Smart ring maker Oura files confidentially for IPO

Oura, the maker of smart rings that track health and sleep data, has confidentially filed paperwork for an initial public offering with the Securities and Exchange Commission. The company announced the move Thursday but didn't specify when the IPO might happen.

The filing comes as Oura reports strong growth in its subscriber base. The company says it's on track to hit 5 million paid members this quarter, representing a fourfold increase over the past two years.

What's the story?

Oura launched in 2015 with a focus on sleep tracking through its signature ring device. The product has since expanded to monitor broader health metrics including stress, recovery, women's health, and metabolic data.

The company's recent financial performance shows:

• Revenue has increased 4x over the past two fiscal years
• More than 5.5 million rings sold since launch, up from 2.5 million as of June 2024
• On track for $1 billion in sales in 2025, doubling 2024 revenue
• CEO Tom Hale projects close to $2 billion in sales for 2026

Oura was valued at $11 billion in October after raising $900 million in Series E funding. The company has raised more than $1.5 billion total and recently moved its headquarters from Finland to San Francisco.

Why does it matter?

Oura's IPO filing signals growing investor confidence in health-focused wearables as a distinct market category. The company has carved out a unique position with its ring form factor, differentiating itself from watch-based competitors like Apple and Garmin.

The timing also reflects a broader recovery in the IPO market. According to Renaissance Capital, companies have raised $28.9 billion this year through IPOs above $50 million market cap - a 146% increase over last year. AI and health tech companies are leading this revival.

For the wearables industry, Oura's public debut could validate the market for specialized health tracking devices beyond traditional smartwatches.

The context

The IPO market has been quiet since the 2021 boom, but activity is picking up. AI hardware company Cerebras completed the biggest tech IPO since Uber's 2019 offering last week. High-profile companies like SpaceX and OpenAI are also expected to go public soon.

Competition in health wearables is intensifying:

• Apple continues adding health features to the Apple Watch
• Garmin reported 42% growth in fitness product revenue in Q1 2026
• Whoop raised $575 million at a $10.1 billion valuation in March
• Google launched a new screenless Fitbit focused on health insights

Oura's ring design and subscription model have helped it stand out in this crowded field. The company now partners with over 1,200 health and wellness brands, including Team USA and U.S. Soccer, and has appeared on CNBC's Disruptor 50 list four times.