Oura, the smart ring maker, has filed to go public, revealing substantial financial growth. The company reported $1.2 billion in revenue for the nine months ending June 30, up from $697 million a year earlier. It previously stated that it generated $500 million in revenue in 2024, roughly $1 billion in 2025, and expects to generate close to $2 billion this year.
According to the filing, Oura has sold 3.6 million rings over the past year and has approximately 5 million paid subscribers who pay for access to broader health metrics. The company claims an 85% weighted-average 12-month membership retention rate. Its rings, priced between $350 and $400, track biometrics including metabolism, heart rate, stress levels, and sleep patterns.
Oura sees its opportunity extending beyond traditional fitness tracking. In the filing, it states, "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 also highlighted its biometric dataset, which it says covers over 50 health metrics and represents nearly 42 billion hours of physiological data, powering its AI models.
Bloomberg previously reported that the company is expected to seek a $16 billion valuation, up from an $11 billion valuation last October. Oura confidentially filed for an IPO in May. The company, founded in Finland in 2013, now has offices worldwide including San Francisco.
Oura recently faced a proposed class action lawsuit alleging it misled consumers about the accuracy of its sleep tracking capabilities, claiming the rings rely on AI-generated estimates rather than actual physiological signals.