Oura targets $16 billion valuation in upcoming US IPO

Oura, the Finnish-founded health technology company specializing in smart rings, is preparing for an initial public offering (IPO) in the United States, potentially as early as September. The company aims to raise up to $3 billion, with a projected market valuation exceeding $16 billion. This would represent a significant increase from its $11 billion valuation following a Series E funding round in late 2025.

The offering is expected to include substantial share sales by existing investors to provide liquidity. Major financial institutions, including Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies, are reportedly advising on the listing. Oura has already filed a confidential S-1 registration statement with the SEC.

The company has seen rapid growth, with CEO Tom Hale noting that sales reached 5.5 million rings through September 2025. Revenue is projected to reach approximately $1.5 billion in 2026, a substantial increase from $500 million in 2024. Oura's business model relies heavily on its subscription-based services for health data insights. While the company operates primarily out of San Francisco and Finland, it has recently transitioned its parent company to Delaware for tax and regulatory purposes.