Oura, the smart ring maker, has filed to go public. The filing with the Securities and Exchange Commission on Thursday shows that Oura’s revenue has jumped substantially in the past year.
Revenue Growth
The company went from $697 million in revenue during the nine-month period that ended June 30 last year to $1.2 billion during the corresponding period this year. Oura has previously stated that it generated $500 million in revenue in 2024, roughly $1 billion in 2025, and that it expected to generate close to $2 billion in revenue this year.
Membership and Sales
Oura reports that it has sold 3.6 million rings over the past year and currently has approximately 5 million paid members—users who subscribe to its service for broader health metrics. The filing also indicates that Oura has an approximately 85% weighted-average 12-month membership retention rate, meaning that roughly 85% of members who sign up in a given month are still subscribed a year later.
The company’s rings, which sell in the range of $350 to $400, are fundamentally fitness trackers designed to measure a user’s biometrics, including metabolism, heart rate, stress levels, and sleep patterns. Paired with an app, the ring and software are marketed by Oura as an "always-on health intelligence platform."
IPO Plans
Late last month, it was reported that Oura was looking to raise $3 billion during its expected public offering. Founded in Finland in 2013, the company confidentially filed for an IPO in May. Bloomberg previously reported that Oura is expected to seek a $16 billion valuation, up from around $11 billion in October of last year.
