Smart ring maker Oura files to go public, pitching investors on AI-driven preventive health

Oura, the Finnish health tracking company specializing in smart rings, announced on Thursday that it plans to go public. The company's primary goal is to develop an AI-powered health platform. While the number of shares and the price range for the offering remain undisclosed, Oura intends to list its shares on the Nasdaq under the symbol "OURA."

The company was founded in 2013 and has continuously monitored over 50 health metrics, such as heart rate, sleep patterns, daily movement, stress levels, fertility windows, and metabolic health.

Oura completed a $900 million Series E funding round in October, increasing its valuation to $11 billion. Since its inception, the company has raised over $1.5 billion in funding. According to the S-1 filing with the U.S. Securities and Exchange Commission, Oura is poised for growth, transitioning from a smart ring company to an AI-driven health platform. This shift includes recurring subscriptions, a substantial consumer base, a significant proprietary data set, and a long-term opportunity in preventive healthcare.

In the nine months ending June 30, 2026, Oura's revenue surged from $698 million to $1.2 billion, marking a 74% year-over-year increase. During the same period, hardware revenue reached $974 million, while membership revenue was $240 million. The company now boasts over 5 million paid members, with an impressive 94% conversion rate from ring activations to paid memberships. Furthermore, 85% of members retain their subscriptions over a 12-month period.

Oura's hardware sales cover customer acquisition costs upfront, while memberships generate long-term recurring revenue. The company identifies itself as part of the broader shift towards preventive care and consumer-directed healthcare spending. Operating in 56 markets, Oura's wearable devices account for approximately 2% of annual global shipments.

The company envisions its market opportunity extending beyond wearables into a $90 billion-plus serviceable market driven by shifts in healthcare investments towards proactive, personalized care.