Oura Targets Up to $2.2 Billion in Smart-Ring IPO

Oura is moving ahead with plans to go public, targeting as much as $2.2 billion in proceeds from an initial public offering of its smart-ring business. The company plans to offer 50 million shares at between $40 and $44 each, according to its regulatory filing with the U.S. Securities and Exchange Commission.

At the top of that range, Oura’s proposed fully diluted valuation would reach approximately $15.62 billion, according to Reuters calculations. Of the 50 million shares in the offering, Oura plans to sell 13.5 million, while existing shareholders are expected to offer the remaining 36.5 million shares.

The planned IPO comes after a sharp increase in Oura’s financial performance. For the nine months ended June 30, revenue climbed 74% year over year, rising from $697.6 million to $1.21 billion. Net income also increased substantially, reaching $60.8 million compared with $1.6 million during the same period a year earlier.

Oura was valued at approximately $11 billion following a Series E financing round in October 2025. The funding, led by Fidelity Management & Research Company, brought in more than $900 million. The company had previously filed confidential IPO paperwork with the SEC in May 2026.

Founded in 2013, Oura operates a smart-ring and subscription business focused on health and wellness tracking. Its Oura Ring 5 is priced at $399, while premium finishes cost $499. The company’s Oura Membership subscription costs $5.99 per month or $69.99 annually and provides access to tracking for more than 50 health metrics along with personalized health insights.

Oura sold approximately 3.6 million smart rings over the past year. Its subscription business has also expanded rapidly, with membership revenue increasing from $108.8 million to $240.5 million for the nine months ended June 30 in 2025 and 2026, representing 121% year-over-year growth.

As of June 30, Oura had 5 million paying members across 56 markets worldwide, underscoring the scale of its subscription base as the company prepares for its public-market debut.