Oura

Wearables · Health Tech · Consumer Hardware

IPO

Oura files for IPO with revenue up 74% to $1.21B, eyes $16B valuation

A one-time payout to early shareholders masks the first real profit quarter for a company betting its future on biometric data, not just rings.

• Oura filed publicly for a U.S. IPO on September 3, seeking to list on Nasdaq under the ticker OURA after revenue jumped 74% to $1.21B for the nine months ended June 30, 2026.
• The Finland-founded, San Francisco-based company sells smart rings priced at $350-$400 that track heart rate, sleep, stress and metabolic health via a subscription app.
• Oura is targeting a valuation above $16 billion and could raise up to $3 billion in the offering, up sharply from the $11 billion valuation set in its October 2025 Series E led by Fidelity Management & Research.
• GAAP net income hit $60.8 million, its first sustained profitable stretch, even as losses attributable to common stockholders reached $924.3 million after a $1.09 billion preferred-stock buyback was booked as a deemed dividend.
• Paid membership doubled to 5 million with 85% 12-month retention, while the company shipped 3.6 million rings and amassed 42 billion hours of biometric data.
• The filing discloses a pending class action alleging Oura overstated the accuracy of its sleep-tracking claims, a risk to the health-data narrative underpinning its valuation.
• Oura is asking investors to price it like a health-data and AI platform rather than a consumer-electronics hardware maker, a bet other wearable makers will watch closely.