Oura has officially begun the process of offering its shares to the public in the United States after filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). The company intends to list its shares on the Nasdaq Global Select Market under the ticker OURA, but it has not yet disclosed the number of shares it will offer or the expected price range, nor has it set a final date for the offering.
The company submitted a confidential filing for the offering last May. Information related to the process indicates that Oura is targeting up to $3 billion in proceeds and a valuation of $16 billion. The company reached a valuation of approximately $11 billion during a funding round held in October 2025, making the offering an important test of the capital market’s ability to absorb wearable-device companies that rely on a mix of device sales and recurring revenue.
Growth Beyond Ring Sales
Offering documents showed that Oura’s revenue during the nine months ended June 30 rose to $1.21 billion, compared with $697.6 million during the same period of the previous year, an annual increase of 74%. Net income also rose from $1.6 million to $60.8 million during the same period.
Smart-ring sales remained the largest source of revenue; the company sold 3.1 million rings and generated $974 million from them. By contrast, membership revenue increased 121% to $240.5 million. The membership business’s gross margin reached 89%, while the number of paid users nearly doubled to approximately 5 million users. The average 12-month subscription retention rate was approximately 85%.
What Matters in Oura’s Model?
Oura was founded in Finland in 2013, and its rings provide measurements related to sleep, heart rate, stress, activity, and metabolic health. The company says the database it has built includes approximately 42 billion hours of physiological data, distributed across more than 50 health and fitness indicators. Oura uses this data to develop artificial-intelligence and machine-learning models that provide personalized health assessments.
In practice, the company’s offering thesis is not limited to selling a wearable device; the figures indicate that subscriptions have become a significant part of the business, with a high profit margin and disclosed user retention. This gives investors an additional indicator for evaluating the company, but it also keeps its performance tied to its ability to retain subscribers and to users’ continued confidence in the health measurements it provides.
Unresolved Legal Risks
The offering documents also include disclosure of legal risks. A motion has been filed to bring a class action against Oura over allegations that the company misleadingly represented to users the rings’ accuracy in measuring sleep stages. Oura says it will defend itself through legal channels, while the source does not specify the outcome of the case or its potential impact on the offering.
Goldman Sachs is serving as the lead underwriter for the offering, while Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies are participating in the process as joint bookrunners. Until the number of shares, offering price, and timetable are announced, the transaction’s value and final valuation remain undetermined estimates.