Oura files to go public

Oura, the Finnish smart ring manufacturer, has filed for a public listing with the Securities and Exchange Commission (SEC). The company's financial performance has surged in recent months, with revenue increasing from $697 million in the nine months ending June 30, 2023, to $1.2 billion during the corresponding period this year.

Oura had previously disclosed revenue figures of $500 million in 2024 and $1 billion in 2025, projecting to generate nearly $2 billion in revenue this year. The smart ring, priced between $350 and $400, tracks various biometrics such as metabolism, heart rate, stress levels, and sleep patterns. It works in tandem with an accompanying app to provide users with an "always-on health intelligence platform."

The company, founded in 2013, filed for an IPO confidentially in May, aiming to raise $3 billion during the offering. Bloomberg estimates the valuation at $16 billion. In its SEC filing, Oura highlights its potential to reach a broader audience by expanding beyond traditional wearables for activity and fitness tracking. It emphasizes the value of its extensive dataset, comprising over 50 health and wellness metrics from nearly 42 billion hours of physiological data.

This data fuels AI and machine learning models that decode complex physiological patterns, enhancing accuracy, personalization, and predictive capabilities as members continue to use the platform. However, Oura faces a lawsuit accusing it of misleading users regarding the accuracy of its sleep tracking capabilities. The plaintiffs claim the rings cannot detect sleep stages accurately, relying instead on AI-generated estimates that are no more reliable than a coin flip. Despite the allegations, Oura maintains it will defend against the claims in a legal setting.