Oura, a maker of health-focused smart rings, announced on May 21 it has confidentially filed a draft S-1 IPO prospectus with the U.S. Securities and Exchange Commission (SEC) [1, 2, 3]. The company is valued at approximately $11 billion after completing an $875-$900 million Series E funding round in September 2025 [1, 4, 3, 5].
Oura has sold more than 5.5 million rings to date, up from 2.5 million at mid-2024, marking more than a doubling of sales in under two years [1, 4, 3, 5]. The rings track sleep, activity, and wellness metrics and have drawn growing consumer demand since the company was founded between 2013 and 2015 [1, 4, 3, 5].
The company expects revenue between $1.5 billion and $2 billion in 2026, representing two to three times its 2024 sales figures. CEO Tom Hale said, "Oura could generate close to $2 billion in sales in 2026 as it invests in artificial intelligence and international expansion" [1]. He also noted, "The company is on track for $1.5 billion in revenue in 2026, triple its 2024 sales, and has sold 5.5 million rings to date" [3].
Proprietary AI models, including one focused on women’s health, are part of Oura’s product development efforts [4]. The company's planned IPO will be among the largest consumer wearable offerings since Fitbit in 2015 and Peloton in 2019 [3]. Goldman Sachs, Morgan Stanley, JPMorgan Chase, and other banks will lead underwriting for the planned public offering [2, 3, 5].
Oura has not disclosed a specific IPO timeline but plans to list later in 2026, subject to SEC review and favorable market conditions [1, 2, 3, 5].
