Topline
Oura Health, the maker of the Oura smart ring, has confidentially filed paperwork with the Securities and Exchange Commission for a proposed initial public offering, the company said Thursday, joining a 2026 IPO filing wave this week that already includes SpaceX’s blockbuster prospectus released Wednesday and an imminent confidential filing from OpenAI.
Key Facts
Oura did not disclose the number of shares or price range for the offering, both customary at the confidential stage.
The company plans to list later this year with Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies working on the deal, according to a person familiar with the matter cited by Bloomberg.
A successful debut would make Oura the largest consumer-wearables IPO since Peloton’s 2019 listing at a $8.1 billion valuation and Fitbit’s 2015 debut, which valued the company at roughly $4.1 billion.
Oura reached an $11 billion valuation last September after raising $875 million.
CEO Tom Hale said last September the company is on track for $1.5 billion in revenue in 2026, triple its 2024 sales, and has sold 5.5 million rings to date, more than double the amount it had shipped by mid-2024.
Key Background
Oura, founded in 2013 and headquartered between San Francisco and Oulu, Finland, helped invent the smart-ring category with its titanium-shelled device measuring heart-rate variability, body temperature, sleep stages and activity. The company has won a following among consumers who find smartwatches too bulky or too intrusive for round-the-clock wear and has resonated with the wellness-obsessed: Prince Harry, Jennifer Aniston and a long roster of professional athletes have been spotted wearing one. That visibility has drawn the world’s two largest consumer-electronics makers into the segment: Samsung introduced its Galaxy Ring in 2024, and Apple is developing a broader range of AI-powered wearables that could include a ring of its own. Rings remain a small fraction of the overall fitness wearables market, largely dominated by the Apple Watch and Fitbit-style trackers, but is a growing segment. Oura follows a slew of other tech companies, including SpaceX, Strava, Discord and Kraken, that have filed confidentially so far in 2026. SpaceX publicly filed its IPO paperwork on Wednesday, and OpenAI is expected to file confidentially as early as this week. Anthropic is reportedly seeking an IPO as early as late 2026.
Tangent
Oura’s filing arrives alongside Strava’s confidential submission earlier this year as a double feature for fitness-adjacent IPOs. Strava, the social fitness app, confidentially filed at a $2.2 billion valuation and has been working with Goldman Sachs on a potential spring 2026 listing. Both companies are betting the same consumer appetite that pushed Peloton and Fitbit onto public markets a decade ago will return with the rise of personalized, AI-driven health coaching—though both will also have to convince Wall Street that a wellness brand can hold its valuation outside a pandemic tailwind.
What To Watch For
Oura’s paperwork, when it eventually becomes public, will offer the first detailed look at gross margins on the ring hardware versus its $5.99-a-month membership, the split between U.S. and international sales and customer retention—the metric most likely to determine whether public investors treat Oura as a hardware company or a recurring-revenue health tech platform. The launch timing may also depend on SpaceX. A strong debut for SpaceX, which is widely expected to be the biggest IPO ever, could signal that public investors are ready to buy, paving the way for Oura and others lined up behind it. A weak one could send smaller companies back to the sidelines.
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