Oura Files for IPO Amid Rapid Revenue Growth and Legal Challenges

Oura, the smart ring maker, has filed to go public.

The filing with the Securities and Exchange Commission on Thursday shows that Oura’s revenue has jumped substantially in the past year. The company went from $697 million in revenue during the nine-month period that ended June 30 last year to $1.2 billion during the corresponding period this year.

The company has said previously that it generated $500 million in revenue in 2024, roughly $1 billion in 2025, and that it expected to generate close to $2 billion in revenue this year.

The company says it has sold 3.6 million rings over the past year, and that it currently has approximately 5 million paid members — that is, users who subscribe to its service for broader health metrics. The filing also says that Oura has an approximately 85% weighted-average 12-month membership retention rate, meaning that roughly 85% of members who sign up in a given month are still subscribed a year later.

The company’s rings, which sell in the range of $350 to $400, are, at their most fundamental level, fitness trackers designed to measure a user’s biometrics — everything from metabolism and heart rate to stress levels and sleep patterns. Paired with an app, the ring and that software are marketed by Oura as an “always-on health intelligence platform.”

Late last month, it was reported that Oura was looking to raise $3 billion during its expected public offering. The company, which was founded in Finland in 2013, confidentially filed for an IPO in May. Bloomberg previously reported that the company is expected to seek a $16 billion valuation. In October of last year, it had been valued at around $11 billion.

In its SEC filing, Oura outlines where it believes its audience can widen in the coming years. “We believe our opportunity extends beyond traditional wearable use cases centered on activity and fitness tracking,” it says. “We believe our platform can support significantly larger populations as we continue to expand access, build clinical evidence, and deepen integrations with health plans, employers, and care providers.”

Oura also notes how its trove of data is fueling new AI integrations. “We believe we have amassed one of the largest and highest-quality longitudinal biometric datasets in consumer health, tracking over 50 health and wellness metrics and representing nearly 42 billion hours of physiological data,” it states. “This dataset powers our AI and machine-learning models, which decode complex physiological patterns and improve in accuracy, personalization, and predictive capability as member histories deepen.”

TechCrunch has reached out to Oura for more information.

The company, which now has offices throughout the world, including San Francisco, was recently hit with a proposed class action lawsuit accusing it of misleading users about the accuracy of its sleep tracking capabilities. The suit alleges Oura’s rings can’t actually detect the physiological signals needed to determine sleep stages, and instead rely on AI-generated estimates that the complaint describes as little more reliable than a coin flip. The litigation follows years of online complaints from users who said that Oura consistently rated their sleep as optimal when, in fact, it was not.

The company has disputed the allegations and previously told TechCrunch it will “defend against” the claims in the “appropriate legal forum.”