Smart ring maker Oura filed for a US initial public offering (IPO) on Thursday. The Oura IPO will put the company on Nasdaq under the ticker OURA.

Revenue climbed 74% to $1.21 billion over the first nine months of the fiscal year. Bloomberg reported that the listing could value Oura above $16 billion.

Ring Sales and Subscriptions Both Doubled

The product is a sensor-equipped ring worn on the finger. Optical sensors read blood flow, heart rate, body temperature and movement through the night. The app then converts that into daily sleep, activity and readiness scores.

The business model matters here. Buyers own the hardware outright, yet the full app sits behind a paid membership. Therefore each ring can earn revenue twice. Daily users also equal 65% of monthly users, a sign that people keep wearing it.

The prospectus covers the nine months that ended June 30, 2026. Oura shipped 3.1 million rings in that stretch, up from 1.8 million a year earlier. Those sales brought in $974 million.

Full-year revenue for fiscal 2025 came to $907.9 million, more than double the $406.8 million a year earlier. Across the four quarters through June, the figure reached $1.43 billion.

Subscriptions grew faster. Membership revenue reached $240.5 million, a 121% increase, while paid members doubled to 5 million.

Profitability improved as well. Net income hit $60.8 million, against $1.6 million a year earlier. However, Oura still reported a $924.3 million loss attributable to common shareholders. That charge follows a $1.09 billion buyback of preferred stock from early backers.

Oura IPO Joins a Crowded Listing Queue

The timing matters. Wall Street has absorbed a heavy run of debuts this year, and crypto investors have watched several closely. Anthropic could also list this month, while Kraken has delayed its own listing to 2027.

Oura filed confidentially in May. Bloomberg reported a raise of up to $3 billion, with early backers selling a large block of stock.

Pricing remains unpredictable. Unitree Robotics opened 629% above its offer price in Shanghai in August. Therefore, the $16 billion figure stays a target rather than a settled number.

Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies are leading the deal. Oura has not set a share count or a price range yet.

Until then, one question hangs over the deal. Can a hardware company hold a software multiple?

Source: BeInCrypto