Oura, the Finnish maker of the popular smart health ring, has filed to go public. The company submitted its paperwork to the Securities and Exchange Commission on Thursday, revealing sharp revenue growth over the past year.
According to the filing, Oura generated EUR 1 billion in revenue during the nine-month period ending June 30, 2026, up from EUR 600 million during the same window a year earlier. That trajectory aligns with figures the company has shared publicly: roughly EUR 430 million in 2024, about EUR 1 billion in 2025, and an expectation of close to EUR 2 billion for the current year.
Ring Sales, Subscriptions, and Retention
Oura reported selling 3.6 million rings over the past year and said it currently counts approximately 5 million paid members. Those members subscribe to the company’s service to unlock broader health metrics. The filing also highlights an 85% weighted-average 12-month membership retention rate, meaning roughly 85% of members who sign up in a given month remain subscribed a year later.
The rings, priced between EUR 301 and EUR 344, function as advanced fitness trackers built to measure a wide range of biometrics, including metabolism, heart rate, stress levels, and sleep patterns. Paired with its app, Oura markets the device as an “always-on health intelligence platform.”
Founded in Finland in 2013, the company confidentially filed for an IPO in May and is reportedly looking to raise EUR 3 billion through the offering. Recent reports indicate Oura is targeting a EUR 14 billion valuation, up from roughly EUR 9 billion in October of last year. The company now operates offices worldwide, including in San Francisco.
AI Ambitions and a Legal Challenge
In its SEC filing, Oura laid out plans to broaden its audience beyond activity and fitness tracking. “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,” the company wrote.
Oura also emphasized how its data supports new AI features. The company said it has assembled “one of the largest and highest-quality longitudinal biometric datasets in consumer health,” tracking more than 50 health and wellness metrics and representing nearly 42 billion hours of physiological data. That dataset, according to the filing, powers machine-learning models that decode physiological patterns and improve in accuracy and personalization as member histories grow.
The filing arrives as Oura faces a proposed class action lawsuit accusing it of misleading users about the accuracy of its sleep tracking. The suit alleges the rings cannot detect the physiological signals needed to determine sleep stages and instead rely on AI-generated estimates the complaint compares to a coin flip. The litigation follows years of online complaints from users who said Oura frequently rated their sleep as optimal when it was not. The company has disputed the claims.
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