Oura Files for IPO, Pitches Investors on AI-Powered Preventive Health

According to its S-1 filing with the US Securities and Exchange Commission, Oura generated $1.2 billion in revenue during the nine months ended June 30, 2026, up 74% from $698 million during the same period in 2025.

Smart ring maker Oura has filed for an initial public offering (IPO) to fund its next phase of growth and expand from a wearable device company into an artificial intelligence-powered health platform.

The company plans to list on the Nasdaq under the ticker “OURA.” Oura has not yet disclosed the number of shares to be offered or the expected price range.

Founded in Finland in 2013, Oura makes smart rings that track more than 50 health and wellness metrics, including heart rate, sleep, activity, stress, fertility windows and metabolic health.

According to its S-1 filing with the US Securities and Exchange Commission, Oura generated $1.2 billion in revenue during the nine months ended June 30, 2026, up 74% from $698 million during the same period in 2025. Hardware revenue reached $974 million, while membership revenue rose to $240 million from $109 million a year earlier.

The company reported a 55% gross margin, $61 million in net income and $107 million in adjusted EBITDA for the nine months. Its trailing 12-month revenue has surpassed $1.4 billion.

Oura had 5 million paid members as of the filing, with members wearing its rings for approximately 23 hours a day. The company said its platform has accumulated nearly 42 billion hours of longitudinal biometric data, which supports its AI and machine-learning models.

Oura operates across 56 markets and says approximately 2% of global wearable shipments in the 12 months ended June 30, 2026, were Oura devices. The company estimates its broader serviceable market at more than $90 billion as it expands into preventive healthcare.

Beyond activity and fitness tracking, Oura offers features covering nutrition, fertility, blood testing, therapy and medication monitoring. Its API-first platform connects with more than 1,200 partners, including Dexcom, Natural Cycles and Strava, as well as healthcare organizations and health plans.

Oura raised $900 million in a Series E round in October, taking its valuation to $11 billion. The company has raised more than $1.5 billion to date.

Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies are among the joint lead book-running managers for the offering.

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