Oura Seeks Up to $3 Billion in US IPO, Valuation May Exceed $16 Billion
Oura, a smart ring maker, is seeking to raise up to $3 billion in a US initial public offering, with a potential valuation exceeding $16 billion. The company confidentially filed in May 2026, with Goldman Sachs and others underwriting. Oura has raised substantial funding, including a $200 million Series D in December 2024 and a $900 million Series E in October 2025, valuing it at about $11 billion. It has sold 5.5 million rings as of September 2025 and holds a 74% market share in H1 2025.
Smart ring maker Oura and some of its investors are seeking to raise up to $3 billion (RMB 20.2 billion) in a US initial public offering (IPO). Since the information is not yet public, sources familiar with the matter asked not to be identified. A representative for Oura did not immediately respond to a request for comment.
In May 2026, Oura announced it had confidentially submitted a draft registration statement for the IPO. The offering is being jointly managed by Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. , and Jefferies Financial Group. Oura was founded in Finland in 2013 and is now headquartered in San Francisco. It develops and sells smart rings, and through a companion mobile app provides users with health data monitoring and analysis for sleep, exercise, heart rate, and more. Founding members include Petri Lahtela, Kari Kivelä, and Markku Koskela, who previously gained experience in product, engineering, and R&D, including at Polar and Nokia.
Oura has completed over a dozen funding rounds. In December 2024, Oura completed a $200 million (RMB 1.34 billion) Series D round, valuing it at $5.2 billion (RMB 34.9 billion). In October 2025, Oura completed a Series E round of over $900 million (RMB 6.05 billion), valuing it at approximately $11 billion (RMB 73.9 billion), led by Fidelity Management & Research, with participation from Iconiq, Whale Rock, and Atreides. On the product side, Oura launched the first-generation Oura Ring in 2015, released the Oura Ring Gen2 in 2017, and introduced the Oura Ring Gen3 in October 2021, adding features such as women's health cycle prediction, automatic activity detection, and daytime heart rate.
In October 2024, Oura released the Oura Ring 4, which uses Smart Sensing technology and upgrades features such as daytime stress, automatic activity detection, cycle insights, and the app experience.
In May 2026, Oura released the new Oura Ring 5, which is 40% smaller than the Oura Ring 4, measuring 6.09 mm wide and 2.28 mm thick, with a battery life of 6 to 9 days per charge. At the same time, Oura also launched software features including Health Radar, real-time activity tracking, and GLP-1 Insights, which monitor cardiovascular and respiratory signals, display exercise data in real time, and analyze users' long-term health changes in conjunction with medication records. As of September 2025, the company had sold a cumulative 5.5 million smart rings, up from 2.5 million in June 2024.
Based on shipments in the first half of 2025, Oura ranked first in the global smart ring market with a 74% share. Although smart rings remain much smaller than smartwatches in the global wearable device market, the category is attracting more large technology companies. Samsung launched the Galaxy Ring in 2024, and Apple is exploring multiple AI-driven new wearable devices.
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