Oura Files Confidentially for U.S. IPO Prospectus With SEC Review Pending

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.

“Equipment•Finance Bloomberg — Oura Health Oy, a maker of smart rings that track health, fitness and sleep, filed confidentially for a US initial public offering as it looks to capitalize on the growing popularity of wearable devices”

Athletech News

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.

Athletech News

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.

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.

CNBC

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.

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.

“Topline Oura Health, the maker of the Oura smart ring, has confidentially filed paperwork with the Securities and Exchange Commission for a proposed initial public offering, the company said Thursday, joining a 2026 IPO filing wave this week that already includes SpaceX's blockbuster prospectus released Wednesday and an imminent confidential filing from OpenAI”

Forbes

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.