Oura, the Finnish smart ring maker that has become a leading name in wearable health technology, filed its IPO paperwork with the SEC on Thursday, revealing explosive growth and ambitious valuation targets.
The filing shows Oura's revenue nearly doubled year-over-year: the company generated $1.2 billion in the nine months ending June 30, 2026, up from $697 million during the same period last year. Oura had previously disclosed that it hit $500 million in revenue for all of 2024 and approximately $1 billion for 2025, with expectations of close to $2 billion for the full year 2026.
The Numbers Behind the Ring
Oura says it has sold 3.6 million rings over the past year, with approximately 5 million paid members currently subscribing to its health metrics service. The company reports an 85 percent weighted-average 12-month membership retention rate — meaning roughly 85 percent of subscribers who sign up in a given month are still paying a year later.
The rings themselves sell in the $350 to $400 range and track over 50 health and wellness metrics, including heart rate, metabolism, stress levels, and sleep patterns. The company describes itself as an "always-on health intelligence platform."
According to Bloomberg, Oura is expected to seek a $16 billion valuation, up from an $11 billion valuation in its last private funding round in October 2025. The company is reportedly looking to raise $3 billion during the offering.
The Data Advantage
Oura's SEC filing emphasizes the scale of its biometric data trove as a key competitive moat. "We believe we have amassed one of the largest and highest-quality longitudinal biometric datasets in consumer health," the filing states, "tracking over 50 health and wellness metrics and representing nearly 42 billion hours of physiological data."
The company says this dataset powers its AI and machine-learning models, which "decode complex physiological patterns and improve in accuracy, personalization, and predictive capability as member histories deepen."
Legal Headwinds
The IPO filing comes as Oura faces a proposed class action lawsuit accusing the company of misleading users about the accuracy of its sleep tracking capabilities. The suit alleges that Oura's rings cannot actually detect the physiological signals needed to determine sleep stages and instead rely on AI-generated estimates that the complaint describes as "little more reliable than a coin flip."
Oura has disputed the allegations and said it will "defend against" the claims in the "appropriate legal forum."
Market Context
The Oura IPO arrives at a moment of intense interest in wearable health technology. The company's growth trajectory — from a niche fitness gadget to a platform with 5 million subscribers and nearly $2 billion in annualized revenue — represents one of the most successful consumer hardware stories in recent years. Founded in Finland in 2013, Oura now has offices worldwide including a major presence in San Francisco.
