Oura, the company that essentially created the smart ring category, has filed its S-1 registration with the SEC to go public on Nasdaq under the ticker OURA. The Finnish firm reported $1.21 billion in revenue for the nine months ended June 30, 2026, a 74% jump year-over-year.
The IPO targets a valuation exceeding $16 billion, a significant leap from the $11 billion it notched during its Series E round in late 2025. Oura is aiming to raise up to $3 billion from the offering.
The numbers behind the ring
The company has amassed 5 million paid subscribers, each paying a recurring fee to access health insights generated by their ring. Over the trailing 12 months, Oura sold 3.6 million rings. Its membership retention rate sits at 85%.
The company holds somewhere between 79% and 85% of global smart ring shipments in recent quarters. The overall smart ring market grew just 3% year-over-year in Q1 2026.
Oura has also accumulated nearly 42 billion hours of longitudinal health data from its user base.
Ring 5 and the innovation arms race
In May 2026, Oura launched the Ring 5, which is 40% smaller than its predecessor and delivers longer battery life. The company has leaned heavily into AI features and has expanded into women’s health and preventive wellness tracking.
Oura has raised over $1.5 billion in total funding and significantly expanded its retail distribution. Samsung entered the smart ring market, and Ultrahuman is attacking from the lower end of the price spectrum.
What the IPO means for the wearable market
An 85% retention rate means roughly one in six paying users drops off each year. At 5 million subscribers, that is a significant number of people Oura needs to replace just to stay flat on recurring revenue.