Oura, smart ring maker, confidentially files for IPO

Oura, the maker of the eponymous smart ring that tracks users’ health and sleep, made a secret application. draft of the public offering prospectus The company announced Thursday that it had reached a settlement with the Securities and Exchange Commission.

Oura did not specify a timeline for the IPO, saying it would occur after the SEC completes its review process and depends on market and other conditions.

Launched in 2015, Oura’s smart ring product has evolved well beyond sleep tracking and now offers a range of features focused on broader health and wellness. In recent years, new capabilities have increasingly focused on improving preventive health through artificial intelligence, analytics and other features.

The company recently reported that it’s on track to surpass five million paying members this quarter; This represents a fourfold increase in the last two years. It was stated that this has led to a 4-fold increase in total revenue in the last two financial years.

The value of Oura, which has been on the CNBC Disruptive 50 list four times, including 14th place in 2026, reached $11 billion in October after a $900 million Series E financing round. In total, the company has raised more than $1.5 billion.

Oura last September announced He said the product has sold more than 5.5 million Oura Rings since its launch, up from the 2.5 million rings the company said it had sold by June 2024.

CEO Tom Hale told CNBC in November that Oura could achieve close to $2 billion in sales by 2026 by investing in artificial intelligence and international expansion. Hale said the company is on track to achieve $1 billion in sales in 2025, doubling its 2024 revenue.

Activity in the IPO market has calmed somewhat since the 2021 boom, but the IPO market in the US is expected to warm up, led by the AI ​​theme and the highly anticipated offerings from SpaceX and OpenAI. Last week, AI hardware company Cerebras’ Nasdaq listing was the biggest tech offering since Uber’s IPO in 2019. IPO research and investment firm Renaissance CapitalThis year, a total of $28.9 billion was raised from IPOs above the $50 million market cap range; This is up 146% on last year, with a total of 100 deals made year-to-date, similar to last year’s level. Last year, 202 IPOs raised a total of $44 billion; Approximately 400 deals generating over $140 billion in revenue in 2021.

Oura’s success comes with increased competition and growth in the broader health-focused wearables category. As Apple continues to add health features to the Apple Watch, garmin he said he saw Fitness products revenue increased 42% year-over-year in the first quarter of 2026 due to “strong demand for advanced wearables.”

Whoop, which was also on the 2026 CNBC Disruptor 50 list, raised $575 million in Series G financing at a $10.1 billion valuation in March. Earlier this month, Google announces new screen-less Fitbit “It delivers our most in-depth health insights yet,” he said.

But Oura’s ring form and strong growth have helped it become one of the leaders in the category. The company recently said it partners with more than 1,200 health, wellness and trademarks and organizations, including partnerships with Team USA and US Soccer.

Oura recently moved its headquarters from Finland to San Francisco.

“We’ve earned the trust of millions of people around the world to help them understand some of their most personal health signals, including sleep, stress, recovery, women’s health, activity, metabolic health and more,” Hale said in a recent press release. “We have gone beyond monitoring to provide actionable health intelligence that helps people better understand their bodies and make more informed decisions for their long-term health.”