Oura goes public amid rising competition in smart ring market

Oura, the company that essentially created the smart ring category, has filed its S-1 registration with the SEC to go public on Nasdaq under the ticker OURA. The Finnish firm reported $1.21 billion in revenue for the nine months ended June 30, 2026, a 74% jump year-over-year. The IPO targets a valuation exceeding $16 billion, a significant leap from the $11 billion it notched during its Series E round in late 2025. Oura is aiming to raise up to $3 billion from the offering. The numbers behind the ring The company has amassed 5 million paid subscribers, each paying a recurring fee to access health insights generated by their ring. Over the trailing 12 months, Oura sold 3.6 million rings. Its membership retention rate sits at 85%. The company holds somewhere between 79% and 85% of global smart ring shipments in recent quarters. The overall smart ring market grew just 3% year-over-year in Q1 2026. Oura has also accumulated nearly 42 billion hours of longitudinal health data from its user base. Ring 5 and the innovation arms race In May 2026, Oura launched the Ring 5, which is 40% smaller than its predecessor and delivers longer battery life. The company has leaned heavily into AI feat...