Oura, the Finnish-American maker of the health-tracking smart ring, filed public paperwork for a Nasdaq listing this month, setting up one of the year's largest consumer-technology debuts and a test of investor appetite for wearable health devices beyond the smartwatch.
The company's S-1 registration statement, filed with the Securities and Exchange Commission, shows revenue of $1.21 billion for the nine months ended June 30, up 74% from $697.6 million a year earlier. Full fiscal 2025 revenue came in at $907.9 million, more than double the prior year's $406.8 million. Oura says it has sold 3.6 million rings over the past year and now counts roughly 5 million paying members who track sleep, activity, heart health and other metrics through the device and its companion app. The company will list under the ticker OURA, with Goldman Sachs, Morgan Stanley, JPMorgan and Allen & Company leading the offering.
A Valuation Nearly 50% Above Its Last Private Round
Bankers are targeting a valuation north of $16 billion, according to people familiar with the offering, a sharp step up from the roughly $11 billion mark the company reached in a late-2025 private funding round. The company is seeking to raise as much as $3 billion in the offering, which would rank among the largest consumer-hardware IPOs in recent years and hand a substantial payout to early venture backers who bet on wearable health tracking well before Apple, Samsung and a wave of newer entrants crowded into the category.
The filing arrives as the smart-ring market has gone from a niche experiment to a genuinely contested field. Samsung's Galaxy Ring and a growing list of startups have chased the category Oura effectively created, and the company's S-1 leans heavily on its five-year head start in physiological sensing and its subscription revenue model — most members pay a recurring fee on top of the roughly $300-$350 hardware cost — to argue it can defend its lead. The prospectus also discloses $59 million in net profit over the trailing twelve months, a notable data point for a consumer-hardware company going public at a moment when investors have grown far less tolerant of unprofitable growth stories than they were during the last wearables boom.
Timing a Crowded IPO Calendar
Oura's filing lands in a busy stretch for new listings, with more than 230 companies having gone public on U.S. exchanges so far this year. That volume gives Oura useful cover — bankers can point to a receptive market — but it also means the company will be competing for investor attention against a steady drumbeat of other debuts in the coming weeks. A roadshow and pricing are expected to follow, with the company and its underwriters watching how upcoming volatility in broader markets, including any turbulence tied to the Federal Reserve's September rate decision, affects appetite for growth-oriented new issues before locking in a final price range.
