Oura, the maker of smart rings that track health, fitness and sleep, is seeking to raise as much as $3 billion in a US IPO with a pre-money valuation exceeding $16 billion, according to people familiar with the matter.
The fundraising target would value the company at more than five times the $3 billion valuation it commanded in its most recent private funding round. Oura has raised approximately $200 million across multiple funding stages since its 2013 founding, according to public records.
Oura's smart rings use sensors to monitor heart rate, body temperature, movement and sleep patterns, storing the data in a mobile app. The company charges users a one-time hardware fee ranging from $299 to $399 and a $5.99 monthly subscription for its app and analytics. Oura has not disclosed total subscriber counts or revenue figures in public filings.
The company operates in the consumer wearables market alongside larger entrants including Apple, Fitbit and Garmin. Apple's wearables segment, which includes the Apple Watch and AirPods, generated $43 billion in revenue in fiscal 2024. Oura's smart ring category remains substantially smaller but has attracted investment from venture capital firms and strategic backers interested in non-wrist wearable form factors.
Oura's IPO filing would come as the broader health-tech sector faces investor scrutiny over unit economics and path to profitability. Several wearable and health-tracking companies have struggled to justify valuations post-IPO, though others including Livongo Health and Teladoc have found stable public market positions after shifting toward enterprise software models.
The filing also follows increased FDA scrutiny of health-tracking devices. Oura has received clearance to market certain ring features as medical devices for atrial fibrillation detection and body temperature monitoring. The company has said it plans to pursue additional medical indications through the FDA's clearance pathway.
Oura's path to an IPO comes as venture backers back the wearables space. The company has not yet filed a registration statement with the Securities and Exchange Commission.
