Oura targets $3B IPO at a $16B valuation, near the top of its sector
What's the deal? Oura, the Finnish smart ring maker, is targeting a US IPO that would raise up to $3bn and value it above $16bn, according to Bloomberg. The listing could come as early as September, with existing shareholders expected to sell a large slice of the offering.
Why now? Oura filed confidentially for a US IPO on May 21, 2026, and a September listing would follow fast. The plan lands as demand shifts toward passive tracking of sleep, recovery, and readiness — metrics suited to a device people keep on overnight.
By the numbers: The target marks a sharp step up from the $10.9bn valuation Oura carried last September, when it closed an $875mn Series E backed by FidelityDealroom has a profile for this one. Try Dealroom →, ICONIQ, Whale RockDealroom has a profile for this one. Try Dealroom →, and AtreidesDealroom has a profile for this one. Try Dealroom →, alongside earlier investors including Dexcom and Coatue. The company says it generated $500mn in revenue in 2024, roughly $1bn in 2025, and expects close to $2bn in 2026. It has sold 5.5 million rings since 2015.
Zoom out: At a $16bn target, Oura would sit at the very top of its sector — the top percentile for IPO rounds across its industry and geography over the trailing 48 months, in a sample of 52 comparable listings. Goldman SachsDealroom has a profile for this one. Try Dealroom →, Morgan StanleyDealroom has a profile for this one. Try Dealroom →, JPMorganDealroom has a profile for this one. Try Dealroom →, Allen & Co.Dealroom has a profile for this one. Try Dealroom →, and JefferiesDealroom has a profile for this one. Try Dealroom → are managing the offering.
What's the endgame? The valuation rests on subscription revenue, which is priced far higher than one-off hardware sales. Membership starts at $5.99 per month, Oura expects more than five million subscribers this quarter, and 80% of members renew after their first year.
What could go wrong? Research firm SacraDealroom has a profile for this one. Try Dealroom → estimates about 80% of Oura's revenue still comes from hardware, not subscriptions — a gap public investors will scrutinise. A proposed class-action lawsuit filed in San Francisco alleges Oura overstated the accuracy of its sleep tracking; the company says it will contest the claims and notes its ring "is not a medical device or a substitute for a clinical sleep study."
The signal: The wearables field has crowded fast, with Samsung's Galaxy RingDealroom has a profile for this one. Try Dealroom → and Whoop — valued at $10bn in March — pushing in. Oura's listing would test whether a European hardware company can command a software-scale multiple in US public markets, with its S-1 set to settle the open questions on revenue mix and membership.
Read more: thenextweb.com, TechCrunch, Tech Funding News
Image credit: OURA
