NCCapital

Oura is preparing for one of the biggest consumer technology IPOs of the year, with the Finnish smart-ring maker and its shareholders seeking to raise as much as $2.2 billion in a U.S. offering. The listing will give public-market investors a chance to bet directly on the growing market for wearable health technology.

According to offering terms reported Monday, Oura and existing investors plan to sell 50 million shares priced between $40 and $44 each. At the top of that range, the offering would raise approximately $2.2 billion and give Oura a fully diluted valuation of about $15.62 billion.

The company plans to list on the Nasdaq under the ticker “OURA.” Goldman Sachs, Morgan Stanley and J.P. Morgan are serving as lead underwriters for the offering, placing some of Wall Street’s largest investment banks behind one of the most closely watched consumer-health listings of 2026.

Oura has emerged as one of the most recognizable companies in wearable health technology by putting sophisticated sensors into a ring rather than a smartwatch. Its devices monitor metrics including sleep, activity and heart health, allowing the company to compete for consumers who want continuous health tracking without wearing a conventional watch.

The business has expanded rapidly. Oura reported $1.21 billion in revenue during the nine months ended June 30, representing a 74% increase from the same period a year earlier. That growth will likely be a central part of the company's pitch to investors as it attempts to justify a valuation substantially higher than its most recent private-market financing.

Oura was valued at roughly $11 billion during a previous late-stage funding round, meaning a successful IPO near the top of the proposed range would mark another sizable increase in the company’s valuation. The offering also demonstrates how dramatically Oura has evolved from a niche hardware startup into a major consumer-health platform.

That growth, however, has come with substantial costs. Oura remains deeply unprofitable, with losses exceeding $900 million over the past year. Investors will therefore have to weigh the company’s rapid revenue and subscriber growth against the amount of capital it is consuming as it expands.

Oura’s subscription business could be particularly important to that calculation. The company has built recurring revenue around its hardware by charging users for access to health insights and analytics, giving it an ongoing relationship with customers after the initial ring purchase rather than relying entirely on one-time device sales.

Major investors are already showing interest in the offering. Pharmaceutical giant Eli Lilly has indicated interest in purchasing as much as $100 million of shares, while investment firm Dragoneer could buy up to $300 million, according to Reuters. Those indications are not guarantees of final purchases, but they add another notable element to Oura’s roadshow.

The IPO will also serve as an important test for the broader wearables industry. Smartwatches have become mainstream products, but smart rings remain a considerably younger category. Oura’s public-market reception could provide investors and competitors with a clearer indication of how much value Wall Street assigns to specialized health-tracking devices and the subscription businesses built around them.

The timing makes that test even more significant. U.S. markets have recently been dealing with greater volatility as investors weigh higher bond yields, Federal Reserve policy and concerns surrounding enormous technology investments. Other companies have reconsidered or delayed listings, making Oura’s decision to proceed with a multibillion-dollar IPO particularly notable.

For Oura, the offering represents a major transition from venture-backed wearable startup to publicly traded consumer-health company. Its growth numbers demonstrate strong demand, while its losses highlight the challenge ahead. How investors balance those two sides of the business could help determine not only Oura’s public-market valuation, but also Wall Street’s appetite for the next generation of wearable technology.