. And they've got a treasure trove of data to work with – over 50 health indicators and nearly 4.2 billion hours of physiological data. They plan to use this longitudinal data to train AI and machine learning models, which could enhance health pattern recognition, personalization, and even predictive capabilities.

Of course, it's not all smooth sailing. Oura is facing a proposed class-action lawsuit that alleges it misled consumers about the accuracy of its sleep tracking. The company denies these allegations and says it will defend itself through legal means. This lawsuit could cast a shadow over the IPO, but it also highlights the challenges that come with the territory in the health tech space.

This IPO is more than just a financial milestone for Oura – it's a window into the evolution of smart wearables. We're seeing a shift from selling hardware to a model that combines hardware, subscription services, and AI-driven health insights. It's an exciting time for the industry, and Oura is at the forefront.

As the company prepares to go public, all eyes will be on how it navigates the legal hurdles and continues to innovate. Will it live up to the hype? Only time will tell, but the numbers so far are certainly promising.

Key Points

  • Oura has officially filed for an IPO with the SEC.
  • Revenue increased from $697 million to $1.2 billion in the nine months ending June 30.
  • Over 3.6 million smart rings sold in the past year, with 5 million paid members.
  • Plans to expand into healthcare and use AI for predictive health insights.
  • Faces a class-action lawsuit over sleep tracking accuracy, which it denies.