Smart ring maker Oura filed publicly for an initial public offering this week, setting up what could be the biggest wearables-industry stock debut in years and giving investors their first detailed look at a business that has more than doubled its paying membership in twelve months.
The company's S-1 registration, filed with the Securities and Exchange Commission, shows Oura plans to list on the Nasdaq Global Select Market under the ticker "OURA," with Goldman Sachs, Morgan Stanley, JPMorgan and Allen & Company leading the offering. Bloomberg has reported the deal could raise roughly $3 billion at a valuation above $16 billion, up sharply from the $11 billion figure the company carried after an $875 million Series E round last September.
Revenue up 74%, losses are an accounting artifact
The filing shows revenue of $1.21 billion for the nine months ended June 30, up 74% from $697.6 million a year earlier, following a full 2025 fiscal year in which revenue rose 123% to $907.9 million. Oura reported a net loss of $924.3 million for the nine-month period, but the company says that figure results almost entirely from a $985 million non-cash "deemed dividend" tied to its pre-IPO preferred-stock structure rather than from operating losses; on an adjusted basis, the company posted $106.7 million in EBITDA, up from $83.5 million a year earlier, on a gross margin of 55%.
Paid membership reached 5 million as of June 30, double the 2.5 million a year earlier, and the company sold 3.6 million rings over the trailing twelve months — a sliver of the roughly 2% of global wearable shipments that figure represents, according to IDC data cited in reporting on the filing by 5K Runner. The S-1 also discloses that women now make up 72% of Oura's membership base and are growing at a 143% compound annual rate, a notable shift for a category historically dominated by wrist-worn fitness trackers aimed at male athletes.
Risk factors and a crowded field
The filing was not without caution flags. Oura disclosed it is both plaintiff and defendant in patent litigation despite holding more than 1,140 patents and applications, faces a class-action lawsuit over sleep-stage accuracy claims, and operates its newer Blood Pressure Signals feature as an investigational study involving more than 350,000 participants rather than a cleared medical device feature, according to TechCrunch's reporting on the company's IPO plans.
Oura filed confidentially for its IPO back in May and is now the first of the major ring and wrist wearable makers — ahead of rivals Whoop and Strava — to convert that confidential filing into a public S-1, putting pressure on competitors to clarify their own public-market timelines. Pricing and a specific listing date have not yet been set, but coverage of the filing has consistently pointed to a debut before the end of September.
