- Oura aims to raise up to $3 billion in its US initial public offering, which would take its valuation above $16 billion, a 45% rise from eleven months earlier.
- The listing is being managed by Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies, and it could take place as early as September.
- Right before the IPO was announced, a class-action lawsuit alleging inaccuracies in Oura’s sleep tracking was filed.
Oura, the Finnish smart ring unicorn, aims to raise up to $3 billion through a US initial public offering at a valuation of up to $16 billion, according to Bloomberg.
The offering is being managed by Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies. On May 21, 2026, Oura submitted a confidential draft registration to the SEC, even though it still lacked the number of shares, the price range, and the audited financial statements.
Oura began in Oulu, Finland, in 2013 as a Kickstarter project and was founded by Petteri Lahtela, Kari Kivelä, and Markku Koskela. At present, the company has over 900 employees in San Francisco and in Finland.
Oura’s numbers at a glance
In October 2025, Oura’s valuation reached $11 billion following a Series E fundraising of $875 million, led by Fidelity Management & Research, along with a $250 million credit facility from JPMorgan and Goldman Sachs. This was more than twice the $5.2 billion valuation it had in December 2024, following its $200 million Series D. Each of the three previous funding rounds led to a significant rise in the company’s valuation.
Oura states that it has sold 5.5 million rings since 2015, with nearly three million in 2025. The company was aiming for revenue of around $1 billion in 2025.
In November 2025, CEO Tom Hale told CNBC that Oura could achieve nearly $2 billion in sales in 2026, the company’s most recent public estimate before its IPO. Most of the health insights are available only to paid members, with membership starting at $5.99 per month.
Oura anticipates having more than five million subscribers this quarter, which is four times the number it had two years ago. 80% of members renew after their first year.
Competition and legal challenges
Samsung’s Galaxy Ring is a direct competitor to Oura and does not charge subscription fees. Whoop, another major player, reached a $10 billion valuation in March, but it is a wrist-worn device and has not faced the same patent issues.
Oura has prevented certain competitors from entering the US market through an order from the International Trade Commission, although this decision is currently being challenged. Garmin and RingConn mainly compete on price. Apple has not stated that it plans to launch a smart ring, despite rumours to the contrary.
According to the research firm Sacra, around 80% of Oura’s revenue still comes from hardware sales rather than subscriptions. This will be a crucial issue for the company’s public investors, even as the number of subscribers increases.
The timing of the IPO is influenced by a proposed class-action lawsuit in San Francisco alleging that Oura has overstated the accuracy of its sleep-stage detection. Oura intends to contest these allegations and emphasises that the ring is not a medical device and does not replace a clinical sleep study. This point is expected to be included in the risk factors section of the prospectus when it is filed with EDGAR.
Responding to the allegations, Oura told TFN, “We stand behind our science, research, and accuracy claims. Like other consumer sleep wearables, Oura Ring estimates sleep stages using multiple physiological signals, including heart rate, heart rate variability, movement, breathing patterns, and temperature. There is well-documented, peer-reviewed independent scientific evidence that sleep stages are associated with distinct, measurable, reproducible changes in physiology, which is why these signals are reliably used to classify sleep stages.”
The company added, “Oura’s sleep staging has been validated and compared favorably in multiple studies against polysomnography, the gold standard. The data collection that informs the creation of Oura’s sleep staging algorithm (NSSA) is unparalleled in sleep research, with over 1,200 nights of data collected, and we published a peer-reviewed paper that describes how the sleep-staging algorithm was developed and how it uses the signals collected by the ring. Multiple third-party, independent studies support our claims of accuracy and we have transparently reported on the mechanisms and measures that inform Oura’s sleep staging.”
“We’re committed to continuing to clearly communicate what Oura measures, what it estimates, and how members should use that information. We dispute the allegations and will defend against them in the appropriate legal forum,” Oura concluded.
The IPO signifies Oura’s shift from presenting its growth achievements in interviews to making official disclosures in accordance with regulatory rules, following three funding rounds, each of which roughly doubled in size.
