Oura IPO Eyes $16 Billion Valuation as Revenue Surges 74%

Smart ring manufacturer Oura has submitted its filing for a US initial public offering (IPO). The listing will place the company on the Nasdaq exchange with the ticker symbol OURA.

Revenue jumped 74% to $1.21 billion during the first nine months of the fiscal year, with Bloomberg reporting a potential valuation for Oura of more than $16 billion.

Ring Sales and Subscriptions Both Doubled

Oura's product is a finger-worn ring equipped with sensors. Optical sensors monitor blood flow, heart rate, body temperature, and movement throughout the night. This data is then translated into daily scores for sleep, activity, and readiness via the app.

The business model is a key factor. Customers purchase the hardware outright, but full access to the app requires a paid membership, meaning each ring can generate revenue twice. Daily active users represent 65% of monthly users, indicating sustained engagement with the device.

According to the prospectus, covering the nine months ending June 30, 2026, Oura shipped 3.1 million rings during that period, up from 1.8 million a year earlier. These sales contributed $974 million in revenue.

For the full fiscal year 2025, revenue reached $907.9 million, more than doubling the $406.8 million recorded a year prior. Across the four quarters leading up to June, total revenue came to $1.43 billion.

Subscription revenue saw faster growth, reaching $240.5 million — a 121% increase — while the number of paid members doubled to 5 million.

Profitability also improved, with net income reaching $60.8 million compared to $1.6 million a year earlier. However, Oura still recorded a $924.3 million loss attributable to common shareholders, resulting from a $1.09 billion buyback of preferred stock from early investors.

Oura IPO Joins a Crowded Listing Queue

The filing comes during a busy period for new listings on Wall Street, with several attracting attention from crypto investors. Anthropic could also launch an IPO this month, while Kraken has postponed its listing until 2027.

Oura confidentially filed for its IPO in May. Bloomberg reported the company could raise up to $3 billion, with early backers offloading a large block of shares.

The final valuation remains uncertain. As a reference point, Unitree Robotics opened 629% above its offering price in Shanghai in August. Therefore, the $16 billion figure is an aspirational target rather than a confirmed valuation.

Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies are managing the offering. Oura has not yet disclosed the share count or a price range.

One key question remains until then: can a hardware company maintain a software-like valuation multiple?