Oura files to go public as nine-month revenue nearly doubles to $1.2 billion

Oura, the company behind the smart health ring, has formally filed to go public in the United States. According to TechCrunch, the paperwork lodged with the Securities and Exchange Commission on Thursday lays out a business that is growing fast, with revenue nearly doubling over the past year.

The numbers in the filing

The filing shows that Oura generated $1.2 billion in revenue during the nine-month period that ended June 30 of this year, up from $697 million over the same stretch a year earlier. The company had previously disclosed roughly $500 million of revenue for 2024 and around $1 billion for 2025, and it expects to approach $2 billion for the current year, TechCrunch reports.

Unit economics also look strong on paper. Oura says it sold 3.6 million rings over the past twelve months and currently counts about 5 million paid members — subscribers who pay for the broader set of health metrics delivered through its app. Retention is the standout figure: the filing cites a weighted-average 12-month membership retention rate of roughly 85%, meaning most people who sign up in a given month are still subscribed a year later. The rings themselves sell for between $350 and $400.

A gadget with platform ambitions

At a basic level, the Oura Ring tracks biometrics such as heart rate, sleep patterns, stress and metabolism, pairing with an app that the company markets as an always-on health intelligence platform. But the IPO filing frames a much broader ambition. Oura argues that its opportunity goes well beyond the activity-and-fitness use cases that dominate the wearables market, pointing to plans to expand access, build clinical evidence, and deepen integrations with health plans, employers and care providers.

Data and AI sit at the centre of that pitch. The filing states that Oura has accumulated one of the largest longitudinal biometric datasets in consumer health, covering more than 50 health and wellness metrics and representing nearly 42 billion hours of physiological data. That dataset, the company says, feeds the AI and machine-learning models that interpret those signals and become more accurate, personalised and predictive as members accumulate history.

Valuation and timeline

Oura, which was founded in Finland in 2013 and now maintains offices around the world including San Francisco, confidentially submitted IPO documents in May before this week's public filing. Reports late last month suggested the company is aiming to raise about $3 billion in the offering, while Bloomberg has reported that Oura is expected to seek a valuation of roughly $16 billion — a step up from the approximately $11 billion valuation it secured in October of last year, according to TechCrunch.

A lawsuit hangs over the debut

The offering arrives amid legal friction. Oura was recently hit with a proposed class action alleging that it misled users about the accuracy of its sleep tracking. The complaint contends that the rings cannot actually detect the physiological signals required to determine sleep stages, and instead depend on AI-generated estimates that it characterises as barely better than a coin flip. The suit follows years of complaints from users who said their sleep was consistently rated as better than it really was. Oura disputes the allegations and has said it will defend against the claims in the appropriate legal forum.

Why it matters

Consumer hardware companies that can grow revenue this quickly while keeping a subscription attached are rare, and rarer still in wearables, where device sales have traditionally dominated. The filing shows Oura has built something closer to a recurring-revenue health business on top of a $350-plus gadget, with retention numbers that most software services would envy. A successful listing would also give public-market investors a relatively pure play on the intersection of consumer wearables, health data and AI — at a moment when the accuracy claims underpinning exactly that data are being tested in court. How the market weighs that growth against the pending litigation will be one of the more closely watched questions of the IPO.