Oura Health seeks to raise $3B in US IPO, betting big on the smart ring boom

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 ...