Oura has filed to go public. The Finnish smart ring maker picked the Nasdaq and the ticker “OURA” for its planned listing. Its S-1 arrived September 3, converting a confidential filing from May into public paperwork.
The paperwork gives investors a first hard look at the books. Revenue for the nine months through June reached $1.21B, up 74% from $697.6M in the same stretch of 2025. Profit hit $60.8M versus $1.6M a year earlier. Paid memberships doubled to 5M, with subscription revenue of $240.5M growing 121% at an 89% gross margin. Ring sales added $974M across 3.1M devices shipped. Across 2025, Oura booked $907.9M in annual revenue.
The pitch to investors leans on data. Oura says its devices have logged 42 billion hours of physiological readings across more than 50 health metrics, one of the largest longitudinal biometric collections in consumer health. Machine-learning models trained on those histories drive sleep, heart rate and recovery analysis, and member retention runs at 85% over 12 months.
Bloomberg reported in August that the company was working toward a raise of as much as $3B.
Risks are disclosed too. A proposed class action claims Oura overstated sleep-stage accuracy and that its staging relies on AI-generated estimates. Battery defects in some Ring 4 units produced $84.4M in warranty expense over the past year.
Goldman Sachs leads the underwriting, with share count and price range still unset.
