Oura, the smart ring maker, filed confidentially for an initial public offering after it reached an $11 billion valuation last year.
The company submitted a draft registration statement with the Securities and Exchange Commission, the company revealed on May 21. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions, the company said.
Founded in Finland in 2013, Oura's smart rings continuously track more than 50 health metrics, including heart rate, sleep, daily movement and activity, stress, fertility windows and metabolic health.
The company is on track to surpass five million paid members this quarter, up 4x over the past two years. Last fall, the preventive health company said it had sold 5.5 million smart rings since 2015, and nearly 3 million of those sales occurred in 2025.
Strong smart ring sales are propelling the company's explosive revenue growth, with 4x growth in total revenue over the past two fiscal years, the company said.
Oura said it has invested gross profit back into the business.
The company was on track to hit $1 billion in sales in 2025 between its devices and app subscriptions, according to the company. Oura CEO Tom Hale told CNBC that Oura would generate close to $2 billion in sales in 2026.
The wearable brand also boasts strong customer retention, reporting that 80% of members renew their membership after the first year. Oura Ring is now available at over 4,600 retail locations globally and partners with more than 1,200 organizations across health, wellness and commercial brands.
"We’ve evolved beyond tracking to deliver actionable health intelligence that helps people better understand their bodies and make more informed decisions for their long-term health," Hale said in a statement last week.
"Oura’s continued growth, especially at this scale, not only highlights the strength and durability of our business, but also the size of the preventative health market we are competing for," David Shuman, chairman of Oura's board of directors, said in a statement.
The wearable maker banked a $900 million series E funding round in October, boosting its valuation to $11 billion. It has raised more than $1.5 billion to date. The company is using the funding to build out artificial intelligence in its products, expand global distribution and develop new health features.
Oura has expanded its capabilities beyond activity tracking and sleep to focus more on preventive health and has built more advanced features and AI-powered personalized health insights. A year ago, the company rolled out an AI-powered health coach, called Oura Advisor, that uses health-sensing algorithms and large language models to analyze member data and biometrics to provide personalized and contextual guidance about their health.
In collaboration with Quest Diagnostics, Oura developed its health panels feature, which enables members to schedule blood tests, track key biomarkers and view lab results directly in the Oura app.
The Oura Ring now also measures cumulative stress, providing members with insights into how the body manages and recovers from sustained stress. And the app provides cardiovascular age scoring.
In April, the company acquired Galen AI, a company that connects medical records data with labs and medication information.
Oura's tech is elevating the wearable from a "passive tracker to a trusted early-warning system that helps people take proactive steps toward long-term health," executives said in October. Oura's aim is to use data and insights to help members connect the dots with their health trends.
The company has invested deeply in women's health with new capabilities in hormonal birth control, menopause, cycle tracking, fertility and pregnancy. Last year, it launched a pregnancy insights feature and a perimenopause check-in tool that helps members assess their symptoms and connect directly to care. That builds on existing features for women that use biomarker data to provide insights into menstrual cycles, fertility windows and period prediction.
Oura also has partnerships with women's health companies Midi Health, Evernow, Maven Clinic and Progyny.
The company says its smart ring has tracked more than 26 million cycles and members have logged more than 350,000 pregnancies to date.
Earlier this year, Oura launched a proprietary large language model designed for women’s health. The company said the model draws from a broad foundation of established medical standards, research and knowledge sources reviewed by Oura's in-house team of board-certified clinicians and women’s health experts, while also integrating biometric signals and long-term trends. The company asserts it takes a privacy-first approach to AI as the model is hosted entirely on the Oura-controlled infrastructure, and conversations are never shared or sold.
The wearable company is also building relationships with health plans by digging deeper into the connection between sleep habits and chronic disease. It inked a unique partnership with Essence Healthcare, a provider of Medicare Advantage plans, to provide some MA plan members with an Oura Ring device and its app at no cost. Oura initially launched the program for Essence's PPO plan members, and, over the course of the past year, grew into HMO plans as well.
The effort began with sleep health, with members showing an improvement in sleep scores. That's translating into other areas as well, such as an increase in the amount of time engaging in light exercise, Essence executives told Fierce Healthcare.
Dorothy Kilroy, chief commercial officer for Oura, told Fierce that having an early adopter like Essence is critical as the company seeks to make a greater stamp in healthcare and continues to expand the reach of easier access to the devices.