Smart Ring Maker Oura Files for $16 Billion Nasdaq IPO

Smart ring manufacturer Oura has officially filed for an initial public offering on the Nasdaq exchange. The company plans to trade under the ticker OURA as it seeks a valuation that could reach $16 billion. This move follows a strong financial period where the firm reported a 74 percent jump in revenue to $1.21 billion for the first nine months of the fiscal year.

The business model relies on a combination of hardware sales and recurring software fees. Oura shipped 3.1 million rings during the nine month period ending in June 2026, while its subscription revenue grew by 121 percent to $240.5 million. With 5 million paid members now using the platform, the company is demonstrating a strong ability to retain users who wear the device daily.

Investors are watching this filing closely as the tech sector sees a busy pipeline of new listings. While Oura reported net income of $60.8 million, it also recorded a large loss tied to preferred stock buybacks. Major firms including Goldman Sachs and Morgan Stanley are leading the deal, though the final share price remains to be seen.

For the broader market, the Oura IPO serves as a signal of how investors are valuing hardware companies with software revenue streams. While some firms like Kraken have pushed back their own public plans, Oura is moving forward during a time of high interest in health tech assets.