Oura Targets $3 Billion IPO at Over $16 Billion Valuation as Smart Ring Maker Eyes September Listing

Oura is reportedly planning a U.S. IPO as early as September, aiming to raise up to $3 billion at a valuation exceeding $16 billion, with existing investors set to sell a significant portion of their shares.

Smart ring maker Oura is targeting a blockbuster U.S. initial public offering that could value the company at more than $16 billion, according to people familiar with the matter. The Finnish health-tech company and its existing backers are seeking to raise as much as $3 billion in the offering, which could take place as early as September.

"Oura and some existing investors are looking to sell up to $3 billion worth of shares in the listing, people familiar with the situation said," Bloomberg reported on Sunday.

A Rapid Valuation Jump

The $16 billion-plus target represents a significant step-up from Oura's valuation just under a year ago. In September 2025, the company raised $875 million in a Series E round that valued it at $10.9 billion. If successful, the IPO would represent a roughly 47% increase in less than 12 months.

The company has been preparing for the transition to public markets since May, when it filed confidentially for an IPO. It has assembled a syndicate of underwriters including Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group.

Growth and Competition

Oura has cultivated a loyal consumer base with its discrete ring-based device, which measures health, fitness, and sleep metrics. The company's sales surged from 2.5 million rings by June 2024 to 5.5 million by September 2025. Revenue climbed to $500 million in 2024, and the company is projecting $1.5 billion in revenue for 2026.

However, the IPO comes as competition intensifies in the smart ring market. Samsung launched its Galaxy Ring two years ago, and Apple is reportedly developing AI-powered wearable devices. A successful listing would provide Oura with fresh capital to defend its early market lead.

Here is the question this IPO raises. Oura is preparing to go public at a $16 billion valuation, aiming to raise $3 billion in a September listing. When a wearable tech pioneer with 900 employees and projected $1.5 billion in 2026 revenue takes the leap to public markets, will investors reward its growth trajectory or question its ability to fend off Big Tech competitors?

FAQ:

Q: When is Oura's IPO expected?
A: Oura's IPO is reportedly targeting September 2026, though the timeline could still change.

Q: How much is Oura aiming to raise in its IPO?
A: Oura and its existing investors are seeking to raise up to $3 billion in the offering.

Q: What is Oura's target valuation for its IPO?
A: Oura is targeting a valuation exceeding $16 billion in its U.S. IPO.

Q: How much revenue does Oura project for 2026?
A: Oura expects to reach $1.5 billion in revenue in 2026, a significant increase from $500 million in 2024.

Q: Who are the underwriters for Oura's IPO?
A: Oura is working with Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group.