Oura targets $15B valuation in US IPO

Sophia Harris 09/24/2026

The future of personalized health is taking a wearable form, and the company leading this revolution, Oura, is gearing up for a massive public debut. The smart ring maker is seeking to raise as much as US$2.2 billion through an initial public offering, positioning the health technology company at an astonishing valuation of up to approximately US$15 billion on a fully diluted basis.

Oura is more than just a gadget; it represents the convergence of wearable technology, personalized health tracking, and AI-powered wellness services. This convergence has attracted enormous investor interest, signaling that the market is ready to embrace technology-led wellness platforms on a grand scale. Oura’s success is built on a powerful combination of cutting-edge hardware and deep, actionable health insights.

Behind the impressive valuation is a robust operational history. Over the past year, the company has successfully sold approximately 3.6 million smart rings to consumers. Furthermore, their subscription service has cultivated a loyal following, with more than five million paid members utilizing Oura’s data-driven tracking services as of the end of June.

The financial performance demonstrates the growing commercial scale of their model. In the nine months leading up to June 30, revenue reached US$1.21 billion, a significant increase from the $697.6 million reported in the same period the previous year. While the company registered a net loss attributable to shareholders of US$924.3 million, this figure partly reflects a deemed dividend linked to preferred stock, illustrating the investment required to scale such innovative technology.

The planned initial public offering aims to provide a crucial liquidity event for the company, listing on Nasdaq under the ticker OURA. The plan involves marketing 50 million shares, with shares priced between US$40 and US$44. This offering will involve a unique structure, with the company selling 13.5 million shares and existing shareholders contributing 36.5 million shares to the offering.

Oura’s journey highlights a powerful trend: the market is increasingly valuing companies that offer personalized, data-driven solutions to human wellness. By combining elegant hardware with sophisticated AI insights and continuous data streams, Oura is not just selling rings—it is selling a holistic approach to living, setting a new benchmark for how technology can transform personal health management.