Oura, the smart ring maker based in San Francisco and Finland, is preparing for a U.S. IPO as soon as September, aiming to raise up to $3 billion at a valuation exceeding $16 billion. The company’s valuation has nearly doubled since its last funding round in September 2023, when it was valued at $10.9 billion after closing an $875 million Series E.
The move comes as Oura shifts from its original niche of biohacking CEOs to a broader sleep-and-recovery brand. The company reported $500 million in revenue for 2024 and projects $1 billion this year, with expectations to reach nearly $2 billion in 2026. Oura filed confidentially for an IPO in May, and its financial details will become public once the S-1 filing is released.
The IPO plans arrive amid competition in the wearables space, including Samsung’s Galaxy Ring and Whoop’s expanding health tracking features. Oura also faces a proposed class action lawsuit alleging misleading claims about its sleep-tracking accuracy, which the company disputes, citing multiple third-party studies validating its technology.
