Oura Upcoming IPO: Smart ring maker tracks toward going public

Oura is a health technology company best known for its smart ring, a wearable device that tracks metrics around sleep, heart health, stress and activity. The company pairs its hardware with a subscription that turns the data into personalized insights, and Oura has positioned the ring as a wellbeing tool, rather than just a fitness tracker.⁵

The company has grown quickly. Oura reported selling more than 5.5 million rings as of September 2025, up from 2.5 million in June 2024, with revenue more than doubling from 2023 to 2024.⁶

Near the end of 2025, CEO Tom Hale also said that revenue would approximately double again for 2025 to reach $1 billion, and sales could hit close to $2 billion in 2026.⁷ Its S-1, filed in September 2026, roughly aligns with these reported targets, with the company reporting $1.215 billion in revenue in the first nine months ending June 30, 2026, a 74% year-over-year gain.¹ CNBC also named Oura No. 14 on its 2026 Disruptor 50 list, ahead of competitor Whoop as well as several other pre-IPO companies like Canva, Revolut, Perplexity and Saronic.⁸

The company has also grown quickly from a funding and valuation standpoint, raising over $900 million for its Series E in October 2025 at an $11 billion valuation.⁹

Oura appeared poised to go public after confidentially filing its S-1 with the SEC in May 2026,¹⁰ followed by publicly filing it in September 2026.¹ The company was reportedly looking to raise up to $2.2 billion for its IPO at a fully diluted valuation of $15.62 billion.¹¹ However, it was allegedly getting some pushback on valuation.¹² Oura ultimately postponed the offering on September 29, 2026, citing "uncertainty in the IPO market."³ No rescheduled date has been set. For now, eligible investors interested in trading Oura stock before a potential IPO may be able to access shares of Oura through a private marketplace such as Forge, subject to availability and applicable eligibility requirements.

Oura IPO timeline and current status

Oura announced on May 21, 2026, that it had confidentially filed a draft registration statement on Form S-1 with the SEC.¹⁰ A confidential filing lets a company begin the IPO review process privately before it publicly discloses its financial details.¹³

Oura did not announce a specific IPO timeline, just that it "is expected to take place after the SEC completes its review process, subject to market and other conditions."¹⁰

On the same day as the confidential filing announcement, Bloomberg reported that Oura was targeting an IPO for later in 2026, and its underwriters included Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies.¹⁴

Oura subsequently filed its S-1 publicly,1 and Bloomberg reported that investor demand was strong, with the offering four times oversubscribed.2 However, Oura then postponed the IPO, stating that it would delay the offering due to "uncertainty in the IPO market."³

Oura's IPO delay continues a pattern of several other significant IPO delays. Citing Renaissance Capital data, CNBC reported that Oura's delay was the seventh of Q3 2026 vs. four in Q2 and three in Q1.¹⁵ This has occurred amidst factors like geopolitical tensions and rising interest rates, and for Oura in particular, the company potentially faced investor concerns around how some other single-product hardware companies have fared, according to The Information.¹⁶

No rescheduled IPO date has been announced as of the end of September 2026. Prospective investors should note that several factors could influence any future offering, including company-specific financial developments as well as market-wide conditions and SEC review timelines. You may follow updates on Forge's Oura IPO page.

What Oura's S-1 filing revealed

Oura's public S-1 filing gave investors a detailed look at the company's financial trajectory. The filing showed $1.215 billion in revenue for the nine-month reporting period ending June 30, 2026, representing a 74% increase year over year. The company also disclosed 5 million paying members, up from 2.5 million in 2025, underscoring the pace of subscriber growth.¹

Membership retention has remained strong, with about an 85% weighted average rate over 12 months ending June 30, 2026. Hardware sales accounted for approximately 80% of revenue, and device sales covered customer acquisition costs, giving the subscription revenue a higher-margin profile.¹

These figures reinforced the growth story that had attracted investor interest ahead of the IPO. However, with the offering now postponed, it remains to be seen whether market conditions will shift favorably enough for Oura to go through with an IPO on a revised timeline.

Oura company background

Oura was founded in 2013 in Oulu, Finland, by Petteri Lahtela, Kari Kivelä and Markku Koskela.¹⁷ In 2015, Oura opened an office in San Francisco¹⁸ — the same year it first launched its ring at the San Francisco Launch Festival¹⁷ — and in early 2026 it expanded its footprint in the city by 5x.¹⁹ Oura also shifted its corporate structure in 2026 to become a U.S.-registered company.²⁰

Tom Hale serves as Oura's CEO, appointed in 2022, based in part on his IPO experience at former roles, including at Momentive (parent company of SurveyMonkey) and Homeaway.²¹

The company's business model combines device sales with a recurring membership that unlocks over 50 health metrics.²²

Oura reported that more than 80% of members renew after the first year, and in May 2026 the company announced it would surpass 5 million subscribers for the quarter, a more than 4x increase over the prior two years.²³

The company has also built a network of partnerships that extend its reach into health and fitness. For example, in 2024, Dexcom invested $75 million in Oura's Series D, along with starting a partnership that syncs data between Dexcom glucose biosensors and apps and Oura rings and apps.²⁴ In 2026, Oura announced a partnership with ResMed to integrate sleep health resources into Oura's app.²⁵

A partnership with Essence Healthcare also gives Essence Healthcare's Medicare Advantage plan members access to a complimentary Oura Ring 4 and Oura Membership for 2026. On the sports front, Oura is the official wearable partner of Team USA and the LA28 Olympic & Paralympic Games.²⁶

These financial and branding factors help explain why investors have watched Oura's path toward a potential IPO. Interested investors can track Oura stock on Forge while its potential IPO path remains to be seen.

From wearable device to AI-powered wellness platform

Alongside its growth from a private startup to an IPO candidate, Oura has also been shifting from a hardware maker into a more comprehensive AI-powered wellness platform. The company started offering monthly subscriptions in 2021 to unlock more insights, without which the rings have limited functionality.²⁷ This strategy presents an opportunity to capture more revenue from the same consumers buying devices, but it also creates a risk of turning away consumers who may feel like they have too many subscriptions already.²⁸

Meanwhile, Oura has been moving deeper into AI to try to strengthen its platform. In April 2026, the company announced the launch of its first proprietary AI model for women's health, where users could ask questions within Oura Advisor. The large language model (LLM) could then be used "to interpret questions through the lens of women's physiology, cycles, and life stages, adding critical context where general-purpose AI models can fall short," according to Oura.²⁹

In March 2026, Oura also announced its acquisition of Doublepoint, a Finnish company that specializes in using AI and biometrics to help "devices understand small hand movements," according to Oura.³⁰

In addition to gaining control of this technology, Oura noted that the acquisition helps from an AI talent standpoint. Doublepoint's founders "pioneered biometrics-based interaction for next-generation computing platforms, and they will be central to designing and shipping the AI-led experiences that will define Oura's future," added Oura.³¹

While it remains to be seen exactly what role AI will play in Oura rings and potentially other hardware and software in the future, this shift could tap into investor interest for AI-oriented companies. That said, there are also risks such as investors and consumers developing AI fatigue, so it's an open question as to how this will affect the company's financials going forward.

Oura stock price history

Oura is a private company, so its shares do not trade on a public exchange and there is no public stock price. Private market pricing for late-stage companies is often anchored to primary funding rounds and secondary transactions, which can occur less frequently than public trades.

Oura's most recent funding round, in October 2025, valued the company at about $11 billion, which is Forge's last known valuation for the company.⁴

Private company valuations can change between funding rounds and may not reflect what buyers or sellers would agree to at a given time.

For some companies, Forge private market trading activity can be used to create a Forge Price that indicates a real-time private market stock price, but at this time Oura's Forge Price is unknown.

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Oura funding history and private market valuation

Oura has raised about $1.5 billion in total since its seed funding dating back to 2015.⁴ Its funding and private market valuation history includes:

• 2015 seed round ($1.1 million raised, $11.19 million valuation). Oura raised $1.1 million in seed round funding in 2015, valuing the company at $11.19 million, with investment from Lifeline Ventures and Proxy.⁴
• 2016 Series A ($10.55 million raised, $59.21 million valuation). Oura's Series A raised $10.55 million at a $59.21 million valuation from investors such as Lateralus Holdings, Joi Ito, Jaan Tallinn, Blue Ivy Ventures and athletes Drew Brees, Apolo Anton Ohno, Shaquille O'Neal and Lance Armstrong.⁴
• 2020 Series B ($14.29 million raised, $139.68 million valuation). Oura's next funding round, its Series B, raised $14.29 million at a $139.68 million valuation, with investors such as Forerunner Ventures, Gradient Ventures and Square participating.⁴
• 2021 Series C-1 ($158.44 million raised, $899.61 million valuation) and 2022 Series C-2 and C-3 ($141.95 million raised, $2.55 billion valuation). The following year, 2021, Oura's Series C-1 raised $158.44 million at a $899.61 million valuation from a wide range of investors such as The Chernin Group, Elysian Park, Temasek and Jazz Venture Partners. Nearly a year later, in 2022, additional phases of Oura's Series C raised another $141.95 million at a $2.55 billion valuation, with participation from investors such as 345 Partners, Beyond The Game Network and Microtech Ventures.⁴
• 2024 Series D ($200 million raised, $5.2 billion valuation). At the end of 2024, Oura raised $200 million for its Series D, valuing the company at $5.2 billion. The round included investment from Fidelity, as well as glucose biosensing company Dexcom, among others.⁴
• 2025 Series E ($972.43 million raised, $11 billion valuation). Oura's most recent primary funding round came in October 2025, when it raised $972.42 million at an $11 billion valuation, with investment from Fidelity, Iconiq, Whale Rock and Atreides, among others.⁴

How to invest in Oura before its IPO

Because Oura has not gone public, its shares are generally available only in the private market.

Accredited investors may be able to access shares of some pre-IPO companies like Oura through secondary market transactions, in which existing shareholders such as employees or early investors sell their holdings. An accredited investor is a person or entity that meets income or net-worth thresholds, or professional criteria, as set by the SEC.³²

Private market access can come with constraints. Share availability is not guaranteed, and companies often impose transfer restrictions, including a Right of First Refusal (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain. (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain.

To learn more about pre-IPO opportunities, explore our buyer's guide or our comprehensive pre-IPO investing guide. Eligible investors may also create a free account on Forge to explore available private market investment opportunities.

What's next for Oura's public offering

Oura's IPO postponement leaves its public listing timeline uncertain. The company's S-1 filing demonstrated strong revenue growth and subscriber momentum, but according to Oura, broader market conditions ultimately delayed the offering. Investors watching Oura might consider monitoring shifts in IPO market sentiment and any company announcements about a rescheduled timeline.

Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a potential Oura IPO and other pending public offerings. To start exploring pre-IPO opportunities, accredited investors may create an account with Forge, where eligible investors may have the opportunity to buy and sell shares of private companies, including Oura, subject to availability.