Oura files to go public as smart-ring rivals crowd in

Oura’s business is thriving heading into the filing: the Finnish company’s revenue nearly doubled to $1.21 billion for the nine months ended June 30, with 3.6 million rings sold over the past year and around 5 million paid members. The IPO filing follows the recent launch of the Oura Ring 5, the company’s slimmest and lightest ring yet. But while Oura has dominated the category for years, rivals are emerging from multiple directions, each betting on a different angle — French company Circular says its upcoming ring will support tap-to-pay, Chinese company RingConn added haptic vibrations this year, and Indian company Ultrahuman, which raised $70 million with backing from Qualcomm’s venture arm, is building toward a ring capable of running software directly on the device for AI interactions and games.

Ultrahuman’s U.S. business was disrupted in October 2025 after the U.S. International Trade Commission ruled in Oura’s favor in a patent dispute, blocking new ring imports; the company responded with a redesigned $479 Ring Pro, set to begin shipping in the U.S. in mid-September, that uses a new heart-rate sensing system and dual-core processor to work around Oura’s patent. Circular’s upcoming Ring 3 series (a Pro and a Slim model), expected early next year, will add an NFC chip for payments and on-finger vibrations for alerts, with the Pro featuring FDA-cleared ECG for A-fib detection, blood pressure trend tracking, and glucose tracking; pricing hasn’t been announced. RingConn’s Gen 3, which launched in May starting at $349, adds vascular-strain insights calibrated against externally measured blood pressure, alongside heart rate, blood oxygen, sleep, and stress tracking.

Samsung, the first major tech giant to launch a smart ring in 2024, sells the $399 Galaxy Ring, which lacks sleep apnea detection (offered by RingConn, Oura, and Ultrahuman) and A-fib detection (available on Circular and RingConn). Dreame, a newer entrant, unveiled a ring this year with haptic alerts and a small touchpad for skipping songs or taking photos, plus heart rate, blood oxygen, and sleep tracking; pricing and availability haven’t been announced.

Why it matters

The smart ring category is shifting from a health-tracking niche into a broader feature race — payments, on-device processing, touch controls — that could blur the line between wearables and smartphones.