Oura Health Oy, the manufacturer of wearable smart rings that track sleep and activity, is preparing for a U.S. IPO that could raise as much as $3 billion. Reports suggest the listing could value the company at more than $16 billion, which would be a step-up from the $11 billion valuation it fetched at its September 2025 Series E funding round.
The company filed for an IPO in early September, and media reports suggest the debut could take place as soon as this month. Oura’s listing will be a crucial market test to determine if Wall Street will value a wearable health device maker using software-like multiples rather than pure-play hardware metrics.
Find a detailed analysis of Oura Health’s upcoming IPO below, drawing on insights from AlphaSense’s SuperAnalyst.
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Company Overview
Oura designs a wearable smart ring that tracks sleep, readiness, activity, and other health metrics. The company generates revenue through hardware sales (accounting for about 80% of Oura’s revenue) and membership fees (20%). Oura was founded in Finland in 2013 and is headquartered in San Francisco, with an EU headquarters in Oulu, Finland.
As of May 2026, Oura said it was on pace to surpass 5 million paid members in the second quarter of the year. The Oura ring tracks more than 50 health metrics continuously, and this functionality is helping the company transition from a wellness gadget manufacturer to a preventative health platform. A notable example is Oura’s push into GLP-1 self-management through a feature on its app that pairs medication tracking with the ring’s continuous biometric monitoring. Because it’s worn on a finger, the ring provides stronger biometric signals than wrist-based devices, enabling more accurate measurements and early detection capabilities like illness prediction, according to broker research. The company is selling its products through retailers including Best Buy, Target and Amazon, while also expanding its health-plan and employer benefits channel.
Financial Performance
Oura management said it expects revenue to approach $2 billion in 2026, up from about $1 billion the year prior. The S-1 filing showed the company generated about $1.4 billion in revenue for the 12-month period ending June 30, 2026, up 74% from the same period a year prior.
The current-generation Oura Ring 5 is priced at $499 for premium color finishes and $399 for base finishes in Silver and Black. The ring-charging case sells separately for $99. The company’s membership costs $5.99 monthly or $69.99 annually, and that membership provides a user with complete health data tracking, in-depth breakdowns, and personalized guidance. Without a membership, the app is limited to providing high-level health summaries.
Market Competition
Oura leads the smart ring market with close to 80% market share, ahead of Samsung, which entered the market with a Galaxy ring in 2024. Oura also competes more broadly with other wearable makers like Apple, Garmin, and WHOOP. The smart ring maker differentiates itself through high-quality continuous sensing and AI-driven insights delivered through its app.
Analysts expect ring-based wearables will be consumers’ preferred option over smartwatches given the former’s superior comfort and battery life. Other direct challengers to Oura include Ultrahuman and RingConn, both of which compete on similar metrics but lost a patent dispute before the U.S. International Trade Commission (ITC). The ITC ruled in Oura’s favor and ordered sale bans on the infringing products in October 2025. RingConn reached a royalties agreement with Oura, allowing it to continue to sell its rings in the U.S., while Ultrahuman had to stop selling its Ring Air until it secured U.S. regulatory approval to sell its new product, the Ring Pro, in 2026.
What Experts Are Saying
From a ring standpoint, there really isn't anybody that directly competes. I probably would say that the Galaxy Ring is probably the closest. They won a lawsuit against Ultrahuman. Ultrahuman can't currently sell their product in the States. I actually thought that Ultrahuman was going to be the biggest competitor…One of the challenges that a Samsung or an Apple device would face if Apple ever came out with a ring is that it's tied specifically to that phone. It's a one-architecture approach that may not matter as much from a consumer standpoint, although it certainly limits the size of the attainable market for say a Galaxy or for a Samsung or an Apple because that would require the user to switch to a different phone.
The barrier to entry for Oura is really low. You charge it, you put it on your finger. As a large company, in the background, you can connect with Oura's clinician platform, and it's pretty simple and straightforward… We chose that because we looked at a lot of other options that could help us monitor temperature and some other things, but we couldn't get people to consistently use it, particularly the aging population.
Oura transcends the wellness consumer into the healthcare consumer. Access is always going to be an issue as you're expanding the audience pool. Whether it's a direct relationship with an insurer or medical provider, Medicare access in the U.S., etc., that will become a massive unlock when it comes to helping companies like Oura reach scale…I think increasingly, we're seeing folks transition from having a screen device to a screen-less device. In a world in which attention is at a premium, I think folks are perhaps ditching the Apple Watch for an Oura, where they get the same level of insights when it comes to their health and performance, but without having the level of distraction that comes from having a screen on your wrist.
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