SpaceX may have stolen the show with its IPO prospectus, but Elon Musk’s aerospace data center company wasn’t the only major business to go public this week. On Thursday, Finnish smart ring company Oura said it had filed a confidential Form S-1 with the US Securities and Exchange Commission in preparation for an IPO.
Founded in 2015, Oura has become one of the most popular wearables for health tracking, setting itself apart from Fitbit, Garmin and Apple’s watch-like products with a sleek, understated ring.
The Oura ring tracks activity, sleep and daily “readiness” among other health metrics, and today has customers around the world. At the time of its Series E last September, Oura said it had sold 5.5 million rings to date, a sharp jump from the 2.5 million it reported the year before.
In this Series E, Oura raised $875 million at a valuation of $11 billion, more than double the $5 billion price tag it earned in its previous round in 2024.
The company recently introduced a proprietary AI model focused on women’s health in an effort to cater to its growing customer base.
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