Oura Health Files Confidential IPO Prospectus Amid Rapid Growth and AI Expansion

Oura Health confidentially filed a Form S-1 draft with the U.S. SEC, signalling a U.S. IPO later in 2026. Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies are advisers. Share count, price range and exchange remain undisclosed.

Engadget

Oura, valued at $11 billion after a $900 million Series E round (some reports cite $875 million), has raised over $1.5 billion total. Ring shipments exceed 5.5 million units and paid memberships are projected to top five million this quarter, a fourfold rise in two years. Revenue grew from $500 million in 2024 to a $1.5 billion–$2 billion 2026 outlook. In February 2026 Oura launched a proprietary large-language model for women’s health, powering the Oura Advisor chatbot and marking a shift toward a preventive-health platform.

CNBC

Oura competes with Apple Watch health features, Garmin’s fitness line, Whoop’s $10.1 billion valuation, and Samsung’s Galaxy Ring. Its patents on curved-battery placement and ring architecture are defended before the International Trade Commission against rivals such as Ultrahuman and RingConn. Analysts warn the subscription model could cause fatigue if prices rise or features move behind higher tiers, and rivals may erode Oura’s recurring-revenue edge.

Oura Signals Institutional Maturity with Confidential IPO Filing Amid Impending Ring 5 Launch

Oura’s press release confirmed the SEC filing and said the IPO will proceed after regulatory clearance and favorable market conditions. CEO Tom Hale highlighted the company’s trust of “millions of people” and its AI-driven health insights. Chief Medical Officer Dr. Ricky Bloomfield called the new women’s-health model a standard for responsible intelligence. The financing round was described as a testament to Oura’s economic performance.

Oura Plans IPO: Smart Ring Pioneer with $11 Billion Valuation and Its Own AI Model

Revenue forecasts vary between $1.5 billion and $2 billion for 2026, and the recent funding round is reported as $875 million in some accounts and $900 million in others. Share count, price range and listing exchange remain undisclosed.

Oura Files for IPO as Sports Tech Listings Queue for Limited Funds

Oura aims to finish the SEC review and name a 2026 listing date. The Ring 5, announced for May 28 with a June 4 release, is meant to lift membership before the IPO. Observers will watch the SpaceX IPO as a barometer for health-tech investor appetite.

Forbes

• “We've earned the trust of millions of people around the world to help them understand some of their most personal health signals, including sleep, stress, recovery, women's health, activity, metabolic health and more,” — Tom Hale, CEO, Oura Health

CNBC

• “We've evolved beyond tracking to deliver actionable health intelligence that helps people better understand their bodies and make more informed decisions for their long-term health.” — Tom Hale, CEO, Oura Health

CNBC

• “Women’s health is too complex and too often overlooked to rely on one-size-fits-all solutions. By developing a model specifically for women and grounding it in trusted clinical science and real-world biometric data, we are setting the standard for how responsible intelligence should be built,” — Dr. Ricky Bloomfield, Chief Medical Officer, Oura

Oura Plans IPO: Smart Ring Pioneer with $11 Billion Valuation and Its Own AI Model

• “This financing is a testament to Oura’s economic performance,” — Tom Hale, CEO, Oura Health

Oura Plans IPO: Smart Ring Pioneer with $11 Billion Valuation and Its Own AI Model