Smart ring maker Oura has filed to go public. The company had filed for an IPO in May, and its existing investors are seeking to raise as much as $3 billion. It is expecting a valuation of more than $16 billion.
Oura saw a significant jump in revenue over the past year. The company went from $697 million in revenue during the nine-month period that ended June 30 last year to $1.2 billion during the corresponding period this year. It also said that it previously generated $500 million in revenue in 2024, roughly $1 billion in 2025, and that it expected to generate close to $2 billion in revenue this year.
Founded in Finland in 2013, Oura makes smart rings that have gained significant traction, with celebrity fans and ambassadors including Jennifer Aniston, Prince Harry, Kim Kardashian and Spider-Man actor Tom Holland. The ring allows users to track metrics including heart rate, temperature and sleep quality.
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Oura says it has sold 3.6 million rings over the past year and currently has approximately 5 million paid members. According to the filing, the company also has an approximately 85% weighted-average 12-month membership retention rate, meaning that roughly 85% of members who sign up in a given month are still subscribed a year later. The rings sell in the range of $350 to $400.
Oura says in its SEC filing, “We believe our opportunity extends beyond traditional wearable use cases centered on activity and fitness tracking,” it says. “We believe our platform can support significantly larger populations as we continue to expand access, build clinical evidence, and deepen integrations with health plans, employers, and care providers.”
Oura also mentioned that its data is fueling AI integration.
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“We believe we have amassed one of the largest and highest-quality longitudinal biometric datasets in consumer health, tracking over 50 health and wellness metrics and representing nearly 42 billion hours of physiological data,” it states. “This dataset powers our AI and machine-learning models, which decode complex physiological patterns and improve in accuracy, personalization, and predictive capability as member histories deepen.”
Oura was recently hit with a proposed class-action lawsuit accusing it of misleading users about the accuracy of its sleep-tracking capabilities. 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 that the complaint describes as little more reliable than a coin flip. The litigation follows years of complaints claiming that Oura consistently rated their sleep as optimal when, in fact, it was not. Oura has disputed the claims and previously told TechCrunch it will “defend against” them in the “appropriate legal forum.”