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Oura is going public at the perfect cultural moment. And that is exactly what makes the IPO dangerous.
The smart-ring maker has confidentially filed its draft IPO paperwork with the Securities and Exchange Commission, according to CNBC. The company says it is on track to pass 5 million paid members this quarter. Revenue has reportedly grown fourfold over the past two fiscal years. Oura was valued at $11 billion last October after a $900 million Series E round, and it has raised more than $1.5 billion in total.
Those are monster numbers. They also explain why this IPO may already have too much good news baked in.
Wall Street has discovered wearable health. Wellness has become dinner-table conversation. People who used to brag about 80-hour weeks now brag about zone 2 cardio, magnesium glycinate, eight hours of sleep, and a morning readiness score.
