Business22 May, 20262 min read
Oura Files Confidentially for U.S. IPO Prospectus With SEC Review Pending
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Oura Health Oy filed confidentially for a US IPO with the SEC. No share count, price range, or date disclosed; timeline depends on SEC review.
Oura’s IPO filing
Oura, the Finnish smart ring maker, confidentially filed a draft of its IPO prospectus with the U.S. Securities and Exchange Commission, with the company saying the offering would take place after the SEC completes its review process, subject to market and other conditions.
Oura said it did not specify the timeline for an IPO, and it did not disclose the number of shares or a price range at the confidential stage.
The filing comes as Oura reported it had sold 5.5 million rings to date, up from 2.5 million rings as of June 2024, and as the company said it is on track to surpass five million paid members this quarter.
Oura also said it has raised more than $1.5 billion in total, and it was valued at $11 billion in October following a $900 million Series E funding round, according to CNBC.
Numbers and valuation
Multiple outlets tied Oura’s IPO push to its recent fundraising and unit milestones, with TechCrunch saying that at the time of its Series E last September, Oura said it had sold 5.5 million rings to date. TechCrunch also reported that Oura’s Series E raised $875 million at a valuation of $11 billion, more than double the $5 billion price tag it had earned in a prior round in 2024.
Forbes similarly said Oura reached an $11 billion valuation last September after raising $875 million, and it said CEO Tom Hale stated the company was on track for $1.5 billion in revenue in 2026. Forbes added that Oura planned to list later this year with Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies working on the deal, while noting the company did not disclose the number of shares or price range for the offering at the confidential stage.
What investors will watch
Oura’s IPO process is being framed around how its hardware and subscription model fit together, with CNBC describing the company’s smart ring as tracking health and sleep and evolving beyond sleep tracking into broader health and wellness. In a separate interview, JDN quoted Tom Hale describing Oura’s approach as “profitable with a model that combines hardware sales and subscriptions,” and he said the ring’s hardware sales help cover manufacturing costs and customer acquisition costs.
JDN also said Hale described the majority of revenues still coming from the sale of Oura Rings, adding that subscription sales “simply haven’t caught up” to that amount yet. Meanwhile, TechCrunch said Oura recently introduced a proprietary AI model geared toward women’s health, as the company sought to cater to its growing base of women customers ahead of its public-market debut.