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 company has lined up Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co and Jefferies to run the deal, according to Bloomberg’s reporting, with a listing targeted for later this year. The exact size and valuation range have not been disclosed; confidential filings let companies negotiate with the SEC out of public view before publishing a prospectus.
Oura also has not yet named the exchange it intends to list on, the share-class structure it will use, or the lockup terms applied to its existing investors.
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.
