The ring that tracks sleep, heart rate and recovery is heading to public markets. Oura, the Finnish-American company behind the Oura Ring, has confidentially submitted a draft registration statement to the Securities and Exchange Commission, according to people familiar with the matter, with a valuation around $11 billion. The filing, reported this week, makes the wearable company one of the most anticipated consumer-tech IPOs of the year.
The valuation is the headline. Oura was worth $5.2 billion in late 2024, after a funding round led by Fidelity; by last October it had nearly doubled to $11 billion following an $875 million Series E. Now the confidential filing, reported by Bloomberg and confirmed by multiple outlets, sets the company on a path to test that number in public markets. The number of shares and the price range have not been determined.
From Nordic startup to category leader
Oura’s story is one of patient category-building. Founded in 2013 in Finland and now based in San Francisco, the company spent years establishing the smart ring as a legitimate health device rather than a novelty. The breakthrough came as consumers embraced sleep tracking and as Oura moved from a hardware company toward a subscription model — the ring costs $349, and a membership at $5.99 a month delivers the personalized insights, readiness scores and advanced metrics that make the device useful.
The model has scaled. Oura is on track to surpass 5 million paid members, roughly four times the count of two years ago, according to company statements. Revenue passed $500 million in 2024 and $1 billion in 2025, and the company’s chief executive, Tom Hale, has said the company expects close to $2 billion in 2026 sales — a projection some analysts consider optimistic, with estimates clustering near $900 million. The gap shows the debate investors will have: is Oura a high-growth health platform, or a hardware company with a subscription add-on?
The AI layer
Oura has also attached itself to the AI wave. In February, the company launched Oura Advisor, a chatbot built on a proprietary large language model that interprets the user’s health data in natural language — answering questions about why sleep was poor or how training load is trending. The feature positions the ring not just as a sensor but as an entry point for personalized health intelligence, the same territory Apple and Google are circling with their own platforms.
The strategy is a response to competition. Samsung’s Galaxy Ring, launched in 2024, undercuts Oura on price and carries no subscription, and Whoop, a wrist-worn rival valued at $10 billion, competes for the same health-obsessed audience. Oura has fought back partly with legal tools: an International Trade Commission order has kept some competitors out of the U.S. market, though that ruling is being challenged.
What the market will ask
The IPO will test several questions at once. Whether the subscription model is durable — Oura’s revenue is recurring only for members who keep paying. Whether the company can keep growing after years of triple-digit expansion. Whether the legal disputes — including a class action over the accuracy of its sleep measurements — weigh on the story. And whether investors will pay an $11 billion valuation for a company whose 2026 revenue is forecast anywhere from $900 million to $2 billion, depending on who is asked.
The listing also carries a signal for the wearable sector. Smart rings are still a young category, and Oura’s debut will give investors a rare pure-play on consumer health hardware combined with software subscriptions — a benchmark for how the market values the category’s leader.
The company’s standing in the sector is established. Oura was ranked No. 14 on CNBC’s 2026 Disruptor 50 list, and its membership base — a fourfold increase over two years — gives it a recurring-revenue engine that pure hardware makers lack. The subscription economics are straightforward: the ring itself is the acquisition channel, and the $69.99-a-year membership is the recurring yield. That combination, plus the AI layer, is what the IPO will attempt to sell.
The listing also raises questions about the ring market’s size. Smart rings remain a narrow category next to smartwatches, and Oura’s growth has come partly from converting a category of early adopters rather than from a mass market. The company’s defense is that the ring’s price point and battery life make it a complement to, not a replacement for, the wrist-worn devices most people already own — and that the subscription data business becomes more valuable as the installed base grows. Whether public investors accept that framing will show up in the valuation the market assigns, which is the real test the confidential filing begins.
Oura has filed confidentially for a U.S. IPO at an $11 billion valuation, capping a run from a Nordic startup to the dominant player in smart rings. The business has real scale — 5 million members, more than $1 billion in revenue last year, a subscription model and an AI layer. The questions are about growth durability and valuation, and the answers will come when the company’s financials become public. For the wearable industry, Oura’s debut will be the clearest measure yet of what smart health hardware is worth.
