Smart ring maker Oura files for IPO
Finnish smart ring company Oura has filed with the SEC to go public, revealing sharply higher revenue and millions of paying members. The company is also facing a proposed class action over sleep-tracking accuracy claims.
Oura, the maker of biometric smart rings, filed paperwork with the U.S. Securities and Exchange Commission on Thursday as it moves toward becoming a publicly traded company. The filing shows revenue nearly doubling, rising from $697 million in the nine months ending June 30 last year to $1.2 billion in the same period this year.
The company had previously disclosed $500 million in revenue for 2024, roughly $1 billion for 2025, and had projected close to $2 billion for this year. Oura says it sold 3.6 million rings over the past year and now counts around 5 million paying members who subscribe for expanded health tracking. It also reports an approximately 85% weighted-average 12-month membership retention rate.
The rings, priced between $350 and $400, track metrics including metabolism, heart rate, stress levels and sleep. Combined with its companion app, Oura markets the product as an "always-on health intelligence platform."
Fundraising and valuation
Reports emerged late last month that Oura was seeking to raise $3 billion through its public offering. The company confidentially filed for an IPO in May, and has reportedly been targeting a $16 billion valuation, up from roughly $11 billion last October. In its filing, Oura said it sees opportunities to expand beyond traditional fitness-tracking use cases by building clinical evidence and deepening ties with health plans, employers and care providers. It also pointed to its large biometric dataset — more than 50 tracked metrics and nearly 42 billion hours of physiological data — as a foundation for its AI and machine-learning capabilities.
Lawsuit over sleep tracking
Oura, which was founded in Finland in 2013 and now has offices worldwide including San Francisco, recently faced a proposed class action lawsuit alleging it misled users about the accuracy of its sleep tracking. The suit claims the rings cannot actually detect the physiological signals needed to determine sleep stages and instead rely on AI-generated estimates. It follows years of user complaints about inaccurate sleep ratings. Oura has disputed the allegations and said it will defend itself in the appropriate legal forum.
