Oura Targets Public Listing
Smart Ring Maker Oura Plans US IPO Seeking a $16 Billion Valuation
Key Points
Oura employs more than 900 people, highlighting its sizable operational footprint ahead of the U.S. IPO.
The IPO's book likely includes underwriters beyond the top banks, with Allen & Co. and Jefferies lined up alongside Goldman Sachs, Morgan Stanley, and JPMorgan Chase.
Competitors are expanding into broader health metrics; for example, Whoop is adding hormone-tracking and blood-panel testing capabilities, underscoring intensified pressure in the wearables market.
The deal could be among the largest health-tech IPOs in recent memory, taking place amid an unusually active year for public offerings that includes other high-profile ventures like SpaceX and OpenAI.
Oura, the smart ring maker based in San Francisco and Finland, plans a U.S. IPO as early as September 2026 that could raise up to $3 billion and value the company above $16 billion TechCrunch. The listing marks a dramatic jump from the company's $10.9 billion valuation in its last funding round. Oura has transformed from a niche biohacking tool into a mainstream health-tracking brand competing directly with Samsung's Galaxy Ring and Whoop.
The Company Confidentially Filed and Selected Its Bankers
Oura filed confidentially for its IPO in May 2026, according to Yahoo Finance. Goldman Sachs, Morgan Stanley, and JPMorgan Chase are leading the underwriters. Allen & Co. and Jefferies are also lined up to help manage the deal. The offering will likely include existing shareholders selling their stock alongside new capital raised.
A Major Leap From Its Last Valuation Round
Oura's Series E funding round in 2025 valued the company at $10.9 billion, according to Whale Book. The new IPO price target exceeds $16 billion — a 47% increase in just over a year. Major backers include Fidelity, ICONIQ, Whale Rock, and Atreides. Earlier investors like Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek also hold stakes. This IPO could rank among the largest health-tech public offerings in recent years.
Subscription Revenue and Expanding Competition Heat Up
Oura expects roughly 20% of its revenue to come from subscription services going forward Mezha. The company now employs more than 900 people ahead of the public listing. However, rivals are intensifying their health-tracking offerings. Whoop is adding hormone tracking and blood-panel testing to compete more aggressively. Samsung's Galaxy Ring and other wearables are pushing the entire market forward.
Part of a Record Year for Major IPOs
Oura's IPO comes amid an unusually active 2026 for high-profile public offerings TechCrunch. Other major ventures going public include SpaceX and OpenAI. The timing puts Oura among a wave of tech and health companies entering public markets. The broader momentum in IPOs suggests investor appetite for proven, well-funded growth stories remains strong.
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