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Oura Health, the Finnish company that turned a titanium ring into a health-tracking phenomenon, is planning to raise up to $3 billion through a US initial public offering. The move would mark one of the largest health-tech IPOs in recent memory and a significant bet that consumers will keep paying to monitor their sleep, heart rate, and recovery from their fingers.
The company confidentially submitted a draft registration statement with the SEC around May 21, 2026, with a listing targeted for later this year. Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies are lined up as underwriters.
From Helsinki to Wall Street
Oura’s latest private valuation sits at approximately $11 billion, more than doubling from a $5 billion figure after it closed an $875 to $900 million Series E funding round in October 2025. Total funding raised to date exceeds $1.5 billion.
Cumulative ring sales have reached into the millions, according to the company’s disclosures. Roughly 20% of Oura’s revenue is expected to come from subscription services, where users pay a monthly fee to unlock advanced health insights, sleep analysis, and personalized recommendations.
Projected revenue for 2026 is approximately $1.5 billion.
Timing and competition
The IPO filing arrives during what has been an unusually active year for major public offerings. Companies like SpaceX and OpenAI have also been in various stages of exploring or executing public listings.
CEO Tom Hale has previously acknowledged the advantages of staying private, particularly the freedom to invest in long-term product development without quarterly earnings pressure.
Samsung’s Galaxy Ring, launched in 2024, represents the most direct competitive threat. Apple has also been rumored to be exploring ring-form-factor devices for years.
What the IPO signals for health tech
The subscription component of Oura’s business is particularly relevant for public market investors. At 20% of total revenue from subscriptions and growing, Oura is building a hybrid model alongside its hardware business.
The timing of the actual listing will depend on market conditions and SEC review. With the underwriting team assembled, the path from Helsinki to a public listing appears to be underway.
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