Smart Ring Maker Oura Targets US IPO by September 2026 at Over $16 Billion Valuation

In May, Oura confidentially filed for an IPO and engaged Goldman Sachs, Morgan Stanley, and JPMorgan as underwriters. After completing its Series E funding round in 2025, Oura was valued at $11 billion, and the current target valuation represents an increase of more than 45% over that round.

Oura was founded in 2013 in Finland by three engineers with backgrounds at Nokia and Polar, with the initial goal of developing a health-data monitoring ring to improve lifestyle habits and prevent chronic diseases. In 2015, Oura raised over $650,000 through a Kickstarter campaign and completed a $2.3 million seed round. In 2020, during the NBA restart, more than 2,000 Oura Rings were purchased, boosting the company's profile. In 2021, 2024, and 2025, Oura completed Series C, D, and E funding rounds of $100 million, $200 million, and $900 million, respectively.

Oura Ring starts at $299, with users paying a $5.99 monthly membership fee for full health data analysis; subscription revenue accounts for approximately 20% of Oura's total revenue. Tom Hale joined Oura as CEO in 2022, having previously held executive roles at Adobe, Momentive, and SurveyMonkey. Since 2023, Oura has acquired digital identity platform Proxy, metabolic health company Veri, and health data platform Sparta Science, and has entered a strategic partnership with glucose monitoring company Dexcom. In 2024, Oura launched the AI-driven Oura Advisor; in April 2026, it introduced a large language model designed specifically for women's health; and in June, it announced the creation of a Chief Information Officer and a Senior Vice President of AI and Software Engineering.

Fitbit was founded in 2007 and listed on the New York Stock Exchange in 2015, with an IPO valuation of approximately $4.1 billion and a market capitalization that once approached $10 billion, before being acquired by Google for about $2.1 billion, a decline of nearly 80% from its peak. Apple and Samsung have also entered the smart ring space. Oura Ring users include Elon Musk, Prince Harry, Mark Zuckerberg, and Eileen Gu. In December 2024, Oura co-founder Petteri Lahtela said the company had received multiple acquisition offers from tech giants but had declined them all.