Oura IPO Could Value Smart Ring Maker at More Than $15 Billion

TLDR

• Oura has launched its U.S. IPO roadshow and is looking to raise as much as $2.2 billion.
• The smart-ring maker plans to sell 50 million shares priced between $40 and $44.
• At the top of the range, Oura would reach a fully diluted valuation of about $15.6 billion.
• Revenue rose roughly 74% year over year to $1.21 billion in the nine months ending June 30.
• Oura plans to trade on the Nasdaq under the ticker OURA, with pricing expected next week.

Oura has launched its initial public offering as the smart-ring maker looks to raise up to $2.2 billion from U.S. investors. The company plans to sell 50 million shares at between $40 and $44 each.

$OURA TARGETS UP TO $14.1B VALUATION; ELI LILLY, DRAGONEER MAY BUY UP TO $400M

Oura is looking to price its IPO at $40-$44 per share, valuing the smart-ring maker at roughly $12.8B-$14.1B.

The offering includes 50M shares, worth $2B-$2.2B at the proposed range, but most of the… pic.twitter.com/lQ4Ighny6I

— Wall St Engine (@wallstengine) September 21, 2026

At the top of the price range, Oura would reach a fully diluted valuation of approximately $15.62 billion. The company has applied to list on the Nasdaq under the ticker symbol OURA.

Oura Revenue Jumps as Ring Sales Grow

Oura generated approximately $1.21 billion in revenue during the nine months ending June 30, up about 74% from the same period a year earlier. Revenue in the comparable period last year was around $697 million.

The company has also reported rapid growth in device sales. Oura sold 3.6 million rings during the 12 months ending June 30, according to its IPO prospectus.

Oura said it sold 4.1 million rings during the nine months ending June 30, compared with 1.8 million in the same period a year earlier. The company reported a net loss of $924 million over that nine-month period.

The Oura Ring 5 currently sells for between $399 and $499. The device tracks metrics including sleep, activity, readiness, stress, heart health and women’s health.

Unlike many smartwatches, the Oura Ring does not have a screen. That allows the device to operate for roughly a week between charges while offering continuous health tracking.

Subscription Business Reaches 5 Million Members

Oura also generates recurring revenue through its subscription service, which costs $5.99 per month. The company had 5 million paid members as of June 2026.

Oura expects to finish fiscal 2026 with approximately 5.7 million paid members. That would represent growth of around 96% compared with the previous year.

About 72% of Oura members are women, while 27% are over the age of 45. The company competes with wearable products from Apple, Fitbit, Samsung and Whoop.

Smart rings have developed into a separate segment of the wearables market by offering smaller, screen-free health trackers. Samsung has also entered the category with its own smart ring.

Eli Lilly and Dragoneer Show IPO Interest

Oura’s offering has already attracted interest from large potential investors. Eli Lilly has indicated that it could purchase up to $100 million of shares in the IPO.

Investment firm Dragoneer has indicated interest in purchasing up to $300 million. These expressions of interest do not guarantee that the full amounts will ultimately be purchased.

The IPO will also serve as a test of investor demand for consumer technology listings after a slower start to the autumn IPO season. Markets have recently been affected by higher bond yields, changing Federal Reserve expectations and uncertainty around technology valuations.

Oura was valued at about $11 billion in a private funding round last year. A $15.62 billion IPO valuation would represent another increase if the offering prices at the top of its expected range.

Goldman Sachs, Morgan Stanley and JPMorgan are leading the offering. Oura is expected to price the IPO and begin trading on the Nasdaq next week.