Oura Files Public S-1 for Nasdaq IPO: Revenue Hits $1.21 Billion as Smart Ring Maker Eyes $16B+ Valuation

Oura has filed its public S-1 registration statement with the SEC, making the Finnish smart ring maker's financials available for the first time and confirming an imminent Nasdaq listing under ticker OURA. The filing, submitted September 3, follows a confidential filing in May and a reported $16 billion valuation target.

Financial Highlights

• Revenue: $1.21 billion for the nine months ended June 30, 2026 — up 74% from $697.6 million in the same period last year
• Hardware revenue: $973.98 million — driven by strong Ring 5 demand since the June 4 launch
• Membership revenue: $240.53 million — more than doubled year-over-year, reflecting 5 million paid subscribers
• Net income: $60.77 million (up from $1.57 million a year earlier)
• Rings sold: 3.6 million units in the past 12 months

IPO Details

Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company, and Jefferies are leading the underwriting. The company is seeking to raise up to $3 billion at a valuation exceeding $16 billion. The IPO timing coincides with strong smart ring market tailwinds: Samsung's Galaxy Ring 2 remains delayed by Oura's patent victories, leaving Oura with dominant market share.

What Buyers Should Know

For smart ring buyers, the IPO signals stability and continued investment in the Oura platform. The $5.99/month membership is the company's fastest-growing revenue line, which means Oura has strong incentive to keep improving its software and health insights. However, public-market pressure could eventually push subscription prices higher.

If you're considering a smart ring, the Oura Ring 4 ($349) is frequently discounted as Ring 5 ($399) takes over. The RingConn Gen 3 and Ultrahuman Ring Pro remain the best no-subscription alternatives. Compare all options in our smart ring guide.