Smart ring maker Oura secretly files for IPO

Oura, the maker of the eponymous smart ring that tracks the wearer’s health and sleep, has confidentially filed a draft IPO prospectus with the Securities and Exchange Commission, the company announced Thursday.

Oura did not specify a timeline for the IPO, saying it would take place after the SEC’s review process is completed, depending on market and other conditions.

Launched in 2015, Oura’s smart ring products have evolved far beyond sleep tracking and now include a range of features focused on broader health and wellness. In recent years, we have increasingly focused on advancing preventive healthcare through new features, AI, analytics, and other capabilities.

The company recently reported that it expects to have more than 5 million paying members this quarter, a fourfold increase over the past two years. This has resulted in a four-fold increase in total revenue over the past two financial years.

Oura has been named to CNBC’s Disruptor 50 list four times, including #14 in 2026, and was valued at $11 billion in October after a $900 million Series E funding round. The company has raised more than $1.5 billion in total.

Last September, Oura announced it had sold more than 5.5 million Oura Rings since the product’s launch, which is higher than the 2.5 million the company said it had sold as of June 2024.

CEO Tom Hale told CNBC in November that Oura could generate nearly $2 billion in revenue in 2026 due to investments in artificial intelligence and international expansion. Hale said the company is on track to achieve $1 billion in sales in 2025 and double sales in 2024.

Although activity in the IPO market has slowed down somewhat since the 2021 boom, the IPO market is expected to heat up in the US due to AI themes and highly anticipated products from SpaceX and OpenAI. Last week, AI hardware company Cerebras’ listing on the Nasdaq became the biggest tech stock since Uber’s 2019 IPO. According to Renaissance Capital, an IPO research and investment firm, a total of $28.9 billion was raised across IPOs with market caps of more than $50 million this year, an increase of 146% from last year, and a total of 100 deals so far this year, on par with last year’s levels. Last year, 202 IPOs raised a total of $44 billion, and in 2021, around 400 IPOs raised more than $140 billion.

Oura’s success comes alongside increased competition and growth in the broader health-focused wearables category. Apple continues to add health features to the Apple Watch; garmin said fitness products revenue grew 42% year over year in the first quarter of 2026 due to “strong demand for advanced wearables.”

Whoop, which was also named to the 2026 CNBC Disruptor 50 list, raised $575 million in Series G funding at a valuation of $10.1 billion in March. Early this month, google announced a new screenless Fitbit that it said “provides the most detailed health insights ever.”

However, Oura’s ring form and its strong growth have helped it establish itself as one of the leaders in this category. The company recently announced partnerships with more than 1,200 health, wellness and commercial brands and organizations, including partnerships with Team USA and US Soccer.

Oura recently moved its headquarters from Finland to San Francisco.

“We’ve earned the trust of millions of people around the world to help them understand some of their most personal health signals, including sleep, stress, recovery, women’s health, activity, metabolic health and more,” Hale said in a recent press release. “We have evolved beyond tracking to provide actionable health intelligence that helps people better understand their bodies and make more informed decisions for their long-term health.”