Oura IPO seeks $3 billion as smart-ring maker eyes listing

Oura IPO plans could raise up to $3 billion and value the smart-ring maker above $16 billion, people familiar with the matter said.

The US listing could come as soon as September, according to the people, who asked not to be identified because the discussions are private. Existing backers are expected to sell part of their holdings in the transaction, making the deal both a capital event for Oura and a liquidity window for early investors.

A $16 billion valuation target

Oura Health Oy said in May that it had filed confidentially for an initial public offering. The company has main offices in San Francisco and Finland and was founded in 2013, giving it a 13-year path from startup to a potential public-market debut.

The proposed valuation would be above the $11 billion mark Oura reached last September, when a Series E financing raised $875 million. A $16 billion-plus target would imply a step-up of more than $5 billion from that round, before any final pricing terms are set.

The people cautioned that timing, valuation and deal size remain under discussion. A representative for Oura did not immediately respond to a request for comment, leaving the offering details attributed to people familiar with the planning.

Ring sales doubled in 15 months

Oura has built its business around rings that monitor health, fitness and sleep, positioning the device as a smaller alternative to a watch. Chief Executive Officer Tom Hale said the company had sold 5.5 million rings through September 2025, up from 2.5 million through June 2024.

That increase amounts to 3 million additional rings over roughly 15 months, a figure Oura can put before public-market investors as evidence of consumer adoption. The company expects revenue to reach $1.5 billion in 2026, compared with $500 million in 2024.

The growth case is forming as larger technology companies move deeper into wearable health devices. Samsung Electronics Co. introduced a ring two years ago, while Apple Inc. is working on artificial intelligence-powered wearable products.

September listings crowd the calendar

Oura would join a group of companies seeking US listings before November’s midterm elections. AI cloud firm Nscale is seeking to raise as much as $3 billion in a US IPO as soon as September, while Switch has filed confidentially for a listing that could take place as soon as November.

Anthropic PBC expects to match or exceed the size of SpaceX’s record-setting IPO with a debut as soon as next month, according to the source account of those plans. Switch could also seek a funding-round valuation approaching $50 billion including debt.

If the September window holds, Oura would test whether public investors will pay for a consumer health-hardware company with fast revenue growth and a dedicated device base. For global capital markets, a completed deal would add another large technology listing; for Oura, it would set a public valuation benchmark; for wearables, it would give rivals a clearer market price for ring-based health tracking.

If timing slips or pricing tightens, the signal would be more about investor selectivity than about wearable demand alone. Oura could reduce the amount sold by existing holders or wait for a stronger market window, while the sector would have less public evidence for valuing health rings against watches and other AI-enabled devices.

The main open question is whether Oura can convert device sales and projected revenue growth into public-market confidence at a valuation above $16 billion. The answer will depend on final pricing, investor demand and whether the broader IPO calendar remains open through September.