Oura Health is preparing for a potential U.S. stock market debut that could raise up to $3 billion and value the smart ring maker at more than $16 billion.
The company, which makes wearable devices designed to monitor sleep, fitness and other health metrics, could launch its IPO as early as next month, sources familiar with the plans told Bloomberg. The offering is also expected to include a substantial secondary component, allowing some of Oura’s existing investors to cash out part of their stakes in the company.
Details surrounding the IPO are still in the works and subject to change.
The company filed confidentialy for its IPO in May, and has retained Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies Financial Group to work on the public offering.
The San Francisco and Finland-based company was founded in 2013 by Petteri Lahtela, Kari Kivela, and Markku Koskela. In September 2025, the company’s valuation hit $11 billion, after a funding round raised $875 million in Series E.
Unlike earlier wearable companies that relied primarily on device sales, Oura has increasingly leaned into a subscription model layered on top of its hardware. Users pay recurring fees for insights into sleep, recovery, stress and readiness generated from biometric data collected by the ring. That data layer has become central to its investor narrative, shifting attention from hardware sales toward long-term engagement and health insights.
Private investors say recent digital health IPOs, including Hinge Health Inc (NYSE:HNGE), are emerging as important reference points for the sector, helping reset valuation expectations in public markets.
Andreessen Horowitz general partner Julie Yoo previously told Axios that investors were closely watching the first wave of digital health listings, describing the Hinge Health debut as a key moment that would help “set the stage” for the broader category.
The competitive landscape remains crowded, with major technology companies such as Apple Inc and Samsung continuing to expand their health ecosystems. Samsung introduced its own Galaxy smart ring in 2024, while Apple continues to expand its health features across its Apple Watch.
Photo courtesy of Oura Health
Login to comment