Oura, the smart ring maker and health tracking company, filed to go public on Thursday to fuel its next phase of growth as it aims to build an artificial intelligence-powered health platform.
The company has not specified the number of shares to be offered or the price range for the proposed offering. Oura intends to list on the Nasdaq under the ticker symbol “OURA.”
Founded in Finland in 2013, Oura's smart rings continuously track more than 50 health metrics, including heart rate, sleep, daily movement and activity, stress, fertility windows and metabolic health.
The company filed confidentially for an initial public offering in May. Oura banked a $900 million series E funding round in October, boosting its valuation to $11 billion. It has raised more than $1.5 billion to date.
As outlined in the company's S-1 filing with the U.S. Securities and Exchange Commission, Oura is pitching investors on a company that has reached meaningful scale while continuing to grow very rapidly. Executives frame Oura as evolving from a smart ring company into an AI-powered health platform with recurring subscriptions, strong consumer engagement, a large proprietary data asset and a long-term opportunity in preventive healthcare, according to the S-1.
The company's revenue grew from $698 million in the nine months ended June 30, 2025 to $1.2 million in the nine months ended June 30, 2026, up 74% year-over-year. To date in 2026, hardware revenue brought in $974 million and membership revenue was $240 million, compared to $589 million and $109 million the preceding nine-month period.
The company is at more than $1.4 billion in revenue for the trailing twelve months.
During the nine months ended June 30, 2026, Oura delivered gross margins of 55%, generated net income of $61 million and generated Adjusted EBITDA of $107 million.
Oura now has 5 million paid members, with more than 94% of ring activations historically converting to paid membership and roughly 85% 12-month retention. Members wear Oura about 23 hours a day, and Oura has accumulated nearly 42 billion hours of longitudinal biometric data, according to the S-1. The company operates in 56 markets.
Oura combines hardware sales with recurring subscription revenue. The company says hardware sales cover customer acquisition costs upfront, while memberships provide long-term recurring revenue.
The company frames itself as not just a wearables device maker but part of a broader movement toward preventive care and consumer-directed healthcare spending.
"We operate at the intersection of three structural shifts: the move from reactive care to proactive, continuous health management; increasing consumer ownership of health decisions and spend; and advances in AI and wearable technology that enable personalized, predictive insights in real time. We believe we are in the early innings of addressing a large and expanding market opportunity that begins with wearables and extends into preventative healthcare," the company wrote in the S-1 filing.
Oura says it's early in its market penetration, as it accounted for approximately 2% of annual global wearable shipments in the 12 months ended June 30, 2026. "We are both taking share and expanding the market. Our diverse set of use cases attract consumers who have not historically engaged with wearable devices, with 33% of new members reporting Oura as their first wearable device, demonstrating our active expansion of the wearables market. At the same time, we are taking share as approximately 29% of new members reported replacing their existing wearable with Oura and 37% reported wearing another wearable concurrently, selecting Oura as a complementary health-focused device," the company wrote.
The company says its market opportunity extends beyond wearables into a $90 billion-plus serviceable market as healthcare investment shifts toward proactive, personalized care. "Longer-term, we believe our platform can support meaningfully larger populations as we continue to expand access, build clinical evidence, and deepen integrations with health plans, employers, and care providers," the company wrote.
Oura also says its capabilities extend beyond activity and fitness tracking with a growing suite of features and services, including nutritional insights and guidance, conception planning and fertility insights, blood testing and analysis, and therapy and medication monitoring.
Oura touts that its integrated hardware and software platform creates a reinforcing flywheel that strengthens its competitive advantage over time. Continuous smart ring usage generates more data, improving its AI-driven health insights, boosting engagement and retention, and creating a growing data asset that is difficult for competitors to replicate, the company said in the S-1.
The company also said its user base is expanding, with its female and male members each growing at a compound annual growth rate of more than 90% since fiscal 2024. Approximately 72% of Oura members are women, approximately 27% are over the age of 45, and approximately 37% have a household income below $100,000.
"We are also reaching populations that many wearables have historically struggled to engage, including individuals managing chronic health conditions, with more than half of members reporting at least one chronic condition," the company said in the filing.
Oura also argues that its competitive advantage comes from the device's finger-based biometric sensing, which it says produces stronger physiological signals than wrist-worn devices. The company also has amassed a large longitudinal biometric dataset in consumer health, tracking over 50 health and wellness metrics and representing nearly 42 billion hours of physiological data. That dataset powers its AI and machine-learning models to generate personalized health insights. The company also has more than 1,140 patents and patent applications.
Oura also has a growing partner ecosystem that helps extend the reach and utility of its platform without requiring the company to build every capability in-house. The company's API-first architecture supports integrations across more than 1,200 partners. Those integrations extend Oura's platform into areas such as fertility, chronic disease management and healthcare delivery. The company says it has established a robust partnership ecosystem across key health use cases—including Natural Cycles (women’s health), Dexcom (metabolic health), and Strava (activity), among others—and connected care pathways with Essence Healthcare, Lumeris and its Agentic AI Tom platform, and Maven Clinic.
Oura also is working with more health plans, including a collaboration with Cigna to offer its smart ring and membership program as a benefit to select health plan members. The company's device and services are also increasingly incorporated into employer-sponsored and Medicare Advantage offerings. In 2024, Oura inked a unique partnership with Essence Healthcare to provide some MA plan members with an Oura Ring device and its app at no cost. Roughly a third of Essence's members have opted to use the ring, Essence Healthcare executives told Fierce Healthcare, and the partnership has expanded into new clinical programs including one that aims to identify potential sleep apnea risk.
The company's growth strategy is to increase penetration in its existing market while also expanding into more international markets, as currently only 20% of hardware sales are outside the U.S. The company also plans to continue introducing new health features and services and grow employer, healthcare and enterprise distribution channels.
Goldman Sachs & Co. LLC, Morgan Stanley, J.P. Morgan, Allen & Company LLC and Jefferies will act as joint lead book-running managers for the proposed offering. BofA Securities, Barclays and Wells Fargo Securities will act as joint book-running managers. Citizens Capital Markets, KeyBanc Capital Markets and Guggenheim Securities will act as book-running managers. Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities and William Blair will act as additional book-running managers. Robinhood Securities will act as a co-manager for the proposed offering.