Smart ring maker Oura files confidentially for US initial public offering
Finnish smart ring maker Oura Health Oy disclosed today that it has filed confidential paperwork with the U.S. Securities and Exchange Commission for an initial public offering.
Share count and pricing were not disclosed. Bloomberg, which first reported the filing, said Oura is aiming to list later this year.
The company was valued at $11 billion in October after closing a $900 million Series E round led by Fidelity Management. Paid membership is expected to pass five million this quarter and the company’s revenue roughly doubled in 2025 to around $1 billion. Chief Executive Tom Hale told CNBC in November that 2026 sales could come in “close to $2 billion,” though Oura’s own official guidance for the year is closer to $1.5 billion.
Petteri Lahtela, Kari Kivelä and Markku Koskela founded Oura in 2013 in Oulu, Finland with a 2015 Kickstarter campaign getting the first ring out the door. The current model, the Oura Ring 4, starts at $349, with full access to the company’s sleep, recovery and readiness scores gated behind a $5.99-a-month subscription. Hardware sales used to be the bulk of the business, whereas recurring subscription revenue now does much of the lifting and is the metric investors are likely to scrutinize hardest.
