Smart Ring Maker Oura Set for Double-Digit U.S. IPO

Finnish smart ring creator Oura is circling towards an $11 billion initial public offering (IPO) in the U.S.

Valuation Has Doubled

The company, whose ring technology can help people track their health, sleep and stress levels just by placing it onto their finger, has, according to Reuters, confidentially submitted draft paperwork to the U.S. Securities and Exchange Commission for a proposed IPO.

While the number of shares and the expected price range remain undisclosed, Oura had a recent funding round in the fall of 2025 that valued the business at around $11 billion. That is more than double the $5 billion valuation it earned in a previous round in 2024.

It has also projected that the company will reach $2 billion (€1.7bn) in annual revenue in 2026 compared with $500 million (€430million) just two years ago.

According to the company’s website it has sold over 5.5 million rings worldwide. It recently announced a long-term partnership that named Oura Ring the Official Wearable of U.S. Soccer. Through this partnership, U.S. Soccer will integrate the Oura Ring across to support its athletes, coaches and staff.

Aggressive Subscription Push

Over the past two years, Oura has expanded aggressively into software, subscriptions and AI-powered health analysis. Its wearable platform now focuses on long-term health signals including sleep, readiness, heart rate, stress and recovery.

More recently, Oura has pushed further into women’s health and AI-based personal coaching, including tools designed to interpret physiological data and provide tailored wellness recommendations.

The global smart ring category market was valued at $416.9 million in 2025 and is projected to grow from $518.9 million in 2026 to $3,772.4 million by 2034. Oura’s main competition in the sector includes tech giants Apple (AAPL), Garmin (GRMN) and Samsung (SSNLF).

What Other IPOs are on the Way?

Let’s look at what other IPOs are on the way with our TipRanks IPO Calendar.