Smart ring maker Oura has filed for a confidential IPO in the United States. The company plans to go public in 2026 and is working with major investment banks including Goldman Sachs, Morgan Stanley, JPMorgan and Jefferies in the process.
Founded in Finland in 2013, Oura makes smart rings that can track more than 50 metrics, including heart rate, sleep stages and other biometrics. The company is headquartered in San Francisco, USA, and Oulu, Finland.
Oura CEO Tom Hale said in 2025 that the company had sold 5.5 million smart rings so far. For comparison, at the end of 2024, that number was 2.5 million. The company plans to generate $1.5 billion in revenue by 2026.
Oura raised $900 million in investment in October 2025 at a valuation of $11 billion. The company plans to use the funds to expand its AI capabilities, new product capabilities, and international expansion.
Bloomberg notes that while smart rings are not yet as big a market as smartwatches, the segment is growing rapidly. Companies like Sandbar, founded by former Samsung and Meta employees, are also entering the market, according to the report.
