Oura IPO Filing Shows $1.2 Billion Revenue and $16 Billion Target
Oura files for an IPO after nine-month revenue hit $1.2 billion, targeting a reported $16 billion valuation while facing a sleep accuracy lawsuit from users.
Summary
Oura filed publicly with the SEC on September 3, 2026, after confidentially filing in May. Revenue for the nine months ended June 30 rose from $697 million in 2025 to $1.2 billion in 2026. Oura previously disclosed $500 million in 2024 revenue, roughly $1 billion in 2025 and an expectation of nearly $2 billion in 2026. The Finland-founded company, launched in 2013, is expected to raise $3 billion at a $16 billion valuation, up from about $11 billion in October 2025.
Oura sold 3.6 million rings during the past year and has approximately 5 million paid members, with 85% weighted-average retention after 12 months. Its $350 to $400 rings and app measure metabolism, heart rate, stress, sleep and more than 50 health metrics. Oura says nearly 42 billion hours of longitudinal physiological data power increasingly personalized AI models. It plans to expand beyond fitness by building clinical evidence and integrating with health plans, employers and care providers. A proposed class action alleges its rings cannot detect signals required to determine sleep stages and instead provide AI estimates no more reliable than a coin flip, echoing years of user complaints about falsely optimal sleep ratings. Oura disputes the allegations and plans to defend itself in court.
Positives
- Nine-month revenue reached $1.2 billion in 2026, up from $697 million in the corresponding 2025 period.
- 3.6 million rings were sold during the past year, demonstrating substantial demand for Oura’s wearable devices.
- Approximately 5 million paid members provide recurring subscription revenue, supported by an 85% weighted-average 12-month retention rate.
- Nearly 42 billion hours of physiological data across more than 50 metrics support Oura’s AI and machine-learning models.
- A potential $3 billion IPO at a $16 billion valuation would exceed Oura’s approximately $11 billion valuation from October 2025.
Risks & concerns
- A proposed class action alleges Oura’s sleep-stage estimates are no more reliable than a coin flip.
- Years of online complaints claim Oura sometimes rated users’ sleep as optimal when it was not.
- The expected $3 billion raise and $16 billion valuation remain unconfirmed, with final IPO timing and terms undisclosed.