Oura files confidentially for US IPO as ring sales accelerate

Oura, a Finnish smart-ring health-tracking company, has filed confidentially for a US initial public offering. The filing follows a $900 million Series E that valued the company at $11 billion, more than double its December 2024 valuation of $5.2 billion. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co, and Jefferies are set to manage the deal, with a listing targeted for later this year. The company has not disclosed the IPO size, valuation range, exchange, share-class structure, or lockup terms. Oura reported revenue above $500 million in 2024 and projects about $1 billion in 2025 sales, with 2026 outlook around $1.5 billion and up to about $2 billion. Half of its 5.5 million rings sold have shipped in the last twelve months, supporting its valuation narrative. Oura has expanded from sleep tracking into stress, cardiovascular load, women’s health, and gesture input after acquiring Doublepoint.

"Oura, the Finnish company that turned a piece of finger jewellery into a serious health-tracking franchise, has filed confidentially for a US initial public offering. The filing comes less than a year after the company closed a $900m Series E that valued it at $11bn, more than double its $5.2bn mark from December 2024."

"The pitch to public-market investors is unusually concrete for a wearables company. Oura reported revenue above $500m in 2024 and chief executive Tom Hale told Bloomberg in late 2025 that the company was on track for roughly $1bn in 2025 sales, with its official 2026 outlook sitting around $1.5bn and an upper case nearer $2bn."

"By the company's own count, half of the 5.5 million rings ever sold have shipped in the last twelve months. That growth has been the spine of the valuation story. The $11bn Series E was led by Fidelity, with ICONIQ, Whale Rock and Atreides also participating, according to CNBC."

"It capped a stretch in which Oura moved beyond sleep tracking into stress, cardiovascular load, women's health and, more recently, gesture input, after the company acquired UK micro-gesture startup Doublepoint earlier in the year. Oura's positioning is also helped by what its rivals have not done."

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