Oura, the maker of smart rings that track sleep and health metrics, has confidentially filed for an initial public offering with the Securities and Exchange Commission. The move comes as the company reports explosive growth and the IPO market shows signs of recovery after years of sluggish activity.
The Finnish company, which recently moved its headquarters to San Francisco, did not specify a timeline for going public. It said the offering would happen after the SEC completes its review process, subject to market conditions.
Strong growth drives IPO timing
Oura’s decision to file comes on the back of impressive user growth. The company says it is on track to surpass 5 million paid subscribers this quarter, representing a fourfold increase over two years. Revenue has grown at the same pace, quadrupling over the past two fiscal years.
CEO Tom Hale told CNBC in November that Oura could hit close to $2 billion in sales in 2026. The company was on track for $1 billion in sales in 2025, doubling its 2024 revenue.
Since launching in 2015, Oura has sold over 5.5 million rings as of September. The company was valued at $11 billion in October following a $900 million Series E funding round and has raised more than $1.5 billion total.
IPO market showing signs of life
Oura’s filing comes as the IPO market begins to thaw after the 2021 boom fizzled out. AI companies are leading the charge, with highly anticipated offerings from SpaceX and OpenAI expected soon.
The numbers show the recovery is real:
- $28.9 billion raised this year across IPOs above $50 million market cap
- 146% increase compared to last year
- 100 deals filed year to date, similar to 2024 levels
Last week, AI hardware company Cerebras had the biggest tech IPO since Uber’s 2019 offering, signaling renewed appetite for tech listings.
Heated competition in wearables
Oura’s growth comes amid intense competition in health-focused wearables. Apple continues adding health features to the Apple Watch, while Garmin reported a 42% increase in fitness product revenue in Q1 2026 due to “strong demand for advanced wearables.”
Other players are also making moves:
- Whoop raised $575 million at a $10.1 billion valuation in March
- Google announced a new screenless Fitbit with “our most in-depth health insights yet”
- Traditional fitness brands are adding smart features to compete
But Oura’s ring form factor has helped it carve out a distinct position. Unlike bulky smartwatches, the ring offers continuous monitoring in a discrete package that users can wear 24/7.
Beyond basic tracking
Oura has expanded well beyond its original sleep tracking focus. The ring now monitors stress, recovery, women’s health, activity levels, and metabolic health. The company has also invested heavily in AI and analytics to provide actionable insights rather than just raw data.
The company now partners with more than 1,200 health and wellness brands, including high-profile deals with Team USA and U.S. Soccer. This B2B strategy provides additional revenue streams beyond direct consumer sales.
“We’ve earned the trust of millions of people around the world to help them understand some of their most personal health signals,” Hale said in a recent press release. “We’ve evolved beyond tracking to deliver actionable health intelligence.”