Oura is reportedly preparing for a U.S. initial public offering that could come as early as September and value the smart ring company at more than $16 billion. Bloomberg reported that Oura Health Oy and some existing shareholders are seeking to raise as much as $3 billion through the offering, with current investors expected to sell a significant amount of stock. The potential transaction would mark the next stage in Oura’s move toward the public markets after years of rapid growth in consumer health wearables.
IPO Plans Move Forward
The reported timetable follows Oura’s May 21 announcement that it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed IPO of its common stock. At that point, the company said the number of shares and expected price range had not been determined, while noting that the offering would depend on completion of the SEC review and market conditions. Bloomberg has since reported that Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies are working with Oura on the listing.
Valuation Builds on Major Funding Round
A valuation above $16 billion would represent a substantial increase from Oura’s most recent private-market benchmark. In October 2025, the company announced that it had raised more than $900 million in Series E funding led by Fidelity Management & Research Company, bringing its valuation to approximately $11 billion. That financing was positioned as capital for international expansion, product development, artificial intelligence, hardware innovation, and broader investment in personalized health technology.
Strong Membership and Commercial Growth
Oura has also reported significant growth in its customer base and commercial footprint ahead of the proposed listing. In May, the company said it was on pace to surpass five million paid members during the quarter, with membership having increased more than fourfold over the previous two years, while more than 80% of members renewed after their first year. Oura also reported availability at more than 4,600 retail locations worldwide, relationships with over 1,200 health, wellness, and commercial partners, and more than fourfold revenue growth across the prior two fiscal years.
Expanding Beyond a Consumer Wearable
The company has increasingly positioned the Oura Ring as a platform for continuous health insights rather than simply a fitness accessory. Its products track signals related to sleep, recovery, stress, activity, and other physiological measures, while Oura has expanded into areas including women’s health, metabolic health, predictive insights, and AI-supported personalized guidance. Partnerships with sports organizations, healthcare groups, and commercial brands have also broadened the company’s reach beyond its original consumer audience.
Public Markets Could Test Wearables Demand
If Oura proceeds with an IPO in September, the offering would provide public-market investors with a prominent opportunity to assess the economics and growth prospects of wearable health technology. The company would enter the market with a large paid membership base, substantial private funding, and a business that has expanded across consumer health, healthcare partnerships, retail distribution, and digital services. The final size, pricing, timing, and valuation remain subject to change, particularly because Oura has not yet publicly released its full registration statement and offering terms.
Oura’s reported plan to raise up to $3 billion at a valuation exceeding $16 billion would make its potential IPO a major milestone for the expanding wearable health sector. The offering would build on the company’s approximately $11 billion valuation following its 2025 Series E round and come after several years of growth in memberships, retail distribution, partnerships, and product capabilities. Until Oura publicly releases its registration documents and final offering terms, however, the reported September timetable and valuation should be viewed as prospective rather than confirmed.
Source: Bloomberg