Oura files public IPO after revenue climbs to $1.2B

Oura files public plans with the U.S. Securities and Exchange Commission after posting strong growth. The smart ring maker’s revenue rose to $1.2 billion in the nine months ended June 30 from $697 million a year earlier, with about 5 million paid members and millions of rings sold as it pursues an IPO.

Key Takeaways

• Oura filed with the SEC on Thursday to go public after confidentially filing in May.
• Nine-month revenue hit $1.2 billion, up from $697 million a year earlier.
• The company reports roughly 5 million paid members and 3.6 million rings sold over the past year.
• Reports have pointed to a possible $3 billion raise and a valuation near $16 billion.
• Oura faces a proposed class action over sleep-tracking accuracy, which it disputes.

What did Oura disclose in its IPO filing?

According to TechCrunch, Oura’s SEC filing shows a sharp revenue climb over the past year. For the nine-month period ended June 30, revenue reached $1.2 billion, compared with $697 million in the same stretch a year earlier.

The company has previously said it generated $500 million in revenue in 2024 and roughly $1 billion in 2025, and that it expected close to $2 billion this year. It also says it sold 3.6 million rings over the past year and now has approximately 5 million paid members who subscribe for broader health metrics.

Membership stickiness looks strong on paper: Oura reports an approximately 85% weighted-average 12-month membership retention rate.

Why does this public listing matter for wearables?

Oura’s rings typically sell for about $350 to $400 and track biometrics such as metabolism, heart rate, stress, and sleep. Paired with an app, the company markets the product as an “always-on health intelligence platform.”

In the filing, Oura argues its opportunity goes beyond classic fitness tracking. It says the platform can reach larger populations as it expands access, builds clinical evidence, and deepens ties with health plans, employers, and care providers — a theme that fits our Future Tech & AI Wonders coverage of health-tech scale-ups.

The company also highlights AI upside from its data trove, claiming nearly 42 billion hours of physiological data across more than 50 health and wellness metrics to power machine-learning models that improve personalization over time.

How big could the offering be, and what are the risks?

Oura, founded in Finland in 2013 and with offices including San Francisco, confidentially filed for an IPO in May. Late last month, it was reported the company was looking to raise $3 billion. Bloomberg has previously reported an expected valuation around $16 billion, after a valuation of about $11 billion in October of last year.

Share price and final timing are not settled in the reporting. TechCrunch said it had reached out to Oura for more information.

Separately, Oura was recently hit with a proposed class action lawsuit accusing it of misleading users about sleep-tracking accuracy. The suit claims the rings rely on AI-generated sleep-stage estimates rather than detecting the needed physiological signals. Oura has disputed the allegations and previously told TechCrunch it will defend the claims in the appropriate legal forum.