Markets & Business
Oura files to go public
Smart ring maker Oura filed for an IPO, reporting revenue growth from $697 million to $1.2 billion year-over-year, as it also faces a lawsuit over sleep-tracking accuracy.
Oura, the smart ring maker, has filed to go public. Its filing with the U.S. Securities and Exchange Commission on Thursday shows revenue jumped from $697 million in the nine months ended June 30 last year to $1.2 billion in the same period this year. The company previously said it generated $500 million in revenue in 2024, roughly $1 billion in 2025, and expects to generate close to $2 billion this year.
Oura says it sold 3.6 million rings over the past year and now has approximately 5 million paid members — users who subscribe for broader health metrics — with an approximately 85% weighted-average 12-month membership retention rate. Its rings, which sell for $350 to $400, are fitness trackers measuring biometrics from metabolism and heart rate to stress and sleep, marketed alongside a companion app as an “always-on health intelligence platform.”
Late last month, Oura was reported to be seeking to raise $3 billion in its expected public offering; the company confidentially filed for an IPO in May, and Bloomberg has reported it is expected to seek a $16 billion valuation, up from about $11 billion in October of last year. In its filing, Oura says its opportunity extends beyond fitness tracking as it expands access, builds clinical evidence, and deepens integrations with health plans, employers, and care providers, and points to a biometric dataset it says spans more than 50 health and wellness metrics and nearly 42 billion hours of physiological data powering its AI and machine-learning models.
The IPO filing comes as Oura also faces a proposed class action lawsuit accusing it of misleading users about the accuracy of its sleep tracking. The suit alleges Oura’s rings can’t actually detect the physiological signals needed to determine sleep stages, and instead rely on AI-generated estimates the complaint describes as “little more reliable than a coin flip.” Oura has disputed the allegations and said it will defend against the claims in the appropriate legal forum.
Why it matters
Oura’s IPO filing tests whether investors will value a wearables company at a software-platform multiple, just as a lawsuit challenges the accuracy claims underpinning its core health-tracking pitch.