Smart ring maker Oura filed for a US initial public offering on Thursday after revenue jumped 74% to $1.21 billion during the nine months ended June 30, 2026. The company plans to list on NASDAQ under the ticker OURA, while Bloomberg reported the deal could value Oura above $16 billion.
Oura shipped 3.1 million rings during the nine months, up from 1.8 million a year earlier. Ring sales generated $974 million in revenue. Membership revenue rose 121% to $240.5 million, while paid members doubled to 5 million. Daily users represented 65% of monthly users.
The company sells its sensor-equipped ring as hardware, while full app access requires a paid membership. The ring tracks blood flow, heart rate, body temperature, and movement during sleep.
Full-year fiscal 2025 revenue reached $907.9 million, compared with $406.8 million a year earlier. Revenue across the four quarters through June totaled $1.43 billion.
Net income reached $60.8 million during the nine months, compared with $1.6 million a year earlier. However, Oura reported a $924.3 million loss attributable to common shareholders.
This shareholder loss followed a $1.09 billion preferred-stock buyback from early backers. A year earlier, Oura reported $182.8 million in losses on $697.6 million of revenue. The filing also warns that recent growth may slow over time. Oura said trade tensions and tariffs could raise product costs, while weaker consumer spending could hurt the business.
Retail concentration creates another risk. Oura said its two largest customers accounted for 12% and 10% of total revenue during the nine months through June.
Oura filed confidentially in May. Bloomberg reported that the company could raise to $3 billion, with early investors selling a large block of stock. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies are leading the deal. Oura has not disclosed a share count or price range.
The filing also says Oura relies on third-party AI models from OpenAI, Anthropic and Google, plus third-party data centers. Disruptions could affect operations and create legal, regulatory, ethical, security, or reputational risks. The deal follows a busy year for public listings. Anthropic could also list this month, while Kraken has delayed its own listing until 2027.
Unitree Robotics opened 629% above its offer price in Shanghai in August. This volatility leaves Oura's reported $16 billion valuation target unsettled. Investors now await the share count and price range.