Oura confidentially submits its filing for a US IPO as sales of its rings surge.

      Oura, the Finnish firm that transformed a piece of finger jewelry into a significant health-tracking brand, has submitted a confidential application for an initial public offering in the US. This submission comes less than a year after the company wrapped up a $900 million Series E round, which valued it at $11 billion—more than double its December 2024 valuation of $5.2 billion.

      According to Bloomberg, the company has engaged Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co, and Jefferies to facilitate the deal, with a listing anticipated later this year. The precise size and valuation range remain undisclosed, as confidential filings allow companies to negotiate with the SEC privately before issuing a prospectus.

      Oura has not yet revealed the exchange on which it plans to list, the share-class structure it will adopt, or the lockup conditions for its current investors.

      The appeal to public-market investors is unusually robust for a wearables company. Oura reported revenues exceeding $500 million in 2024, and CEO Tom Hale stated to Bloomberg in late 2025 that the company was aiming for approximately $1 billion in sales for 2025, with an official outlook of around $1.5 billion for 2026 and a potential upper limit near $2 billion.

      According to the company, half of the 5.5 million rings sold to date were shipped in the past year. This growth has been central to the valuation narrative. The $11 billion Series E round was led by Fidelity, with participation from ICONIQ, Whale Rock, and Atreides, as reported by CNBC.

      Oura has expanded its focus from sleep tracking to encompass stress management, cardiovascular metrics, women’s health, and recently, gesture input, following its acquisition of the UK micro-gesture startup Doublepoint earlier this year.

      The company’s standing has been bolstered by what its competitors have not accomplished. Founded in Oulu, Oura still dominates global smart-ring sales, while Samsung’s Galaxy Ring, Ultrahuman’s Ring Air, and Apple’s speculated ring venture have thus far only made minor inroads into the category without redefining it.

      A lawsuit that Oura filed against Ultrahuman for patent infringement, previously reported by TNW, is still in the court system.

      There are potential risks that the prospectus will need to address. Hardware companies relying on health data must navigate FDA reviews, decisions on insurance reimbursements, and concerns over the sustainability of the $5.99 monthly subscription amidst aggressive pricing from competitors. Notably, Apple has the ability to integrate ring-style sensing into its existing watch or into a new device.

      Currently, Oura approaches the listing phase with metrics that many of its competitors lack: a billion-dollar revenue foundation, a doubling growth rate, and a category it has predominantly shaped. Whether the public markets assess it as a consumer electronics company or as a health-tech entity will be an intriguing question once the S-1 is released.