Finnish smart ring maker Oura Health Oy has filed confidential paperwork with the SEC for an initial public offering. The company, valued at $11 billion after a $900 million Series E round led by Fidelity Management, is aiming to list later this year.
Paid membership is expected to pass five million this quarter, and revenue roughly doubled in 2025 to around $1 billion. CEO Tom Hale has suggested 2026 sales could reach nearly $2 billion, though official guidance is closer to $1.5 billion.
Founded in 2013 in Oulu, Finland, Oura launched its first ring via a 2015 Kickstarter campaign. The current Oura Ring 4 starts at $349 with a $5.99 monthly subscription for full access to sleep, recovery, and readiness scores. Recurring subscription revenue now drives the business, a key metric for investors.
The smart ring market has grown more competitive. Samsung entered in July 2024 with its Galaxy Ring at $399 and no subscription. Cheaper rivals like RingConn, Ultrahuman, and Zepp Health have also gained traction. Apple holds smart ring patents but has yet to ship a product.
Oura's pitch extends beyond fitness tracking. The U.S. Department of Defense is a customer, academic medical centers use the rings in research, and Strava integrates Oura data. Hale plans to use IPO proceeds for overseas growth and AI features.
Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies are underwriting the deal. Oura joins a growing list of 2026 tech IPOs, including SpaceX and OpenAI. A successful debut would be a rare win for a Finnish tech company on U.S. markets.