The Smart Ring Company Tripled Its Revenue in Two Years. Now It Wants to Go Public.
Oura publicly filed for a US IPO on 3 September 2026, applying to list on Nasdaq as OURA. Reports say it could raise up to $3 billion at a valuation above $16 billion, with 2026 revenue expected near $1.5 billion. What the listing says about the wearable health boom.
By the UISC BD Editorial Desk · United Information Service Center · Published 13 September 2026 · 5-minute read
This article explains a company's public filing. It is general information, not investment advice.
Oura began as a niche sleep tracker worn on the finger. It is now one of the most closely watched listings of the year.
The Filing
- Oura made a confidential filing in May and publicly filed its IPO paperwork with the US Securities and Exchange Commission on 3 September 2026.
- It has applied to trade on Nasdaq under the ticker OURA.
- Reports say it could raise up to $3 billion at a valuation of more than $16 billion.
- Final price, share count and market value have not yet been set.
- Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies are managing the listing.
The Business in Numbers
- 2026 revenue: expected around $1.5 billion, up from $500 million in 2024.
- Rings sold: more than 5.5 million.
- Paying members: expected to exceed five million this quarter.
- Last private valuation: $11 billion in its $875 million Series E round in September 2025.
How Oura Makes Money
Oura earns from two sources: selling the ring itself, and a paid membership that unlocks detailed sleep, recovery and activity insights. Recurring subscription revenue is usually valued more highly by investors than one-off hardware sales, which helps explain the valuation.
Why It Matters Beyond Oura
The filing is a test of investor appetite for consumer health technology. Wearables are moving from step counters toward continuous health monitoring — the same direction Apple took with its new Apple Watch Series 12 heart sensing.
IPO Basics for Readers
An IPO price is not a guarantee. Newly listed shares can rise or fall sharply in their first days and months.
Early investors may sell. Reports indicate existing investors plan to sell a large portion of shares in the offering, and more can typically be sold after lock-up periods end.
Competition is real. Large technology companies also sell health-tracking devices.
Read the prospectus. The public filing sets out the company's own description of its risks.
For the wider market mood, see Morgan Stanley's near-term correction warning and the debate over stock market concentration.
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- Morgan Stanley's Mike Wilson Warns of a Near-Term Correction but Stays Bullish
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- Australia Bans Card Payment Surcharges From 1 October 2026: What Changes
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Sources
- "Oura is reportedly eyeing a September IPO that could value it at more than $16B," TechCrunch — techcrunch.com
- "Oura is seeking up to $3bn in an IPO that would value it above $16bn," The Next Web — thenextweb.com
- "Oura targets $3B IPO at a $16B valuation," Dealroom News — dealroom.co
- "Oura smart ring IPO could raise $3 billion at $16 billion valuation," Yahoo Finance — finance.yahoo.com
