Oura is preparing a September IPO that could raise up to $3B and value the smart ring maker above $16B, according to Bloomberg and TechCrunch reports. The Finnish-American company filed confidentially for a listing in May and has been meeting investors as the wearables market heats up.
A $16B valuation would be a steep jump from the $10.9B mark set last September, when Oura closed an $875M Series E backed by Fidelity, ICONIQ, Whale Rock and Atreides. Revenue has been compounding: roughly $500M in 2024, about $1B in 2025, and close to $2B expected this year, though the S-1 filing will provide the first audited look.
Competition is intensifying. Samsung launched its Galaxy Ring two years ago, and fitness band maker Whoop, which pushed its own valuation to $10B in March, has been courting a broader audience with hormone and blood-panel testing. Oura has broadened from sleep tracking into similar territory, including women’s health features.
Not all the attention has been positive. A proposed class action filed last week in San Francisco accuses Oura of overstating the accuracy of its sleep staging claims. The company said it plans to defend against the suit, noting its sleep staging has been validated in multiple studies against clinical polysomnography.
