Oura, the Finnish company known for its smart rings that monitor biometric data such as heart rate, metabolism, stress, and sleep, has officially filed to go public. The filing with the SEC revealed notable financial growth, with revenues rising from $697 million in the nine months ended June 30, 2025, to $1.2 billion for the same period in 2026. The company reported selling 3.6 million rings in the past year and maintaining around 5 million paid subscribers for its health tracking services. These subscribers enjoy an 85% 12-month retention rate, reflecting strong customer loyalty.

Founded in 2013, Oura has positioned itself as a leader in wearable health technology by marketing its devices as an “always-on health intelligence platform” that combines a $350 to $400 titanium ring with sophisticated AI-driven software. Its vast dataset, accumulated from nearly 42 billion hours of physiological data, supports advanced machine learning models that improve health insights with personalization and predictive accuracy over time. The IPO filing outlined ambitions to expand beyond fitness tracking by integrating its platform more deeply with health providers, employers, and insurance plans.

However, Oura’s public debut comes amid challenges, including a proposed class-action lawsuit alleging misleading claims about sleep stage accuracy. Plaintiffs argue that the ring relies on AI inferences rather than true physiological signals, a claim Oura disputes. Despite this, the company remains confident about its market position and revenue projections, aiming to reach close to $2 billion in revenue this year, up from around $1 billion in 2025.

Oura’s IPO comes as competition in the smart ring space intensifies. Rivals such as France’s Circular, China’s RingConn, India’s Ultrahuman, and tech giant Samsung are ramping up innovation with new features like contactless payments, haptic feedback, and expanded on-device processing capabilities. These competitors aim to challenge Oura’s dominant market share by turning smart rings into miniaturized multifunctional devices, merging health tracking with smartphone-like functionalities. As the marketplace evolves, Oura’s upcoming public listing will help the company scale amid this fast-changing landscape.