A person familiar with the matter disclosed that Oura, the manufacturer of health-tracking smart rings, has initiated discussions with investment banks to secure advisory services for an initial public offering that could take place as early as this year.

The listing plan is advancing against a backdrop of rapid business expansion. Oura specializes in smart wearable devices and offers a monthly subscription-based application service that monitors user health metrics such as sleep patterns and physical activity.

Another source indicated that the company's annualized revenue reached $13 billion by the end of last year; reports from autumn 2024 had shown this figure at only $5 billion.

Annualized revenue is typically calculated by multiplying the previous month's revenue by 12. Oura's devices are priced between $349 and $499.

In October 2025, Oura closed a funding round co-led by Fidelity Investments, raising over $9 billion and achieving a valuation of approximately $110 billion. According to data firm PitchBook, the company has raised more than $20 billion in total funding to date.

Direct-to-consumer brands are regaining investor favor: online retailer Quince completed a $5 billion financing round in March this year, reaching a valuation of $101 billion.

A spokesperson for Oura stated, "Oura currently has multiple growth options. While meetings with banks and investors are part of routine business operations, no specific decisions have been made at this stage. Our current focus remains on serving users and continuously delivering the best product experience."

Despite market concerns that artificial intelligence could render many companies uncompetitive, leading to a sell-off in tech stocks, a number of private firms—including Oura—are steadily advancing their IPO preparations. Many of these startups focus on hardware or services that do not directly compete with AI.