Oura reportedly eyes September IPO that could value it above $16B

Oura, the smart ring maker with offices in San Francisco and Finland, is reportedly planning to raise up to $3 billion as soon as next month in a U.S. IPO that could value the more than 900-person company north of $16 billion, according to Bloomberg. The outlet adds that investors are expected to sell a major chunk of stock in the offering.

That figure would mark a sharp jump from the $10.9 billion valuation Oura was assigned last September, when it closed an $875 million Series E round backed by Fidelity, ICONIQ, Whale Rock, and Atreides, joining earlier backers including Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek. Oura announced in May that it had filed confidentially for an IPO.

The wearables space has crowded quickly. Samsung launched its own Galaxy Ring two years ago, and rival fitness-band maker Whoop — which has spent the past year courting a broader audience with hormone tracking and blood-panel testing for perimenopause and thyroid health — saw its own valuation climb to up to $10 billion in March. Oura has followed a similar path, evolving from a niche among biohacking CEOs into a more mainstream sleep-and-recovery brand.

Oura has said it generated $500 million in revenue in 2024, roughly $1 billion in 2025, and expects to generate close to $2 billion in 2026, though more detail is expected once its S-1 filing becomes public.

Not all the recent attention has been positive. A proposed class-action lawsuit filed last week in San Francisco accuses Oura of misleading consumers about the accuracy of its sleep-tracking features, alleging the company claims to measure the exact stage of sleep a wearer is in — something the suit says actually requires electrodes and eye sensors only a clinical setting can provide. A company spokesperson told TechCrunch that Oura plans to defend against the claims in the appropriate legal forum, and said the company’s sleep staging has been validated and compared favorably in multiple independent studies against polysomnography, the gold standard, even though the Oura Ring is not a medical device or a substitute for a clinical sleep study.

Why it matters

A public listing that could reach more than $16 billion would make Oura one of the largest wearables IPOs yet, testing investor appetite for consumer health devices just as a lawsuit alleging misleading sleep-tracking claims puts the company under scrutiny.