Oura Health filed confidentially for a U.S. IPO on Thursday, looking to capitalize on the surging demand for health tracking wearables. The move confirms what anyone paying attention to the endurance and performance space already sensed: the smart ring category has gone from niche biohacker toy to legitimate pillar of athletic health infrastructure. And Oura is the one pushing all their chips into the center of the trail.

From 2.5 Million Rings to Wall Street in 12 Months

The growth curve here is steep. Oura has now sold 5.5 million rings in total, an increase from 2.5 million as of June 2024. The company is on track to surpass $1 billion in revenue in 2025, doubling the $500 million it posted in 2024, with 2026 projections exceeding $1.5 billion.

By the company’s own count, half of the 5.5 million rings ever sold have shipped in the last twelve months, highlighting they may just be hitting their stride.

Oura has lined up Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies to run the deal, with a listing targeted for later this year. The exact valuation and share structure haven’t been disclosed, which is standard for a confidential filing, but the last known number was the $11 billion mark hit with its Series E raise last fall.

Athletes Driving Sales?

Oura didn’t build this audience through traditional marketing. It built it by going deep into performance culture.

The company has worked with ambassador athletes including LeBron James, Chris Paul, Jalen Brunson, pro surfer Kai Lenny, and Odell Beckham Jr., as well as league-level deals with the NBA, UFC, and college programs including, yawn, Rutgers football.

And earlier this year, the brand took its biggest endorsement yet: Oura was named the Official Wearable of Team USA and the LA28 Olympic and Paralympic Games, becoming the exclusive continuous health and fitness tracking device partner for U.S. athletes competing in both the 2026 and 2028 Games. They also have long term deals with U.S. Soccer, the Seattle Mariners, USA Surfing, and more.

To say they’ve been on a heater would be an understatement. Recent growth has also been fueled by female shoppers, retail store (think, Target) expansion, health savings account purchases, and international rollouts, with devices now available across 4,000 stores. The ring isn’t just for elite athletes anymore. It’s becoming the everyday recovery tool for anyone serious about their health, including moms and dads too.

A Crowded Space

The IPO comes at a time when the entire fitness landscape is on fire. Apple has continued layering health features into their Apple Watch, Garmin posted a 42% increase in fitness product revenue in Q1 2026, and Whoop raised $575 million in Series G funding at a $10.1 billion valuation in March. On top of that, Google just launched a screenless Fitbit Air.

But of all the companies I just mentioned, Oura’s form factor is still its moat. There are others but the Samsung Galaxy Ring, Ultrahuman Ring Air, and Apple’s long-rumored ring effort have so far been fine but nothing remotely challenging to Oura. They’ve become a verb and when you become a verb, you’re not too worried about the competition.

Overall, the broader IPO market is showing signs of life, with $28.9 billion raised across deals this year, a 146% increase over the same period last year. Timing matters, and Oura is moving. (pun intended)

What This Means for You

Oura is reaching its peak band moment. You know what I’m talking about. They’re that band you loved before they were cool and then they exploded and they were no longer cool. That’s where we’re at with Oura.

If you’re wearing an Oura Ring, you’re a customer of a company that’s about to face quarterly earnings pressure, investor scrutiny, and the demands of a public market. That’s not inherently bad, but it is different.

The questions worth watching: Does the subscription model hold or expand? Does hardware iteration accelerate or slow? And does the data that athletes trust for recovery decisions remain protected as the company scales into a ton of different channels?

Oura built its credibility one sleep score at a time. Going public doesn’t change what the ring does but it changes who the company ultimately answers to and will become.

For endurance athletes and health-focused wearable users, this is a brand to keep close tabs on. The ring got you here and the company’s next chapter is just getting started.

See the full press release, here.

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About ŌURA

ŌURA delivers personalized health data, insights, and daily guidance with Oura Ring, the leading smart ring that helps you live healthier, longer. Guided by a mission to shift healthcare from sick care to prevention, Oura supports millions of members worldwide across sleep, activity, stress, readiness, women’s health, and heart health. Scientifically validated against medical gold standards, the lightweight Oura Ring tracks 50+ health metrics continuously, empowering both individuals and thousands of research teams, healthcare providers, and organizations. With 1,200+ partners across wellness and medicine, Oura is advancing the future of preventative health.

Founded in Finland in 2013, ŌURA is headquartered in San Francisco with E.U. headquarters in Oulu, Finland.

Oura Ring is not a medical device and is not intended to diagnose, treat, cure, monitor, or prevent medical conditions or illnesses.