Wearable technology company Oura has officially filed with the Securities and Exchange Commission to become a publicly traded entity. The filing, submitted on Thursday, highlights significant financial growth, with revenue climbing from $697 million in the nine months leading up to June last year to $1.2 billion during the same period this year.
Oura has previously projected that it would generate approximately $1 billion in revenue for 2025 and nearly $2 billion in the current year. Having sold 3.6 million rings over the past twelve months, the company now reports roughly 5 million paid subscribers. It also emphasized an 85% weighted-average 12-month membership retention rate, indicating strong customer loyalty.
Investors anticipate that Oura could raise up to $3 billion through its initial public offering. Reports suggest the company is targeting a valuation of $16 billion, a notable increase from the $11 billion valuation it held in October of last year. Founded in Finland in 2013, Oura confidentially initiated the IPO process in May.
The company’s SEC documents outline ambitions to expand beyond standard fitness tracking. Oura described its product as an “always-on health intelligence platform” that pairs its $350 to $400 smart rings with a mobile app. The firm stated it aims to deepen integrations with health plans, employers, and care providers to support larger populations.
Oura also highlighted its data assets, claiming to hold one of the largest longitudinal biometric datasets in consumer health. The company noted it has tracked nearly 42 billion hours of physiological data across more than 50 metrics, which it says powers AI and machine-learning models to improve predictive accuracy and personalization.
Despite these projections, the company faces legal challenges. A proposed class-action lawsuit alleges that Oura misleads users regarding the accuracy of its sleep tracking. The complaint contends that the rings cannot detect the necessary physiological signals for sleep stages and instead rely on AI estimates as reliable as a coin flip. Oura has disputed these claims and stated it intends to defend against the allegations in legal proceedings.
$1.2B revenue is huge, but that class-action lawsuit over sleep tracking accuracy is a major red flag for investors.
I’ve been using Oura for years. The retention rate makes sense because the data actually feels helpful for my sleep routine.
A $16 billion valuation seems steep when they’re facing potential legal troubles. Let’s see how the market reacts to the filing.
Four billion hours of biometric data is impressive. If they can prove the accuracy in court, this IPO could really take off.