Skip to main content

Smart Ring Maker Oura Eyes US IPO, Valuation Could Hit $16B

Oura, the Finnish-American company known for its sleek smart rings, is gearing up for a major Wall Street debut. According to Bloomberg, the company is planning to launch its initial public offering (IPO) in the United States as early as next month, with ambitions to raise up to $3 billion. That could put the company's valuation at a staggering $16 billion or more.

For context, that's a hefty leap from the $10.9 billion valuation Oura commanded when it closed its Series E funding round in September last year. Back then, the company pulled in $875 million from heavyweights like Fidelity, ICONIQ, Whale Rock, and Atreides, with earlier backers including Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek.

So, what's driving this surge? The wearable tech market is heating up, and smart rings are becoming the new battleground. Samsung jumped into the fray with its Galaxy Ring two years ago, while fitness platform Whoop has been expanding its features—adding hormone tracking, menopause health, and thyroid blood testing—and hit a $10 billion valuation in March. Oura's own journey mirrors this trend, evolving from a niche gadget for "biohackers" to a mainstream brand focused on sleep and recovery.

The company, which now employs over 900 people across San Francisco and Finland, has seen its revenue climb impressively: roughly $500 million in 2024, $1 billion in 2025, and projections nearing $2 billion for 2026. That kind of growth is hard to ignore.

But it's not all smooth sailing. Oura is facing a proposed class-action lawsuit in San Francisco, with plaintiffs alleging that the company overstated the accuracy of its sleep tracking features. They argue that Oura's measurements of sleep stages don't match up to medical-grade devices. Oura, for its part, says it will defend itself vigorously, pointing to multiple studies that validate its sleep staging against polysomnography—the gold standard—and citing third-party research that backs up its claims.

Despite the legal cloud, the timing seems ripe for an IPO. With more people turning to AI-driven health management, smart rings are carving out a niche as a convenient, always-on health monitor. Oura's public offering will be a closely watched test case for how AI-powered health hardware can scale commercially.

For investors and tech enthusiasts alike, this IPO is more than just a financial event—it's a signal of where the wearable market is headed. Will Oura's bet on sleep and recovery pay off? Only time will tell, but the company is betting big that it will.

Key Points

  • Oura plans to file for a US IPO as early as next month, targeting up to $3 billion in fundraising.
  • The potential valuation exceeds $16 billion, up from $10.9 billion in September 2025.
  • Revenue has grown from $500 million in 2024 to a projected $2 billion by 2026.
  • The company faces a class-action lawsuit over sleep tracking accuracy, which it disputes.
  • Competition in the smart ring market is intensifying with players like Samsung and Whoop.