Oura Files for Nasdaq IPO as Health Tech Revenue Reaches $1.2 Billion

Oura has formally filed for a U.S. initial public offering, opening the books on one of the fastest-growing consumer health technology companies to approach the public markets in 2026.

The September 3 filing with the U.S. Securities and Exchange Commission shows that Oura Inc., the company behind the Oura Ring, generated $1.214 billion in revenue during the nine months ended June 30, 2026, up 74% from $697.6 million in the same period a year earlier. The company has applied to list its common stock on the Nasdaq Global Select Market under the ticker OURA.

The offering size, share count and expected IPO price have not yet been disclosed in the preliminary prospectus. Separate reporting from Bloomberg has said Oura and some of its existing investors have been considering an offering that could raise as much as $3 billion and value the company at more than $16 billion. Those terms remain unconfirmed until Oura files an amended prospectus with a formal price range and share count.

What makes the filing notable is not simply Oura's hardware growth. The S-1 shows a business increasingly built around recurring subscriptions, proprietary biometric data and artificial intelligence. That combination gives investors a clearer look at how Oura intends to evolve from a premium wearable-device maker into a broader health intelligence platform.

What Happened

Oura publicly filed its Form S-1 registration statement with the SEC on September 3 after previously submitting confidential IPO paperwork in May.

The company was founded in Finland in 2013 and reorganized its corporate structure earlier this year. On March 31, 2026, Oura completed a redomiciliation that made Delaware-based Oura Inc. the parent company of the group, while Oura Health Oy became a wholly owned subsidiary.

The preliminary filing lists Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Jefferies, BofA Securities, Barclays, Wells Fargo Securities and several additional firms among the underwriters. Robinhood is also listed in the underwriting group.

Oura has not yet disclosed how many new shares it plans to sell or how much of the offering will consist of shares sold by existing stockholders. The company stated that it will not receive proceeds from stock sold by those selling shareholders.

The filing arrives with Oura growing considerably faster than many mature consumer electronics companies.

Revenue reached $1.214 billion during the first nine months of fiscal 2026, compared with $697.6 million during the same period in fiscal 2025. Hardware remained the largest part of the business, producing $974.0 million of revenue, while membership revenue reached $240.5 million.

Oura also reported $60.8 million of GAAP net income for the nine-month period, up from approximately $1.6 million a year earlier.

There is an important accounting distinction in the filing. Oura separately reported a $924.3 million net loss attributable to common stockholders after recording a roughly $985 million deemed dividend to holders of redeemable convertible preferred stock. That deemed dividend reflects preferred-stock transactions and is different from the company's reported $60.8 million consolidated net income for the period.

The Subscription Business Is Becoming a Major Part of the Story

The strongest financial development in Oura's filing may be the expansion of its membership business.

Membership revenue increased 121% year over year to $240.5 million for the nine months ended June 30. It represented approximately 20% of total company revenue, up from 16% in the comparable 2025 period.

Oura says it had approximately 5 million paid members as of June 30, double the 2.5 million reported one year earlier. The company had 1.5 million paid members at the end of 2024.

The subscription economics are substantially different from the hardware business. Oura disclosed an 89% membership gross margin for the first nine months of fiscal 2026. In the United States, membership costs $5.99 per month or $69.99 per year.

Approximately 63% of new members during the period began with an annual plan, which can improve revenue visibility and reduce the frequency of monthly cancellation decisions.

Oura also said historically more than 94% of ring activations convert into paid members after the initial trial period. Its weighted-average 12-month paid-member retention rate is approximately 85%.

That creates a model in which Oura can monetize a customer first through the sale of a physical device and then through an ongoing software and data relationship.

For public-market investors, that recurring component matters. Consumer hardware companies can be exposed to product cycles, replacement timing, retail demand and holiday seasonality. Subscription revenue can add a more predictable stream, particularly when retention remains high.

Hardware Growth Is Still Driving the Engine

Oura is not yet a software-first company. Roughly 80% of its revenue during the nine-month period still came from hardware.

The company sold 3.1 million rings during the first nine months of fiscal 2026, up from 1.8 million in the comparable period, representing 75% year-over-year growth. Oura sold 2.3 million rings during all of fiscal 2025, compared with 1.0 million in fiscal 2024.

The company's latest product, the Oura Ring 5, was unveiled in May and began shipping in June. Oura has positioned successive hardware generations as a way to improve sensing capabilities while also encouraging existing customers to upgrade.

Repeat purchases accounted for 11% of rings sold during the nine months ended June 30, compared with 9% in fiscal 2025 and 5% in fiscal 2024.

Overall gross margin improved to 55% during the nine-month period from 51% a year earlier. Oura attributed the improvement primarily to lower warranty rates relative to earlier product cohorts and reductions in per-unit manufacturing costs.

The filing also shows why manufacturing execution remains a meaningful risk. Oura recorded increased warranty expenses tied partly to battery-performance issues affecting certain Oura Ring 4 cohorts. Like other hardware companies, it remains exposed to component costs, freight, tariffs, product defects and supply-chain disruptions.

Oura Is Pitching Investors on Data and AI, Not Just a Ring

Oura's S-1 repeatedly describes the business as a health intelligence platform rather than simply a wearable-device company.

The company says it has accumulated nearly 42 billion hours of longitudinal biometric data and tracks more than 50 health and wellness metrics. The dataset includes information derived from heart rate, heart-rate variability, respiration, body temperature, sleep, menstrual cycles and activity, along with data from certain third-party integrations.

Oura argues that this longitudinal dataset can support increasingly personalized AI models because the system observes individuals over long periods rather than analyzing isolated measurements.

Its AI products include Oura Advisor, a natural-language health interface, and proprietary health foundation models trained on biometric information. The filing describes those models as neural networks designed to identify and predict biometric patterns over time.

This is an important part of Oura's public-market narrative. The company is effectively arguing that the ring is the data-collection layer, while its longer-term competitive advantage could come from the software, models and longitudinal health dataset built around that hardware.

That strategy resembles a broader shift across technology markets in which connected devices increasingly serve as entry points into recurring software ecosystems.

For Oura, the opportunity extends into preventive health, employer programs, health plans and care-provider integrations. The company says it believes wearable technology and AI can move portions of healthcare from periodic clinical visits toward continuous monitoring and earlier intervention.

Whether Oura can turn that vision into durable healthcare revenue beyond consumer subscriptions remains one of the major questions investors will have to assess.

Profitability Looks Better, but the IPO Still Carries Significant Risks

Oura's financial profile has improved substantially, but the filing contains several risks that could become more important once the company enters the public markets.

First is growth sustainability. Revenue has expanded rapidly, but Oura itself cautions that its historical growth rate should not be assumed to continue indefinitely.

Second is customer concentration. The company's two largest customers accounted for 12% and 10% of total revenue, respectively, during the nine months ended June 30. That creates exposure if a major retail or distribution relationship changes.

Third is competition. Oura operates in a wearables market that includes some of the world's largest consumer technology and health-device companies. The company must compete not only on hardware design but also on sensor accuracy, software engagement, price, brand recognition and ecosystem integration.

Fourth is regulation. Oura handles sensitive health-related information and is expanding the use of artificial intelligence. Its filing identifies evolving AI rules, privacy laws, consumer-protection requirements and health-related regulation as potential sources of legal and operating risk.

The company specifically notes that the European Union's AI Act is part of the regulatory framework it must navigate.

Oura also faces a proposed class-action lawsuit filed in August challenging claims related to the accuracy of its sleep-tracking capabilities. The complaint alleges that Oura overstates its ability to determine sleep stages from signals collected at the finger. Oura has disputed the allegations and said it stands behind its science and accuracy claims.

The lawsuit is still at an early stage, and the allegations have not been adjudicated. Even so, it highlights an issue that could become increasingly relevant as consumer wearables make more sophisticated health-related claims: the line between wellness insights, predictive software and clinically validated medical information.

What the Reported $16 Billion Valuation Would Mean

Oura has not placed an official valuation on the IPO in its S-1. The preliminary prospectus leaves the price range and share count blank.

Bloomberg reported in late August that the company and some existing shareholders were considering raising as much as $3 billion in an offering that could value Oura at more than $16 billion. The report also said existing investors could sell a significant amount of stock.

That would represent a substantial increase from the roughly $11 billion valuation associated with Oura's prior private financing.

A valuation above $16 billion would require investors to place value not only on current ring sales but also on the future economics of the membership base, Oura's data assets and its ability to expand deeper into digital health.

The company's current numbers provide support for that argument. Membership revenue is growing faster than hardware revenue, paid members have doubled year over year, and subscription gross margins are high.

At the same time, public investors will have to decide how much of Oura's recent growth came from an unusually strong product cycle and how much can be sustained as the category matures.

Why It Matters for Technology and Public Markets

Oura's IPO is a useful test of investor appetite for companies that sit between consumer hardware, subscription software, AI and healthcare.

The public markets have historically valued those business models differently. Hardware companies can trade at lower multiples because of manufacturing costs and cyclical product demand. High-retention software subscriptions can command stronger valuations because they offer recurring revenue and higher incremental margins. Healthcare technology can offer large addressable markets but also introduces regulatory complexity.

Oura contains elements of all three.

The company's filing therefore gives investors a case study in whether a premium consumer device can become the foundation for a broader data and subscription platform.

It also comes at a time when artificial intelligence is increasingly appearing in IPO narratives outside the traditional software sector. Oura's AI story is built around proprietary biometric data rather than a general-purpose language model, which could become a differentiating factor if its models produce useful and defensible health insights.

For investors tracking the broader technology market, the reception to Oura's offering could also provide a signal about demand for high-growth consumer technology listings heading into the final months of 2026.

What Comes Next

The current S-1 is only the beginning of the public offering process.

Oura is expected to file one or more amendments that will eventually disclose the number of shares being offered, the expected IPO price range, updated financial information and additional details on selling shareholders.

Investors should also watch whether the reported target of a valuation above $16 billion appears in the formal offering terms.

Other important metrics will include continued paid-member growth, subscription retention, membership revenue as a percentage of total revenue, hardware gross margin and any changes in customer concentration.

The market will also be watching for new disclosures around the company's pending litigation, AI-related regulatory exposure and its efforts to expand beyond consumer wellness into healthcare partnerships.

The Bottom Line

Oura is entering the IPO process with a stronger financial profile than the simple description of a smart-ring company might suggest.

Revenue rose 74% to $1.214 billion during the first nine months of fiscal 2026, paid membership doubled to 5 million users, and the company's recurring membership business grew 121% while generating an 89% gross margin.

The central question for public-market investors will be whether Oura can transform those numbers into a durable platform business rather than remain dependent on successive generations of premium hardware.

Its growing subscription base, proprietary biometric dataset and AI ambitions give the company a broader story to tell. The upcoming pricing of the IPO will show how much value investors are willing to assign to that transition.