Engaged in the AI ring business, with a valuation of over 100 billion.
August 25 report from Zhidongxi, today, citing sources familiar with the matter from Bloomberg, smart ring manufacturer Oura and some of its investors are seeking to raise up to 3 billion US dollars (about 20.2 billion RMB) through a U.S. initial public offering (IPO).
Oura's IPO could take place as early as September this year, with a valuation that may exceed 16 billion US dollars (about 107.5 billion RMB), which is more than 45% higher than the 11 billion US dollars (about 73.9 billion RMB) valuation after its last round of financing. Existing investors are also expected to sell a large number of shares in the IPO.
People familiar with the matter said relevant discussions are still ongoing, and details of the IPO plan including the listing timeline are still subject to change. The people requested anonymity as the relevant information has not been made public. A representative of Oura did not immediately respond to a request for comment.
In May this year, Oura announced that it had confidentially submitted a draft IPO registration statement. According to a Bloomberg report on May 22, sources revealed that Oura's IPO is jointly promoted by Goldman Sachs Group, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies Financial Group.
Founded in Finland in 2013 and currently headquartered in San Francisco, Oura is mainly engaged in the R&D and sales of smart rings, and provides users with health data monitoring and analysis services such as sleep, exercise and heart rate through supporting mobile applications.
The founding members of the company include Petteri Lahtela, Kari Kivelä and Markku Koskela. The three have accumulated experience in product, engineering, R&D and other fields, with previous work experience at companies including Polar and Nokia.
▲ Petteri Lahtela, Co-founder of Oura (Source: YouTube)
Oura has completed more than ten rounds of financing so far. In December 2024, Oura completed a 200 million US dollars (about 1.34 billion RMB) Series D financing with a valuation of 5.2 billion US dollars (about 34.9 billion RMB); in October 2025, Oura completed a Series E financing of over 900 million US dollars (about 6.05 billion RMB) with a valuation of approximately 11 billion US dollars (about 73.9 billion RMB), led by Fidelity Management & Research, with participation from Iconiq, Whale Rock, Atreides and other institutions.
In terms of product iteration, Oura launched the first-generation Oura Ring in 2015, and released Oura Ring Gen2 in 2017. In October 2021, Oura launched Oura Ring Gen3, adding features such as female health cycle prediction, automatic activity detection, and daytime heart rate monitoring. In October 2024, Oura released Oura Ring 4, which adopts Smart Sensing technology, and upgraded features including daytime stress tracking, automatic activity detection, cycle insights, as well as the application experience.
▲ Oura Ring 4 (Source: Oura)
In May this year, Oura launched the new-generation Oura Ring 5, which is 40% smaller in size than Oura Ring 4, with a width of 6.09mm and a thickness of 2.28mm, and a battery life of 6 to 9 days on a single charge. In the same period, Oura also launched software features including Health Radar, real-time activity tracking and GLP-1 Insights, which are used to monitor cardiovascular and respiratory signals, display real-time sports data, and analyze users' long-term health changes in combination with medication records respectively.
▲ Oura Ring 5 (Source: Oura)
Oura CEO Tom Hale revealed last year that as of September 2025, the company had sold a total of 5.5 million smart rings; in June 2024, this figure was only 2.5 million. In terms of revenue, Oura expects its 2026 revenue to reach 1.5 billion US dollars (about 10.1 billion RMB), which is about 3 times of the 500 million US dollars (about 3.4 billion RMB) revenue in 2024.
In terms of market share, Omdia data shows that global smart ring shipments exceeded 850,000 units in 2023, rose to 1.8 million units in 2024, reached 1.6 million units in the first half of 2025, and the full-year figure is expected to exceed 4 million units. Calculated by shipments in the first half of 2025, Oura ranks first in the global smart ring market with a 74% share.
Although the current size of the smart ring segment in the global wearable device market is still much smaller than that of smart watches, this category is attracting more large technology companies.
As Apple and Samsung Electronics explore new wearable technologies, Oura is also popular among a group of consumers who want to monitor health indicators through devices that are lighter than watches. Samsung launched the Galaxy Ring in 2024, and Apple is also exploring a number of new AI-driven wearable devices.
Conclusion: Smart Ring Category Faces Capital Market Test
Oura has evolved from a smart ring manufacturer starting with sleep monitoring, gradually expanding its product capabilities to scenarios such as sports, women's health, diet management and AI health advice. Oura is trying to prove that smart rings can develop into an independent consumer electronics category, rather than just a supplementary product beyond smart watches.
If this IPO proceeds smoothly, Oura will be tested by the public market in terms of its revenue growth rate, profitability and sustainability of its business model. As large consumer electronics manufacturers such as Samsung enter the smart ring market, whether Oura can translate its first-mover advantage, user scale and accumulated health data into long-term competitiveness will become the main highlight in the follow-up period.
Sources: Bloomberg, Oura
This article is from WeChat official account "Zhidongxi" (ID: zhidxc), Author: Yang Jingli, Editor: Li Shuiqing, published by 36Kr with authorization.