Smart Ring Company Oura Secretly Submits IPO Application

According to The Information, smart ring maker Oura Health has secretly submitted its IPO application to the U.S. Securities and Exchange Commission on Thursday. The company has not yet disclosed the number of shares it plans to issue or the proposed price range.

Oura completed a financing of over $900 million last October, with a valuation of about $11 billion, led by Fidelity. Previously, The Information reported that by the end of last year, its annualized revenue had reached $1.3 billion, which brings it closer to the consumer technology model of "hardware entrance plus subscription services."

Oura's core product is the health tracking smart ring, and its business is jointly composed of hardware, algorithms, and membership services, with more than 5.5 million smart rings reportedly sold. CEO Tom Hale stated in an interview with CNBC last November that the company's official revenue target for 2026 is $1.5 billion, but actual performance might be close to $2 billion. He attributed this growth mainly to breakthroughs in female health functions, international market expansion, and the demand for synergistic release of multiple product capabilities.

Oura's revenue is not solely dependent on hardware sales. After purchasing the ring, users must subscribe to a membership service to unlock complete AI data analysis, personalized health advice, and premium features, providing the company with stable recurring revenue. The company continuously collects multidimensional physiological data such as sleep, heart rate, body temperature, and recovery status through Oura Ring and transforms AI into practical recommendations and health reminders.

Currently, Oura is extending this data capability to the field of preventive health. It has partnered with Natural Cycles to launch fertility tracking features, teamed up with Dexcom to introduce blood sugar monitoring, and initiated a blood pressure monitoring study in October 2025.

Oura Ring 4

Oura's choice to advance its IPO at this time is closely related to the recent improvement in the IPO window for technology companies. The IPOs of highly anticipated technology companies such as SpaceX and OpenAI are expected to land in succession, and融资 for directly consumer-facing brands shows signs of a resurgence. Under the same market conditions, online retailer Quince just completed a $500 million financing round at a $10.1 billion valuation in March.

At the same time, competition is becoming increasingly fierce. Samsung has launched the Galaxy Ring, with "no subscription required" as its core selling point; brands like Ultrahuman and Whoop are also fiercely competing in the fields of sports health and recovery monitoring. These factors will all influence the market's expectations for Oura's future growth trajectory.