Oura, which sells smart rings and subscriptions for personalized health insights, filed on Thursday with the SEC for an initial public offering that we estimate could raise more than $2.5 billion.
Oura sells a finger-worn sensor ring that tracks sleep, activity, stress, heart health and women's health, paired with an app that turns the readings into more than 50 metrics and AI-generated guidance. Hardware accounted for 80% of revenue in the first nine months of fiscal 2026, with the remaining 20% from recurring membership subscriptions that unlock the full suite of health insights. Oura sells direct to consumers and through approximately 8,400 retail doors, and reaches additional members through employers, government organizations and healthcare partners. As of June 30, 2026, it served 5.0 million Paid Members (+100% y/y) across 56 markets worldwide, with 12-month paid member retention of approximately 85%.
The San Francisco, CA-based company was founded in 2013 and booked $1.4 billion in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol OURA. Oura filed confidentially on May 19, 2026. It had been on our Private Company Watchlist since March 2026.
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Jefferies, BofA Securities, Barclays, Wells Fargo Securities, Citizens JMP, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Co., Raymond James, Rothschild, Truist Securities, and William Blair are the joint bookrunners on the deal. Robinhood Securities is listed as a co-manager, indicating that shares of Oura will likely be offered to retail investors through its brokerage app.
