Oura files confidentially for US IPO amid surging smart ring sales

The Finnish company that transformed a simple ring into a sophisticated health-monitoring device has taken a major step toward going public. Oura has filed confidentially for a U.S. initial public offering, less than a year after closing a massive $900 million Series E round that valued the company at $11 billion. That valuation more than doubled its $5.2 billion mark from December 2024.

According to Bloomberg, the company has tapped Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co, and Jefferies to manage the offering, with a listing expected later this year. As is typical with confidential filings, Oura has not disclosed the exact size or valuation range of the IPO, allowing it to negotiate with the SEC out of the public eye before releasing a formal prospectus.

The company has also not revealed which exchange it will list on, the share-class structure it plans to use, or the lockup terms for existing investors.

What makes Oura’s pitch to public-market investors unusually compelling is its concrete financial performance. The company reported revenue exceeding $500 million in 2024. CEO Tom Hale told Bloomberg in late 2025 that Oura was on track for roughly $1 billion in 2025 sales, with an official 2026 outlook around $1.5 billion and an upper case approaching $2 billion.

Perhaps the most telling metric: half of the 5.5 million rings ever sold have shipped in the last twelve months alone.

That explosive growth has been the backbone of Oura’s valuation narrative. The $11 billion Series E was led by Fidelity, with participation from ICONIQ, Whale Rock, and Atreides, according to CNBC. The round capped a period during which Oura expanded beyond its core sleep-tracking feature into stress monitoring, cardiovascular load, women’s health, and most recently, gesture input. The company acquired UK-based micro-gesture startup Doublepoint earlier this year to fuel that expansion.

Oura’s market position is further strengthened by what its competitors have not achieved. The Oulu-founded company still dominates global smart-ring sales. While Samsung’s Galaxy Ring, Ultrahuman’s Ring Air, and persistent rumors of an Apple ring have entered the category, none have fundamentally redefined it. A patent infringement lawsuit Oura filed against Ultrahuman, which TNW covered last year, remains in litigation.

The prospectus will eventually need to address several risks. As a hardware company operating on health data, Oura faces scrutiny from the FDA, depends on insurance reimbursement decisions, and must prove the staying power of its $5.99 monthly subscription as competitors price aggressively. Apple, with its platform leverage, could easily bundle ring-style sensing into the Apple Watch or a future device.

For now, Oura enters the IPO window with numbers most of its peers lack: a billion-dollar revenue base, a doubling growth rate, and a category it largely defined. The more intriguing question, once the S-1 surfaces, will be whether public markets value it as a consumer electronics company or as a health-tech platform.