Oura files for IPO, but smart ring rivals are closing in
Finnish smart ring maker Oura has filed for an initial public offering, while competitors are introducing new features to challenge its market leadership.
The smart ring market is getting increasingly competitive, and Oura is not waiting to see how it plays out. On September 3, the Finnish company officially filed to go public. Revenue for the nine months ended June 30 nearly doubled to $1.21 billion. The company says it has sold 3.6 million rings over the past year and has around 5 million paid members. The IPO filing follows the recent launch of the Oura Ring 5, which is described as its slimmest and lightest ring yet.
While Oura has long dominated the smart ring sector, rivals are emerging from many directions, each betting on a different angle. French company Circular announced that its upcoming ring will support tap-to-pay payments. Chinese company RingConn introduced a ring this year with haptic vibrations. Indian company Ultrahuman said it raised $70 million, with backing from Qualcomm's venture arm, as it develops a ring that can run software directly on the device and eventually handle everything from AI interactions to games. The race is no longer just about better health and sleep tracking; companies are trying to pack as many smartphone-like features as possible into a tiny titanium band. Smart rings with screens are already appearing, such as the Pebble Halo, currently sold only in India, and rings with touchpads, like the Dreame Ring.
Among the most notable challengers is Ultrahuman, which earlier this year unveiled its third-generation ring, the $479 Ring Pro, with U.S. shipments expected to begin in mid-September. Ultrahuman's U.S. business was disrupted in October 2025, when the U.S. International Trade Commission ruled in Oura's favor in a patent dispute, preventing imports. The Ring Pro features a redesigned form factor to avoid Oura's patent, along with a new heart-rate sensor system and a dual-core processor for better data collection and on-device processing.
Circular's upcoming Ring 3 series, including Pro and Slim models, is expected early next year. Both will feature an integrated NFC chip for contactless payments and vibrations for silent alarms, reminders, and health alerts. The Ring 3 Pro has a slimmer design, FDA-cleared ECG for AFib detection, blood pressure trend tracking, glucose tracking, and advanced sleep analysis. Pricing has not been announced.
RingConn's Gen 3, launched in May at $349 and up, offers vascular health insights, along with heart rate, blood oxygen, sleep, activity, and stress tracking. It also uses vibration alerts for health changes and other notifications. Samsung's Galaxy Ring, released in 2024 at $399, is a strong option for Samsung ecosystem users but is relatively basic, lacking sleep apnea and AFib detection found in some rivals. Dreame, a new entrant, has showcased a ring with haptic alerts and a touchpad for functions like skipping tracks or taking photos, though pricing is still unknown.
As the smart ring market becomes more confusing, it seems we might eventually be wearing mini smartphones on our fingers rather than simple health trackers.
