Oura Files for Public Offering Following Significant Revenue Growth

Smart ring manufacturer Oura has submitted registration paperwork to the US Securities and Exchange Commission to launch an initial public offering. The regulatory filing reveals that the health wearable company experienced substantial revenue growth over the past year, alongside expanding subscriber figures and rising device sales.

What Happened

According to Oura’s filing with the SEC, the company generated $1.2 billion in revenue during the nine-month period ending June 30 this year, marking a sharp increase from the $697 million recorded in the equivalent period a year earlier. In past public disclosures, the firm stated that it achieved $500 million in revenue in 2024, approximately $1 billion in 2025, and projected reaching nearly $2 billion in revenue for the current year.

The company also detailed its sales volume and subscription base. Over the preceding year, Oura sold 3.6 million hardware units. It currently counts around 5 million paid members who subscribe to access extended health and wellness analytics through its companion app. Oura reported a weighted-average 12-month membership retention rate of approximately 85%, indicating that about 85% of users who join in any given month maintain their paid accounts one year later.

Oura was established in Finland in 2013 and has since expanded globally with offices in multiple locations, including San Francisco. The firm confidentially submitted initial IPO documents in May, and previous reports noted intentions to raise $3 billion in the offering. Earlier reporting by Bloomberg indicated the company could target a $16 billion valuation, an increase from its estimated valuation of approximately $11 billion in October of last year.

Key Highlights

• Regulatory Submission: Oura has formally filed with the SEC to list its shares publicly.
• Revenue Surge: Nine-month revenue rose to $1.2 billion from $697 million in the corresponding period of the prior year.
• Subscribers and Sales: The company reported 3.6 million rings sold over the past year and roughly 5 million paid subscribers.
• Retention Metric: A 12-month weighted-average membership retention rate of roughly 85% was disclosed.
• Valuation Expectations: Previously reported expectations indicate a potential valuation target of $16 billion, following an $11 billion valuation last October.
• Legal Challenge: Oura faces a proposed class action lawsuit disputing the validity of its sleep stage tracking, which the company has pledged to defend against.

Why This Matters

The filing outlines Oura’s strategic shift from a consumer hardware provider to what it terms an “always-on health intelligence platform.” Priced between $350 and $400, the wearable hardware tracks physical signals such as metabolism, heart rate, stress levels, and rest patterns. In its registration document, the company stated that its prospective market goes beyond standard fitness and activity tracking, citing initiatives to build clinical validation and integrate with care providers, employer plans, and health insurance organizations.

Additionally, Oura emphasized its focus on artificial intelligence. The firm stated that it has accumulated nearly 42 billion hours of physiological data across more than 50 health metrics, describing it as one of the largest consumer health longitudinal datasets. Oura indicated that these records are utilized to train machine learning models to identify physiological patterns and refine predictive metrics as user history accumulates.

At the same time, the transition to public markets comes amid scrutiny. The business was recently named in a proposed class action legal action alleging that the rings cannot measure the physical signals required to accurately detect sleep stages, instead relying on predictive AI models that the lawsuit compares to a coin toss. Oura has rejected these claims, confirming it will contest the lawsuit in the appropriate forum.

What to Watch Next

Oura’s progression toward a public listing will depend on regulatory processing by the SEC and eventual pricing of its public offering. Observers will also track the resolution of the pending class action litigation regarding its sleep assessment technology and see whether the company meets its public revenue expectations of nearly $2 billion this year.

Frequently Asked Questions

What did Oura report regarding its recent revenue?

In its SEC filing, Oura reported $1.2 billion in revenue for the nine-month period ending June 30 this year, up from $697 million during the same period in the prior year.

How many subscribers and devices has Oura registered?

Oura reported selling 3.6 million rings over the past year and maintaining approximately 5 million paid subscribers, alongside an annual membership retention rate of about 85%.

What legal issues does Oura currently face?

Oura has been targeted by a proposed class action lawsuit alleging misleading claims regarding its sleep tracking precision. Oura has disputed the allegations and stated it will defend itself legally.

Source: TechCrunch and regulatory filings with the US Securities and Exchange Commission.