Oura Health Oy, the maker of the Oura Ring sleep and fitness tracker, is aiming to raise as much as $3 billion in a US initial public offering that could value the company at more than $16 billion, according to Bloomberg Law. The offering is being targeted for September 2026, though the timeline could shift depending on market conditions.
Founded in 2013 and headquartered across San Francisco and Oulu, Finland, Oura makes a titanium ring worn on the finger that tracks sleep, heart rate, and physical activity. The device is sold in more than 4,600 retail locations worldwide and is not marketed as a medical device. The company has sold more than 5.5 million rings and is on track to exceed five million paid subscribers this quarter.
Oura filed confidentially with the US Securities and Exchange Commission (SEC) in May 2026. The number of shares and the price range have not yet been determined. Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies are working as underwriters on the deal.
Existing investors are expected to sell a significant portion of their stock as part of the offering, according to Bloomberg Law. The precise split between new shares and secondary sales has not been disclosed.
A valuation above $16 billion would represent a substantial jump from Oura's last private price tag. In October 2025, the company closed a Series E funding round of $875 million to $900 million that valued it at roughly $11 billion, according to TechCrunch. Backers in that round included Fidelity, ICONIQ, Whale Rock, and Atreides, joining earlier investors such as Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek. Oura has raised more than $1.5 billion in total funding to date.
Chief executive Tom Hale has said the company is on track to generate $1.5 billion in revenue in 2026, which would be triple its 2024 sales, according to Forbes. Around 20 per cent of that revenue is expected to come from subscription services, with the remainder driven by hardware sales.
The company employs more than 900 people. Its ring sits in a wearables market that also includes smartwatches and fitness bands from Apple, Samsung, and Garmin, though Oura helped establish the smart ring as a distinct product category emphasising passive, continuous monitoring in a discreet form.
If the deal proceeds at the upper end of its target range, it would rank among the largest health-technology listings in years, and would arrive during a busy period for US public markets, with high-profile offerings from other technology companies also in the pipeline for 2026.
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