Oura, the Finnish company that turned a piece of finger jewellery into a serious health-tracking franchise, has filed confidentially for a US initial public offering. The filing comes less than a year after the company closed a $900m Series E that valued it at $11bn, more than double its $5.2bn mark from December 2024.
The company has lined up Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co and Jefferies to run the deal, according to Bloomberg’s reporting, with a listing targeted for later this year. The exact size and valuation range have not been disclosed; confidential filings let companies negotiate with the SEC out of public view before publishing a prospectus.
Oura also has not yet named the exchange it intends to list on, the share-class structure it will use, or the lockup terms applied to its existing investors.
The pitch to public-market investors is unusually concrete for a wearables company. Oura reported revenue above $500m in 2024 and chief executive Tom Hale told Bloomberg in late 2025 that the company was on track for roughly $1bn in 2025 sales, with its official 2026 outlook sitting around $1.5bn and an upper case nearer $2bn.
By the company’s own count, half of the 5.5 million rings ever sold have shipped in the last twelve months.
That growth has been the spine of the valuation story. The $11bn Series E was led by Fidelity, with ICONIQ, Whale Rock and Atreides also participating, according to CNBC.
It capped a stretch in which Oura moved beyond sleep tracking into stress, cardiovascular load, women’s health and, more recently, gesture input, after the company acquired UK micro-gesture startup Doublepoint earlier in the year.
Oura’s positioning is also helped by what its rivals have not done. The Oulu-founded company still accounts for the bulk of global smart-ring sales, and Samsung’s Galaxy Ring, Ultrahuman’s Ring Air, and Apple’s still-rumoured ring effort have so far chipped at the category rather than redefined it.
A lawsuit Oura filed against Ultrahuman over patent infringement, which TNW covered last year, is still working through the courts.
There are risks the prospectus will eventually have to address. Hardware companies trading on health data are exposed to FDA reviews, insurance reimbursement decisions, and the question of how much of the $5.99 monthly subscription will hold up as competitors price aggressively. Apple, in particular, has the platform leverage to bundle ring-style sensing into the watch or into a future device of its own.
For now, Oura goes into the listing window with the numbers most of its peers do not have: a billion-dollar revenue base, a doubling growth rate, and a category it largely defined.
Whether public markets price it like a consumer electronics company or like a health-tech platform will be the more interesting question once the S-1 surfaces.
