Oura files 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 said publicly 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 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. 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.”