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. 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.
The company has said previously 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.
The company says it has sold 3.6 million rings over the past year, and that it currently has approximately 5 million paid members — that is, users who subscribe to its service for broader health metrics. The filing also says 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, at their most fundamental level, fitness trackers designed to measure a user’s biometrics — everything from metabolism and heart rate to stress levels and sleep patterns. Paired with an app, the ring and that software are marketed by Oura as an “always-on health intelligence platform.”
Late last month, it was reported that Oura was looking to raise $3 billion during its expected public offering. The company, which was founded in Finland in 2013, confidentially filed for an IPO in May. Bloomberg previously reported that the company is expected to seek a $16 billion valuation. In October of last year, it had been valued at around $11 billion.
In its SEC filing, Oura outlines where it believes its audience can widen in the coming years. “We believe our opportunity extends beyond traditional wearable use cases centered on activity and fitness tracking,” it says. “We believe our platform can support significantly larger populations as we continue to expand access, build clinical evidence, and deepen integrations with health plans, employers, and care providers.”
Oura also notes how its trove of data is fueling new AI integrations. “We believe we have amassed one of the largest and highest-quality longitudinal biometric datasets in consumer health, tracking over 50 health and wellness metrics and representing nearly 42 billion hours of physiological data,” it states. “This dataset powers our AI and machine-learning models, which decode complex physiological patterns and improve in accuracy, personalization, and predictive capability as member histories deepen.”
TechCrunch has reached out to Oura for more information.
The company, which now has offices throughout the world, including San Francisco, was recently hit with a proposed class action lawsuit accusing it of misleading users about the accuracy of its sleep tracking capabilities. The suit alleges Oura’s rings can’t actually detect the physiological signals needed to determine sleep stages, and instead rely on AI-generated estimates that the complaint describes as little more reliable than a coin flip. The litigation follows years of online complaints from users who said that Oura consistently rated their sleep as optimal when, in fact, it was not.
The company has disputed the allegations and previously told TechCrunch it will “defend against” the claims in the “appropriate legal forum.”
Key Takeaways
- Oura, the smart ring pioneer, has officially filed for its Initial Public Offering (IPO), revealing substantial revenue growth and a robust subscription model with an 85% 12-month membership retention rate.
- The company is strategically positioning itself to expand beyond consumer fitness, aiming to integrate its “always-on health intelligence platform” into broader healthcare ecosystems, leveraging its vast biometric data to fuel advanced AI.
- Despite its impressive financial trajectory and ambitious growth plans, Oura is currently facing a class-action lawsuit alleging inaccuracies in its core sleep-tracking technology, a challenge it publicly disputes.
The rapidly expanding market for personal health technology is about to get a new public player. Oura, the Finnish-founded innovator behind the popular smart ring, has formally filed its S-1 document with the Securities and Exchange Commission (SEC), signaling its intent to go public. This move follows months of speculation and a confidential IPO filing in May, marking a significant milestone for the company that has carved out a unique niche in the competitive wearables space.
Financial Snapshot: A Trajectory of Accelerated Growth
Oura’s SEC filing paints a picture of aggressive financial expansion. The company reported a remarkable leap in revenue, soaring from $697 million during the nine-month period ending June 30 last year to an impressive $1.2 billion for the corresponding period this year. This substantial jump underscores Oura’s accelerating market penetration and the increasing adoption of its subscription-based health monitoring service.
These figures align with previous ambitious projections from the company, which anticipated generating $500 million in revenue in 2024, approximately $1 billion in 2025, and expecting to hit close to $2 billion for the full current year. The robust revenue growth is further supported by strong product sales and a loyal subscriber base. Oura disclosed that it has sold 3.6 million rings over the past year and currently boasts approximately 5 million paid members who subscribe to access its comprehensive health metrics and insights.
A critical metric highlighted in the filing is Oura’s weighted-average 12-month membership retention rate, which stands at an impressive 85%. This high retention rate is a strong indicator of customer satisfaction and the stickiness of its subscription model, providing a stable, recurring revenue stream that is highly valued by investors. The company’s valuation has also seen a significant uptick, jumping from around $11 billion in October of last year to an expected $16 billion, according to Bloomberg reports, with Oura reportedly looking to raise $3 billion during its public offering.
The Oura Ring: More Than Just a Fitness Tracker
At its core, the Oura Ring, priced between $350 and $400, is an advanced biometric tracker. It meticulously measures a wide array of physiological signals, including metabolism, heart rate, stress levels, and intricate sleep patterns. However, Oura’s marketing emphasizes its broader ambition: to be an “always-on health intelligence platform.” Paired with its intuitive mobile application, the ring transforms raw data into personalized, actionable insights, guiding users towards better sleep, recovery, and overall well-being. This positions the Oura Ring not just as a gadget, but as a proactive health companion, distinct from many traditional smartwatches that often prioritize notifications and general fitness over deep health insights.
Strategic Vision: Tapping into Healthcare and AI’s Potential
Looking beyond the immediate consumer market, Oura’s SEC filing reveals an ambitious strategic roadmap. The company explicitly states its belief that its “opportunity extends beyond traditional wearable use cases centered on activity and fitness tracking.” This signifies a concerted effort to pivot towards a broader healthcare ecosystem. Oura aims to “support significantly larger populations” by expanding access, building clinical evidence for its technology, and deepening integrations with critical stakeholders like health plans, employers, and professional care providers. This expansion could see Oura rings become tools for remote patient monitoring, corporate wellness programs, or even clinical research, opening up vast new revenue streams and solidifying its position as a serious player in digital health.
Central to this expansive vision is Oura’s unparalleled data trove and its sophisticated application of artificial intelligence. The company proudly claims to have “amassed one of the largest and highest-quality longitudinal biometric datasets in consumer health,” representing nearly 42 billion hours of physiological data across more than 50 health and wellness metrics. This colossal dataset is the lifeblood of its AI and machine-learning models, which are engineered to decode complex physiological patterns. Oura emphasizes that these models continuously improve in accuracy, personalization, and predictive capability as individual member histories deepen, creating a powerful feedback loop that enhances the user experience and the platform’s overall value.
A Cloud on the Horizon: Legal Challenges and Accuracy Concerns
Despite its impressive growth and forward-looking strategy, Oura is navigating a significant challenge on the legal front. The company, which maintains global offices including a key presence in San Francisco, was recently hit with a proposed class-action lawsuit. The suit accuses Oura of misleading consumers regarding the accuracy of its sleep tracking capabilities, a core feature of its product. Specifically, the litigation alleges that Oura’s rings cannot truly detect the physiological signals required to accurately determine sleep stages. Instead, the complaint asserts that the device relies on AI-generated estimates that are “little more reliable than a coin flip.”
This lawsuit echoes years of online complaints from users who reported that their Oura rings consistently provided “optimal” sleep scores, even during periods when they subjectively felt their sleep quality was poor. Such allegations, particularly concerning a foundational aspect of the product’s value proposition, could introduce uncertainty as Oura prepares to enter the public market. While Oura has publicly disputed these allegations and stated its intention to “defend against” the claims in the “appropriate legal forum,” the litigation represents a critical hurdle the company must address to maintain consumer trust and investor confidence.
The Road Ahead: An IPO Under Scrutiny
As Oura moves closer to its public debut, the tech world will be watching closely. Its journey from a niche Finnish startup founded in 2013 to a multi-billion dollar company poised for an IPO is a testament to its innovation and market execution. The expected $3 billion fundraising, coupled with a $16 billion valuation, underscores the significant investor interest in the digital health sector and Oura’s perceived leadership within it. However, the pending lawsuit and the need to continually validate its technology’s scientific backing will be paramount as Oura seeks to solidify its reputation and expand its reach beyond early adopters.
Bottom Line
Oura’s IPO filing marks a pivotal moment for the smart ring maker, highlighting robust financial growth, an enviable subscription model, and ambitious plans to integrate deeper into the healthcare landscape through its data-rich AI platform. As it prepares to tap public markets, Oura presents a compelling growth story fueled by innovation and a loyal user base. Yet, the company must adeptly navigate the class-action lawsuit challenging the core accuracy of its technology, ensuring that its groundbreaking vision is built on a foundation of unquestionable reliability to fully unlock its potential as an “always-on health intelligence platform” for the masses.
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