Oura’s IPO sparks tech valuation debate as S-1 filing progresses

Oura, the Finnish company that convinced millions of people to wear a titanium ring that judges their sleep, officially filed its S-1 registration statement with the SEC on September 3, 2026. The company is targeting a Nasdaq listing under the ticker OURA, and the numbers in that filing are turning heads across Wall Street. For the nine months ending June 30, 2026, Oura posted $1.21 billion in revenue. That’s a 74% jump from the $697.6 million it pulled in during the same period a year earlier. The company managed to produce $60.8 million in net income during the period, though the full picture is considerably messier. The numbers behind the ring Oura’s revenue breaks down into two distinct buckets: hardware and subscriptions. Ring sales accounted for $974 million of that $1.21 billion top line, while membership subscriptions contributed $240 million. Oura’s memberships carry an 89% gross margin. The company now counts approximately 5 million paid members, with an 85% retention rate over the trailing 12 months. It shipped 3.1 million rings as of June 30, 2026. But buried deeper in the filing is a number that requires some context. Oura reported broader losses of $924.3 million for ...