Oura helped turn the smart ring from a niche piece of wearable technology into one of the most recognizable health-tracking devices in the world.
Now it wants to become a publicly traded company.
The maker of the Oura Ring has officially filed for an initial public offering in the United States, giving investors their first detailed look inside a company that has become one of the biggest names in consumer health technology.
Oura plans to list on the Nasdaq under the ticker symbol OURA.
The company hasn’t yet disclosed exactly how many shares it plans to sell or the final IPO price range. But the filing reveals something arguably more interesting:
Oura has become a very big business.
For the nine months ending June 30, 2026, Oura generated approximately $1.21 billion in revenue, up 74% from $697.6 million during the same period a year earlier.
Even more importantly, Oura is profitable.
The company reported $60.8 million in net income during those nine months, compared with just $1.6 million during the same period the year before.
The numbers show just how far Oura—and the entire smart ring category—has come.
Oura Has Become Much Bigger Than a Smart Ring Startup
Oura’s story started more than a decade ago in Finland.
The company was founded in 2013 around the idea that a small sensor worn on the finger could continuously collect health information without requiring people to wear a traditional smartwatch.
That concept has since developed into an entire category.
Oura’s rings track metrics related to sleep, activity, recovery, stress, heart health, temperature and other physiological signals.
The company’s software then translates that information into scores and insights designed to help users understand what is happening inside their bodies.
It’s a formula that has attracted millions of consumers.
As of June 30, Oura reported approximately 5 million paid members across 56 markets.
The company also said it sold approximately 3.6 million rings during the previous 12 months.
That’s a remarkable scale for a device category that was relatively unknown to mainstream consumers just a few years ago.
The Numbers Behind the Oura IPO
Oura’s IPO filing gives investors a much clearer picture of the business.
During the nine months ending June 30, 2026, the company reported:
$1.21 billion in revenue
74% year-over-year revenue growth
$60.8 million in net income
55% gross margin
$106.7 million in adjusted EBITDA
Approximately 5 million paid members
Oura also reported roughly 85% weighted-average 12-month membership retention.
That last number could become particularly important for investors.
Oura isn’t simply selling hardware.
It’s selling memberships.
The Subscription Business Could Be Oura’s Biggest Advantage
Buying an Oura Ring is only one part of the company’s business model.
Users can also pay for an Oura Membership to unlock the company’s broader suite of health insights and features.
That creates recurring revenue long after the initial ring purchase.
According to Oura’s IPO filing, hardware represented roughly 80% of revenue during the first nine months of fiscal 2026, while memberships represented around 20%.
That means hardware still drives most of the business.
But subscriptions could be strategically much more important over the long term.
Selling someone a ring generates revenue once.
Keeping that person subscribed can generate revenue every month or year that they continue using the platform.
It also creates a deeper relationship between Oura and the consumer.
Instead of buying a wearable and forgetting about it, users continuously return to Oura’s app to check sleep, readiness, activity, stress and other health information.
The ring gets people into the ecosystem.
The health data gives them a reason to stay.
Oura Helped Create the Smart Ring Category
The timing of Oura’s IPO is especially interesting because smart rings are no longer a one-company market.
Samsung has entered the category with the Galaxy Ring.
Ultrahuman has built the Ring AIR around sleep, movement and metabolic health.
RingConn has positioned itself as a lower-cost alternative without a required subscription.
Movano Health has developed the Evie Ring with a particular focus on women’s health.
And Amazfit has entered the market with its Helio Ring.
That’s a very different competitive landscape from the one Oura faced several years ago.
But Oura has something most of those competitors don’t:
Scale.
Its approximately 5 million paid members give the company an enormous installed user base, while years of collected health data could help improve the algorithms and insights sitting behind the product.
As Vital Report covered in our guide to the Best Smart Rings of 2026, Oura remains one of the defining products in a category that is becoming increasingly competitive.
The IPO will now test whether investors believe Oura can maintain that lead.
Oura Wants to Become More Than a Wearable Company
One of the most important messages inside Oura’s IPO filing is that the company doesn’t see its future as simply selling smart rings.
Oura describes a much larger opportunity extending into preventive healthcare.
That makes sense.
A ring is ultimately a sensor.
What becomes much more valuable is what a company can do with the information that sensor continuously collects.
Sleep patterns.
Resting heart rate.
Heart rate variability.
Body temperature.
Activity.
Stress.
Recovery.
Over time, wearable devices can create an increasingly detailed picture of someone’s health.
Oura wants to turn that information into a broader health intelligence platform.
That could mean deeper relationships with healthcare providers, employers, health plans and other organizations.
It could also mean more services built directly around Oura’s existing consumer base.
The company believes the broader preventive-health opportunity it can address represents more than $90 billion in serviceable spending.
That’s a significantly bigger vision than selling rings.
Wearables Are Moving Deeper Into Healthcare
Oura’s ambitions also reflect a larger shift across the wearable industry.
The first generation of consumer wearables was largely about steps.
Then came heart rate.
Then sleep.
Then recovery, stress, temperature, blood oxygen and increasingly sophisticated health metrics.
Now the category is moving toward something much more ambitious:
Continuous health monitoring.
Apple has steadily expanded the health capabilities of the Apple Watch.
Samsung is integrating its wearables into a broader health ecosystem.
Smart rings are getting smaller while tracking more information.
Continuous glucose monitors have moved beyond traditional diabetes management and into broader metabolic-health conversations.
And AI is making it possible to interpret increasingly large amounts of personal health data.
The competition is no longer simply over who makes the best fitness tracker.
It’s over who can become the interface through which consumers understand their health.
Oura wants to be one of those companies.
Five Million Members Create Something Else: Data
Oura’s membership base doesn’t only produce subscription revenue.
It also produces an enormous amount of longitudinal health data.
Every night of sleep.
Every recovery score.
Every temperature trend.
Every period of elevated stress.
Every change in resting heart rate.
Multiply that across millions of members and years of usage, and Oura potentially has access to one of the more interesting datasets in consumer health technology.
That data can help improve existing features.
It can support research.
It can help Oura develop new health insights.
And increasingly, it can power AI-driven experiences.
Oura describes its platform as combining continuous biometric sensing, longitudinal data and artificial intelligence to create personalized health guidance.
That may ultimately become more valuable than the ring itself.
The IPO Could Value Oura Far Above $11 Billion
Oura was valued at approximately $11 billion in its previous major funding round.
Reports surrounding the IPO have suggested that the company could seek a valuation around $16 billion, although the final valuation will depend on the number of shares offered, pricing and investor demand.
That would represent another major step up for the company.
But investors will have to decide what kind of business Oura actually deserves to be valued as.
Is it a hardware company?
A subscription company?
A wellness company?
A healthcare company?
Or a health-data platform?
The answer matters.
Consumer electronics businesses can be difficult.
Devices require constant innovation. New generations can make old inventory obsolete. Manufacturing creates supply-chain risk. Competitors can introduce similar hardware.
Software and subscription businesses can look very different.
Recurring revenue, high margins and long customer relationships can make those companies significantly more attractive.
Oura currently sits somewhere between the two.
Its challenge after going public will be shifting more of its value toward the second category without losing the hardware business that made the platform possible.
There Are Still Risks
Oura’s growth numbers are impressive, but going public will bring considerably more scrutiny.
Competition is one obvious concern.
Oura isn’t just competing with other smart rings.
It’s competing for wrist and finger real estate against some of the largest technology companies in the world.
Another issue is its continued dependence on hardware.
Around four-fifths of Oura’s recent revenue still came from hardware, meaning the company hasn’t yet transformed into the subscription-dominated health platform it ultimately wants to become.
Retention will matter too.
An approximately 85% 12-month membership retention rate is strong, but Oura needs to continue convincing consumers that its insights remain useful enough to justify paying for them year after year.
Then there’s innovation.
Wearable technology moves quickly.
Today’s premium health feature can become tomorrow’s standard feature.
Oura will need to continue finding new reasons for consumers to buy its hardware and remain inside its ecosystem.
Why the Oura IPO Matters for Wellness
Oura going public is bigger than one wearable company.
It’s another sign of how valuable consumer health has become.
Health and wellness used to be fragmented across gyms, doctors’ offices, pharmacies and supplement stores.
Increasingly, technology companies are connecting those experiences.
Wearables collect the data.
Apps interpret it.
AI personalizes it.
At-home tests add biomarkers.
Health platforms connect consumers with additional services.
The company that successfully brings those pieces together could own an extraordinarily valuable relationship with consumers.
Oura already has one of the most important pieces:
Millions of people willingly wearing its sensor almost every day.
The Bottom Line
Oura’s IPO filing reveals just how quickly the smart ring company has grown.
The company generated approximately $1.21 billion in revenue during the first nine months of fiscal 2026, representing 74% year-over-year growth.
It reported $60.8 million in net income.
It has approximately 5 million paid members.
And it plans to list on Nasdaq under one of the most obvious ticker symbols imaginable:
OURA.
But the bigger question isn’t whether Oura can sell more rings.
It’s whether the company can use those rings as the foundation for something much larger.
Oura wants to move from sleep and recovery tracking toward continuous, personalized and preventive health.
If it succeeds, the ring may eventually become the least interesting part of the company.
The IPO gives public-market investors their first opportunity to bet on whether that transformation can actually happen.