Finnish smart ring creator Oura is circling towards a $2.2 billion initial public offering (IPO) in the U.S. The company, whose ring technology can help people track their health, sleep and stress levels just by placing it onto their finger submitted a filing to the U.S. Securities and Exchange Commission today.
$15B Market Valuation
It plans to market 50 million shares for $40 to $44 each. Oura will look to sell 13.5 million shares, while its shareholders will offer 36.5 million. At the top of the price range, the company would have a market value of $15.6 billion, based on the outstanding shares listed in its filing.
That compares with its most recent funding round in the fall of 2025 that valued the business at around $11 billion. That is more than double the $5 billion valuation it earned in a previous round in 2024.
The company had a net loss attributable to stockholders of $924.3 million on revenue of $1.21 billion for the nine months ended June 30, compared with a net loss of $182.8 million on revenue of $697.6 million in the corresponding period a year earlier.
It has projected that the company will reach $2 billion (€1.7bn) in annual revenue in 2026 compared with $500 million just two years ago.
AI and Brand Expansion
According to the company’s website it has sold over 5 million rings worldwide. It recently announced England’s football captain Harry Kane as a global brand ambassador.
Over the past two years, Oura has expanded aggressively into software, subscriptions and AI-powered health analysis. Its wearable platform now focuses on long-term health signals including sleep, readiness, heart rate, stress and recovery.
More recently, Oura has pushed further into women’s health and AI-based personal coaching, including tools designed to interpret physiological data and provide tailored wellness recommendations.
The global smart ring category market was valued at $416.9 million in 2025 and is projected to grow from $518.9 million in 2026 to $3,772.4 million by 2034. Oura’s main competition in the sector includes tech giants Apple (AAPL), Garmin (GRMN) and Samsung (SSNLF).
Goldman Sachs (GS), Morgan Stanley (MS), and J.P. Morgan (JPM) are the lead underwriters of the IPO. After the deal closes, Oura will list on the Nasdaq under the ticker symbol “OURA.”
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