Smart ring manufacturer Oura is pursuing an initial public offering in the United States that could raise up to $3 billion, with a projected valuation exceeding $16 billion, positioning it as one of the most closely watched technology listings amid the current IPO surge.
According to sources familiar with the matter cited by Bloomberg on Tuesday, Oura's market debut could take place as early as September this year, with existing shareholders anticipated to offload a substantial portion of their stakes during the offering. The company confidentially filed its IPO paperwork in May, enlisting Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies Financial Group as underwriters for the deal.
Should the listing proceed as planned, it would represent another significant valuation leap for Oura. In September of last year, the company secured $875 million in a Series E funding round at a $11 billion valuation. The current IPO target of over $16 billion marks a more than 45% increase compared to that fundraising valuation less than a year ago. Sources cautioned that discussions remain ongoing, and the IPO timeline as well as specific terms could still shift.
Revenue Projected to Triple in Three Years, Growth Narrative Fuels Premium Valuation
Behind Oura's lofty valuation expectations lies a compelling growth trajectory. CEO Tom Hale previously disclosed that cumulative smart ring sales reached 5.5 million units by September 2025, up from 2.5 million units as of June 2024—a doubling in sales volume within roughly 15 months.
On the revenue front, Oura projects 2026 sales of $1.5 billion, tripling the $500 million recorded in 2024. This growth pace provides fundamental support for the company's bid to command a premium valuation. Oura's smart rings sync with applications on both iPhone and Android devices, tracking users' health, fitness, and sleep data, carving out a niche in the wearable health monitoring segment with a form factor lighter than traditional smartwatches.
Apple and Samsung Enter the Fray, Intensifying Competition in the Smart Ring Arena
As Oura pursues its public listing, the competitive landscape of the smart ring market is undergoing profound transformation. Samsung launched its own smart ring product two years ago, while Apple is reportedly developing a range of wearable devices equipped with artificial intelligence features.
The entry of these two technology giants serves as both an endorsement of the category's market potential and a signal of the heightened competitive pressure Oura will face going forward. Currently, smart rings remain a niche segment within the broader wearable device market, where smartwatches dominate market share, yet the category's adoption rate is accelerating. Founded in 2013, Oura maintains dual headquarters in San Francisco and Finland.
Riding the IPO Window, Racing Alongside Anthropic and Nscale
Oura plans to go public during the second-half IPO window, as numerous high-profile technology companies compete to complete their listings before the midterm elections in November.
AI company Anthropic is expected to hit the market as soon as next month, with a scale that could rival or even surpass SpaceX's record-breaking IPO. AI cloud computing firm Nscale is likewise seeking to raise up to $3 billion in the U.S. as early as September. Data center operator Switch has also filed confidentially for an IPO, with a potential valuation approaching $50 billion including debt.
Within this dense listing window, whether Oura can win market approval through its differentiated positioning in the health technology sector and its projected threefold revenue growth will be the core question investors scrutinize closely.