Oura, the Finnish smart-ring maker, is targeting a September initial public offering that would value the company at more than $16 billion, according to people familiar with the matter. The company is seeking up to $3 billion in proceeds from the listing.
Oura has raised roughly $300 million across its private funding rounds since its 2013 founding, making a $16 billion valuation a roughly 50-fold increase on capital deployed. The IPO would mark the first major health-tracking hardware company to go public since Fitbit's 2015 debut, which priced at $20 per share and valued the company at $4.1 billion before its eventual $7.3 billion acquisition by Google in 2021.
Oura's core product is a titanium ring embedded with sensors that track heart rate, sleep, temperature, and activity. The device pairs with a smartphone app that surfaces insights on recovery and wellness. The company has sold more than 2 million rings since launch, according to public statements. Annual recurring revenue topped $100 million in 2024, the company disclosed in a previous funding round announcement.
The timing of a September IPO would place Oura ahead of other consumer health companies weighing public markets. Fitness equipment maker Peloton Interactive remains public but trades far below its 2021 peak valuation of $50 billion. Wearables have attracted sustained institutional attention as health monitoring moves from clinical settings into consumer devices; Apple Watch dominates that segment but faces competition from Garmin, Samsung, and others.
Oura's existing investors include General Catalyst, Khosla Ventures, and Samsung's venture arm, among others. The company has not filed for an IPO with the SEC as of August 24, 2026, when the valuation and timing became public.
Oura's $3 billion raise at a $16 billion valuation implies the company is offering roughly 16 percent of its fully diluted equity. That percentage sits between typical venture-backed IPOs of 15 to 20 percent. The company would need to file an S-1 registration statement with the SEC and secure underwriter commitments to proceed. If Oura launches in September as targeted, the filing would likely occur in late August or early September, triggering a public quiet period and an investor roadshow in the weeks before pricing.
