Finnish smart ring maker Oura Health Oy has filed confidential paperwork with the U.S. Securities and Exchange Commission for an initial public offering, according to the report.
The company was valued at $11 billion in October after closing a $900 million Series E round led by Fidelity Management.
Oura aims to list later this year, with paid membership expected to pass 5 million this quarter and revenue roughly doubling in 2025 to about $1 billion, driven by its AI features.
Chief Executive told the outlet in November that 2026 sales could come in “close to $2 billion,” though Oura’s own official guidance for the year is closer to $1.5 billion.
Petteri Lahtela, Kari Kivelä, and Markku Koskela founded Oura in 2013 in Oulu, Finland, with a 2015 Kickstarter campaign getting the first ring out the door.
The current model, the Oura Ring 4, starts at $349, with full access to the company’s sleep, recovery, and readiness scores gated behind a $5.99-a-month subscription, which is part of the shifting landscape of tech news.
Hardware sales used to be the bulk of the business, whereas recurring subscription revenue now does much of the lifting and is the metric investors are likely to scrutinize hardest.
The category has gotten busier since Oura started selling its smart rings, with Samsung Electronics Co. Ltd. bringing its Galaxy Ring to market in July 2024 at $399, with no subscription required, and they are now part of the dynamic world of technology news.
Cheaper rivals, among them RingConn at $279, India’s Ultrahuman, and Amazfit owner Zepp Health Corp., have all picked off pieces of the market, while it faces competition from other tech companies.
Apple Inc. has been awarded smart ring patents but has not shipped a product, and the company is waiting to see how the market develops.
There is more to Oura’s pitch than fitness tracking, however, and the U.S. Department of Defense is a customer, among others, as they use the rings in various applications.
Academic medical centers use the rings in research studies and Strava Inc. plugs Oura data into its app, which is a key part of their business.
Hale wants the IPO money for overseas growth mainly, with the Oura app’s AI features next in line, and they plan to expand their services.
Journalists on the scene named Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc. as the banks working on the deal, according to the filing.
The confidential route, allowed under the U.S. Jumpstart Our Business Startups Act, lets a company work through SEC review out of public view before setting terms, which is what Oura is doing.
Oura adds to an increasing list of 2026 tech debuts, with SpaceX Corp. putting its filing on the public record this week and OpenAI Group PBC reportedly aiming for a September listing, and it is one of the companies to watch.
A successful Oura debut would also stand as a rare win for a Finnish tech company on U.S. markets, where Nordic listings have been thin since Spotify Technology SA went public in 2018, and they hope to follow in their footsteps.
