Oura Targets $15.62 Billion Valuation as Smart Ring Maker Opens IPO Roadshow

Oura, the Finnish-founded smart ring maker now headquartered in San Francisco, began its IPO roadshow on Monday, September 21, 2026, according to Yahoo Finance. The company and some existing investors are offering 50 million shares priced at $40 to $44 each, a range that at the top end would raise roughly $2.2 billion and value Oura at a fully diluted $15.62 billion.

Roadshow Terms

Yahoo Finance reports that Oura has applied to list on the Nasdaq under the ticker symbol "OURA." The 50 million shares on offer combine stock sold by the company and by existing backers, but the wire reporting cited in Yahoo Finance and a related Bloomberg-sourced Yahoo Finance report does not break out how many shares are primary versus secondary. That second report, published in August, noted that "existing investors are expected to sell a significant portion of their stock in the offering, though deliberations remain ongoing and terms could still change."

Financial Snapshot

Per Yahoo Finance's review of the filing, Oura's revenue for the nine months ended June 30, 2026 came to roughly $1.21 billion, up about 74% from $697 million in the same period a year earlier. The company reported a net loss of $924 million over that period. Unit sales more than doubled, with 4.1 million Oura Rings sold in the nine months ended June 30 versus 1.8 million a year earlier.

The company's $5.99-a-month subscription service had reached 5 million paid members as of June 2026, per Yahoo Finance's review of the filing. CNBC reported in May that Oura was "on track to surpass five million paid members this quarter, a fourfold increase over the past two years." Oura says 72% of its subscription members are women and 27% are over age 45. Separately, TechCrunch reported that the company has said it generated $500 million in revenue in 2024 and roughly $1 billion in 2025, and expected to generate close to $2 billion in 2026. CNBC separately reported that CEO Tom Hale said in November that Oura could generate close to $2 billion in sales in 2026 as it invests in artificial intelligence and international expansion. The 2026 figure is a company projection, not an audited result, and should be read as forward-looking guidance rather than a confirmed outcome.

Underwriters and Anchor Interest

Yahoo Finance names Goldman Sachs, Morgan Stanley and J.P. Morgan as lead underwriters of the offering. An earlier Bloomberg-sourced report carried by Yahoo Finance said the broader underwriting syndicate also includes Allen & Co. and Jefferies Financial Group. Yahoo Finance's report on the roadshow states that weight-loss drugmaker Eli Lilly has indicated interest in purchasing up to $100 million of shares, while investment firm Dragoneer has indicated interest in buying up to $300 million worth of shares. Indications of interest are not binding purchase commitments and can change before pricing.

Valuation in Context

The targeted $15.62 billion fully diluted valuation marks a step up from Oura's last disclosed private funding round. CNBC reported the company was valued at $11 billion in October following a $900 million Series E round, a figure Yahoo Finance also cites in its valuation coverage. Using those two reported figures, a fully diluted valuation of $15.62 billion against a prior $11 billion round represents an increase of about 42% by our calculation ($15.62B / $11B - 1 = 42%), though the two figures reflect different valuation methodologies and timing and are not a like-for-like comparison.

The launched terms also come in below earlier expectations. In August, a Bloomberg report carried by Yahoo Finance said Oura and select backers were seeking to raise as much as $3 billion at a valuation exceeding $16 billion, with a listing that could happen "as early as September." The roadshow range that materialized, up to $2.2 billion at a $15.62 billion valuation, is smaller on both metrics than that earlier reporting suggested.

Litigation and Business Risk Notes

TechCrunch reported that a proposed class action lawsuit was filed in San Francisco in August, accusing Oura of misleading consumers about the accuracy of its sleep-tracking features. TechCrunch's reporting includes a company spokesperson's response stating that Oura plans to "defend against them in the appropriate legal forum" and that "Oura's sleep staging has been validated and compared favorably in multiple studies against polysomnography, the gold standard," while noting the Oura Ring "is not a medical device or a substitute for a clinical sleep study."

Separately, CNBC reported that Oura recently moved its headquarters from Finland to San Francisco and now partners with more than 1,200 health, wellness and commercial brands and organizations, including Team USA and U.S. Soccer.

A Test Case for the Fall IPO Window

Yahoo Finance quotes Samuel Kerr, global head of equity capital markets at Mergermarket, framing the listing as a bellwether: "Oura is the first real test of US appetite after a sluggish September so far and a period of more volatile markets. If it comes strongly out the gate it will encourage other issuers," he said, adding that "a weaker IPO might set alarm bells ringing that market sentiment may be turning." Yahoo Finance also notes the deal arrives amid uncertainty tied to the AI trade, rising bond yields and Federal Reserve rate hikes that have kept markets jittery in recent weeks. These are characterized as market-context observations from named sources, not predictions of how Oura's shares will trade.

Bottom Line

Oura's roadshow terms, as reported by Yahoo Finance, set up a listing that would value the smart-ring and subscription-health company at $15.62 billion on a fully diluted basis, below the more than $16 billion figure floated in earlier Bloomberg-sourced reporting but still above its last private valuation of about $11 billion. The company's rapid subscription and revenue growth is paired with a large reported net loss, and the offering now moves toward pricing following the roadshow, with market watchers treating it as an early signal for the broader fall IPO calendar.