A confidential filing and a booming wearable market have put Oura in the spotlight, but investors may face a very different company after listing.
Smart ring maker Oura, which has offices in San Francisco and Finland, is considering an initial public offering in the United States as early as September. The company could raise up to $3 billion through the IPO, with a market valuation potentially exceeding $16 billion.
Under these terms, Oura could see a substantial increase in value compared with its previous funding round. In September 2025, the company completed its Series E round, raising $875 million at a valuation of $10.9 billion.
Investors and Potential Share Sales
During the initial offering, investors may sell a significant portion of their shares. The company employs more than 900 people.
Fidelity, ICONIQ, Whale Rock, and Atreides participated in the Series E round. Earlier investors in Oura also included Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek.
Competition in the Smart Ring and Wearables Market
The wearables market is becoming increasingly competitive. Samsung introduced the Galaxy Ring two years ago, boosting major technology companies’ interest in the smart ring segment.
Fitness band maker Whoop reached a $10 billion valuation in March after expanding its services. The company is developing tools for tracking hormone-related metrics and blood test results, among other features.
Oura has gradually moved beyond its niche audience of biohacking enthusiasts. The company now focuses on a broader segment of users who use smart rings to monitor sleep, physical recovery, and daily health metrics.
In May, Oura announced that it had confidentially filed for an IPO. A potential September listing could become one of the largest stock market debuts in the digital health and wearable technology segments.
