According to Bloomberg, Oura, the well-known smart ring health tracker company, is gearing up to go public with an initial public offering (IPO) in the United States. Reports indicate that the firm could be aiming for a valuation topping $16 billion.
Valuation Could Surpass $16 Billion in U.S. IPO
With headquarters in both Helsinki and San Francisco, the wearable tech leader is reportedly seeking to raise as much as $3 billion in its IPO, potentially launching as early as next month. This ambitious fundraising goal would represent a significant jump from Oura’s last recorded valuation. The company’s worth was pegged at $10.9 billion in September 2025 following an $875 million Series E round led by Fidelity, which included participation from ICONIQ, Whale Rock, Atreides, Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek.
Bloomberg notes that the IPO will likely feature the sale of a considerable number of shares held by existing investors. Across its U.S. and Finnish locations, Oura’s workforce exceeds 900 employees.
Revenue Doubled as Focus Broadens
Financial updates from Oura reveal that the company reported $500 million in revenue for 2024, which then soared to approximately $1 billion in 2025. Expectations for revenue in 2026 approach $2 billion. Further details about Oura’s finances are anticipated to emerge with the publication of its S-1 ahead of the IPO.
Once catering primarily to biohackers and executives, Oura has made a deliberate shift to attract a broader consumer base by highlighting the benefits of its rings for overall wellness and sleep tracking. This evolution is consistent with industry-wide efforts among wearables makers to move beyond niche audiences and into the mainstream.
Wearable Tech Rivalry Heats Up
The smart rings and wearables segment has grown highly competitive. Not only have startups entered the fray, but electronics giants like Samsung introduced the Galaxy Ring two years ago. Oura faces direct competition from Whoop, a company producing sophisticated fitness bands. In the past year, Whoop expanded its products to include hormone monitoring and blood analysis for perimenopause and thyroid issues, broadening the company’s reach beyond professional athletes. As a result, Whoop’s valuation climbed to $10 billion as of March 2026.
Litigation Over Sleep Tracking Accuracy
As it advances toward a public offering, Oura is also confronting legal action. Last week in San Francisco, a proposed class action lawsuit was filed alleging that Oura misrepresented its sleep tracking technology’s accuracy. The legal complaint contends that Oura’s promotional claims of measuring sleep stages precisely are unsubstantiated—plaintiffs argue this is possible only with clinical-grade devices like scalp and ocular sensors commonly found in hospitals.
Oura, through a spokesperson, stated over the weekend that it intends to “defend against them in the appropriate legal forum.” The company asserted that while the Oura Ring is not designed as a medical device or a replacement for clinical sleep studies, its sleep stage technology has been favorably validated in numerous studies against polysomnography, the industry standard. Oura also emphasized that multiple independent, third-party studies support the accuracy of its claims and stressed its ongoing transparency regarding the methodologies used for sleep monitoring.
Oura’s IPO Path and Market Response
Progress toward going public continues, as Oura confidentially submitted its IPO registration in May. Investors and analysts remain attentive as the company prepares for its public market debut, closely monitoring Oura’s growth trajectory, the dynamically competitive market, and the outcome of legal proceedings surrounding its product representations.