According to Bloomberg, smart ring manufacturer Oura is considering launching an initial public offering (IPO) in the U.S. as early as September, with a potential fundraising target of up to $3 billion. If this plan proceeds, the company, headquartered in San Francisco and Finland, could be valued at over $16 billion.
This means Oura’s valuation will be significantly higher than it was a year ago. In September 2025, when Oura completed its $875 million Series E funding round, its valuation stood at $10.9 billion. Investors in that round included Fidelity, the token issuance NIQ, Whale Rock, and Atreides.
Funding Size and Share Offering Arrangements
Bloomberg reports that existing investors are expected to sell a significant portion of their shares in this offering, meaning this listing is not only a fundraising event for the company but also a key opportunity for early shareholders to realize their holdings.
Oura has not yet disclosed the specific price range, number of shares to be issued, or listing location for its IPO. The company previously announced in May that it had secretly filed its IPO documents in preparation for a subsequent public offering.
The valuation has been further increased compared to the previous round.
If the final valuation reaches $16 billion, Oura will have increased further from $10.9 billion in less than a year. This shift indicates that capital markets are still willing to assign higher valuations to companies with strong consumer electronics brand power and subscription-based health services.
Oura currently has over 900 employees. Its product roadmap has evolved from an early focus on niche bio-tracking users to a broader market centered on sleep, recovery, and overall health management.
Competition in the wearable sector is intensifying.
The smart wearable market has seen significantly intensified competition over the past two years. Samsung launched the Galaxy Ring two years ago, directly entering the smart ring segment. Meanwhile, fitness wristband brand Whoop is expanding its product positioning beyond just athletes and young male users.
Over the past year, Whoop has added health features such as hormone tracking and blood testing, addressing scenarios like perimenopause and thyroid health. The company’s valuation rose to $10 billion in March this year. Oura’s expansion path is similar, moving from niche health hardware toward a broader consumer health brand.
From a timing perspective, if Oura completes its listing process in September, the market will view this offering as a significant pricing test for a consumer-grade health hardware company in the public markets.