Oura Targets $3 Billion IPO at Valuation Above $16 Billion
Oura and some of its investors are seeking to raise as much as $3 billion through a US initial public offering, according to people familiar with the matter.
Potential September Listing
The IPO could take place as soon as September. As a result, it could value the company at more than $16 billion.
Existing investors are expected to sell a significant amount of stock during the offering. However, the timing and details of the plan could still change.
Oura confidentially filed for an IPO in May. Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies are advising on the listing.
The company has not publicly confirmed the latest IPO details. A representative also did not immediately respond to a request for comment.
Smart Ring Market Gains Momentum
Oura has attracted consumers who want to track health, fitness, and sleep without wearing a smartwatch.
Meanwhile, Apple and Samsung are exploring new wearable devices. Samsung launched a smart ring two years ago, while Apple is developing artificial-intelligence-powered wearables.
Oura operates offices in San Francisco and Finland. The company was founded in 2013.
In September 2025, Oura reached an $11 billion valuation after raising $875 million in Series E funding.
The possible listing comes as several companies prepare to enter public markets before November’s midterm elections. Anthropic expects to match or exceed SpaceX’s record-setting IPO size.
Additionally, AI cloud company Nscale is seeking up to $3 billion in a US IPO as soon as September. Switch has also filed confidentially for a potential November listing.
Sales and Revenue Expansion
Oura sold 5.5 million rings through September 2025, Chief Executive Officer Tom Hale said at the time. That figure increased from 2.5 million rings sold through June 2024.
The company expects revenue to reach $1.5 billion in 2026. Therefore, projected revenue would triple the $500 million generated in 2024.
Oura’s rings connect with smartphone apps on iPhone and Android devices. Although smart rings represent a small part of the wearables market, consumer interest is increasing quickly.
Smartwatches continue to dominate the sector. Nevertheless, Oura’s expanding sales and strong valuation could support investor interest in its potential IPO.
