Oura files to go public with $1.21B in revenue as smart ring rivals circle

Oura files for an IPO

Oura, the Finnish company whose ring has largely defined the smart ring category, has formally filed to go public. According to TechCrunch, the filing was made on September 3, and it shows a business growing fast: revenue nearly doubled to $1.21 billion for the nine months ended June 30.

The move comes shortly after the launch of the Oura Ring 5, which the company bills as its thinnest and lightest model to date. As TechCrunch points out, though, the IPO also lands at a moment when a market Oura has dominated for years is filling with rivals betting on different ways to unseat it.

The numbers behind the filing

Alongside the revenue figure, TechCrunch reports that Oura sold 3.6 million rings over the past year and counts around 5 million paid members. That makes it the clear scale leader in a category that until recently was a niche alternative to smartwatches. Going public would give Oura access to fresh capital at precisely the point where competitors are raising money and shipping new hardware to catch up.

Ultrahuman and the patent workaround

Indian startup Ultrahuman announced this week that it raised $70 million with backing from Qualcomm's venture arm. Its ambitions stretch well beyond sleep tracking: the company says it wants to build a ring that runs software directly on the device, eventually supporting everything from AI interactions to games.

More immediately, Ultrahuman's third-generation Ring Pro, priced at $479, begins shipping in the U.S. in mid-September. Its American business was disrupted in October 2025, when the U.S. International Trade Commission sided with Oura in a patent dispute and blocked Ultrahuman from importing new inventory. The Ring Pro was redesigned around that patent, and also brings a new heart-rate sensing system aimed at better signal quality during sleep plus a dual-core processor for stronger on-device data processing.

Payments, haptics and medical-grade features

French company Circular announced this week that its upcoming Ring 3 series, expected early next year in Pro and Slim variants, will include an NFC chip for tap-to-pay and on-finger vibrations for silent alarms, reminders and health alerts. The Pro model adds FDA-cleared ECG for AFib detection, blood pressure trend tracking and glucose tracking. Pricing has not been announced.

China's RingConn launched its Gen 3 in May starting at $349, with vascular health insights that assess changes in vascular strain over time after calibration against externally measured blood pressure values, plus vibration alerts for health changes, sedentary reminders and low battery.

Samsung, the first major tech giant to ship a smart ring back in 2024, sells the $399 Galaxy Ring. TechCrunch calls it the obvious pick for buyers already tied to Samsung's device lineup, but also one of the more basic rings on paper: it lacks the sleep apnea detection offered by Oura, RingConn and Ultrahuman, and the AFib detection available from Circular and RingConn. Newcomer Dreame, meanwhile, has shown a ring with haptic alerts for alarms, calls and messages plus a small touchpad for actions like skipping a song or snapping a photo remotely, with pricing and availability still unannounced.

From discreet tracker to finger-worn computer

As TechCrunch observes, the race is no longer just about health and sleep tracking. It is increasingly about which company can pack the most smartphone-like capability into a two-gram titanium band, with rings already sporting screens, such as the Pebble Halo in India, and touchpads like Dreame's. There is an irony here: smart rings originally appealed because they felt less intrusive than watches and phones, letting people track health without staring at a screen. If the feature arms race continues, the category risks becoming exactly what it set out to replace.

Why it matters

Oura's filing is a milestone for wearables. A $1.21 billion nine-month run rate shows that smart rings can sustain a large standalone business rather than remaining an accessory niche, and the IPO will subject that business to quarterly public scrutiny while rivals escalate a competition that already includes patent litigation, payments, on-device apps and medical-grade sensors. The next few years will likely decide whether the smart ring stays a discreet health monitor or evolves into a small computer worn on a finger. For buyers, that should mean more choice and faster feature development. For Oura, it means defending its lead in public view.