OURA INC. ($OURA) — IPO FILING

Oura makes the Oura Ring, the world’s smallest smart ring, and runs an always-on health platform turning sleep, activity, stress, heart and metabolic signals into 50+ metrics. Targeting a valuation above $16B with a raise of up to $3B. The growth story is steep: roughly $500M in revenue two years ago to a projected ~$2B in 2026. It’s also pivoting from hardware into a subscription health platform with AI coaching and women’s health features. Scale matters here — 5.5M+ rings sold and 5M+ paid members with an 80%+ renewal rate. That subscription base is the real moat versus one-time hardware sales. Risks: still competes with Apple, Garmin, and Samsung in wearables, and the shift toward medical-grade health claims brings regulatory and execution risk. Whoop’s $10B valuation sets a close comp, but Oura’s asking more. Bottom line: a high-growth consumer health platform with sticky recurring revenue, betting it can out-scale fitness trackers and become a proactive health staple. The IPO

Oura makes the Oura Ring, the world’s smallest smart ring, and runs an always-on health platform turning sleep, activity, stress, heart and metabolic signals into 50+ metrics. Targeting a valuation above $16B with a raise of up to $3B.