Oura Targets a Major Public-Market Debut
Oura, the smart ring and health subscription company, has filed with the Securities and Exchange Commission for an initial public offering that could raise more than $2.5 billion, according to an estimate based on its latest filing. The San Francisco-based company plans to list on the Nasdaq under the ticker OURA, positioning one of the leading wearable health platforms for a major public-market debut.
Oura had previously filed confidentially on May 19, 2026, and had been tracked on a private-company watchlist since March. The company was founded in 2013 and generated $1.4 billion in revenue for the 12 months ended June 30, 2026.
Smart Rings Built Around Health Data
Oura’s core product is a finger-worn sensor ring designed to monitor sleep, activity, stress, heart health and women’s health. Its accompanying application converts those readings into more than 50 health metrics and provides AI-generated guidance based on users’ data.
The business combines hardware sales with recurring membership revenue. Hardware represented approximately 80% of revenue during the first nine months of fiscal 2026, while subscriptions accounted for the remaining 20%. Membership provides access to Oura’s broader suite of health insights, creating a recurring-revenue component alongside the company’s device business.
Five Million Paid Members Worldwide
Oura reported 5.0 million paid members as of June 30, 2026, representing 100% year-over-year growth. Its 12-month paid-member retention rate stood at approximately 85%, highlighting the recurring nature of its subscription model.
The company sells directly to consumers while also distributing through approximately 8,400 retail locations. Its reach extends beyond traditional consumer channels through employers, government organizations and healthcare partners.
Oura operates across 56 markets worldwide, giving the company a substantial international footprint as it enters the public markets.
Broad Wall Street Support for the Offering
The planned IPO has attracted an unusually large group of investment banks. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Jefferies, BofA Securities, Barclays and Wells Fargo Securities are among the joint bookrunners, alongside Citizens JMP, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Co., Raymond James, Rothschild, Truist Securities and William Blair.
Robinhood Securities is listed as a co-manager, suggesting that Oura’s shares could also be made available to retail investors through Robinhood’s brokerage platform.
Oura Enters the IPO Spotlight
Oura’s filing comes as wearable technology increasingly intersects with personalized health data, subscription services and artificial intelligence. With $1.4 billion in trailing revenue, 5 million paid members and membership growth of 100% year over year, the company enters the IPO process at considerable scale.
The estimated $2.5 billion-plus fundraising target would make Oura a notable technology offering, although final pricing, share count and valuation terms remain subject to the formal IPO process. Its ability to convert a growing installed base of smart-ring users into durable subscription revenue will likely remain a central consideration for investors as Oura moves toward its Nasdaq debut.
