Oura Plans IPO: Smart Ring Pioneer with $11 Billion Valuation and Its Own AI Model

The Finnish-American wearable manufacturer Oura has announced its next big step: the company behind the world’s leading smart ring has confidentially submitted a draft registration statement to the US Securities and Exchange Commission (SEC). An IPO could thus become reality very soon.

What’s Behind the IPO Plan?

Oura Inc. has announced the filing of a Draft Registration Statement on Form S-1 with the Securities and Exchange Commission (SEC), officially preparing the company for its stock market listing. Specific details such as the number of shares offered or the price range have not yet been determined. The IPO is set to take place once the SEC has completed its review process, subject to market conditions.

The move comes at a time when Oura is on an impressive growth trajectory. Most recently, the company raised $900 million in a financing round in October 2025, led by Fidelity Management and Research Company. Other investors included ICONIQ as well as existing backers Whale Rock and Atreides.

Valuation and Growth: The Numbers Speak for Themselves

The most recent financing round valued Oura at approximately $11 billion, making it the most valuable independent wearable company in the world. And the business figures impressively support this valuation.

• Since its market launch in 2015, more than 5.5 million units of the Oura Ring have been sold, with more than half sold in the past year alone
• Revenue in 2024 exceeded $500 million, a doubling compared to the previous year
• For 2025, Oura again forecasts a doubling to over one billion dollars, with simultaneously increasing profitability

“This financing is a testament to Oura’s economic performance,” said CEO Tom Hale.

What Does Oura Actually Do?

Oura was founded in 2013 in Finland and has its EU headquarters in Oulu and its US headquarters in San Francisco. The core product is the Oura Ring, a slim smart ring that continuously tracks more than 50 health metrics, including sleep, activity, stress, heart health, and women’s health.

The company positions itself not as a pure hardware manufacturer, but as a platform for preventive health. With more than 1,200 partners from wellness and medicine as well as thousands of research teams and healthcare providers, Oura has built a broad base. According to the company, the fastest-growing user segment is women in their early twenties.

Its Own AI Model: Oura Takes the Next Step

In addition to the IPO plan, Oura is also making waves technologically. In February 2026, the company unveiled its first proprietary Large Language Model. The model is used in the AI chatbot Oura Advisor and is specifically focused on women’s health, from early menstrual cycles to menopause.

In doing so, Oura is following a path that other tech unicorns such as Cursor or Canva have already taken: instead of relying on models from Anthropic or OpenAI, the company is developing its own AI infrastructure. The model was developed in collaboration with webAI, a specialist in privacy-friendly AI architectures. It is hosted entirely on Oura’s own servers; conversations are neither shared nor sold.

“Women’s health is too complex and too often overlooked to rely on one-size-fits-all solutions. By developing a model specifically for women and grounding it in trusted clinical science and real-world biometric data, we are setting the standard for how responsible intelligence should be built,” said Dr. Ricky Bloomfield, Chief Medical Officer at Oura.

The new model is being rolled out via Oura Labs, an experimental platform within the app that users can opt into voluntarily. It analyzes biometric signals from the areas of sleep, activity, cycle, pregnancy, and stress, and combines these with curated medical knowledge sources reviewed by certified clinicians.

Outlook: From Wearable to Health Platform

With the planned IPO, strong growth momentum, and entry into proprietary AI development, Oura is making it clear where the journey is headed: away from a pure fitness tracker, toward a comprehensive platform for preventive healthcare. Whether and when the IPO will actually take place now depends on the SEC review process and market conditions.