Oura, a Finnish smart ring company, has filed to go public as of September 3, 2026, after dominating the market for years. The company has seen a nearly doubling in revenue to $1.21 billion for the first nine months ending June 30, selling 3.6 million rings and boasting around 5 million paid members. This move follows Oura’s recent release of the Ring 5, its slimmest and lightest model yet, solidifying its position in the health and sleep tracking niche.

However, Oura faces increasing competition as several rivals aim to challenge its market leadership by innovating smart rings with new features. French startup Circular plans to launch its Ring 3 series early next year, equipped with contactless payment through NFC and haptic alerts. Similarly, China-based RingConn offers a ring that tracks vascular health using sensor data and provides vibration alerts for health changes. Indian company Ultrahuman, backed by Qualcomm, recently raised $70 million to develop rings capable of running software and integrating AI functionalities beyond traditional health tracking.

The competition in the smart ring space extends further with companies like Samsung and Dreame entering the fray. Samsung’s Galaxy Ring, launched in 2024 and priced at $399, appeals mainly to users within Samsung’s device ecosystem but lacks some of the advanced health tracking features offered by other rings. Dreame’s upcoming ring introduces touchpad controls and haptic alerts designed for managing phone functions like calls and music, pushing smart rings closer to multifunctional wearable devices.

The evolving smart ring market shows a shift from simple health monitoring towards rings loaded with smartphone-like capabilities. While early rings aimed to offer a less intrusive way to track health, newer models incorporate screens, payment features, and interaction methods that hint at miniaturized computing power on the finger. This intensifying rivalry underscores the challenge Oura faces as it prepares to enter the public market amid a crowded landscape of ambitious competitors.