Oura IPO Tests Wall Street's Appetite for Health Data

Oura, the smart-ring maker founded in Finland in 2013 and now based in San Francisco, wants public investors to value it as a health-data platform rather than a gadget company. Orders for its initial public offering reached about four times the shares available, Investing.com reported on Friday, Sept. 25, citing Bloomberg. The banks expected to stop taking orders on Monday afternoon. NPR's Morning Edition described the listing on Monday, Sept. 28, as one of this year's biggest IPOs and a bet that Oura's trove of health data will win over Wall Street.

The Terms: 50 Million Shares at $40 to $44

According to the launch announcement Oura filed with the SEC on Monday, Sept. 21, the offering covers 50 million shares priced between $40 and $44. Oura is selling 13.5 million of them and existing stockholders are selling 36.5 million. The selling stockholders will also give underwriters a 30-day option on another 7.5 million shares. The stock is set to list on the Nasdaq Global Select Market under the ticker OURA, with Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies acting as joint lead book-running managers.

At the top of the range the deal would raise about $2.2 billion and give Oura a market value of $14.1 billion based on shares outstanding, or roughly $15 billion fully diluted, according to the Bloomberg's calculations. Reuters put the fully diluted target at $15.62 billion and reported that Eli Lilly has indicated interest in buying up to $100 million of stock, while Dragoneer has indicated interest in up to $300 million. Pricing is scheduled for Tuesday, Sept. 29, according to an investor presentation cited by Bloomberg.

Early Backers Take Most of the Proceeds

TechCrunch calculated that at the $42 midpoint, selling shareholders would collect about $1.53 billion and Oura about $567 million before fees. Forerunner Ventures, the second-largest shareholder, plans to sell its entire 9.3% stake of about 28.7 million shares, worth roughly $1.20 billion at the midpoint and nearly 80% of the shares being sold by existing holders.

Oura expects net proceeds of $532.6 million at the midpoint and plans to use about $526.4 million to cover tax obligations on employee share grants that vest at the IPO, leaving roughly $6.2 million for general corporate purposes.

Revenue Up 74%, With a $924 Million Accounting Charge

The S-1 registration statement shows fast growth. Revenue for the nine months ended June 30, 2026, was $1,214.5 million, up 74% from $697.6 million a year earlier. Gross margin rose to 55% from 51%, net income reached $60.8 million against $1.6 million, and adjusted EBITDA was $106.7 million against $83.5 million. Oura's fiscal year ends Sept. 30, and fiscal 2025 revenue was $907.9 million, more than double the $406.8 million of fiscal 2024.

The same filing also shows a net loss attributable to common stockholders of $924.3 million. As The Next Web explained, that figure comes from a $985.0 million deemed dividend Oura recorded when it bought back preferred shares from early investors above their carrying value. The company spent $1,172.9 million on repurchases in nine months and drew $375.0 million on its revolving credit line, largely to fund them, with $350.0 million still outstanding. The most recent quarter was weaker: revenue of $408.7 million came with a $5.0 million operating loss, a $10.0 million net loss and an adjusted EBITDA margin of 3%.

Subscriptions Carry the Valuation Case

Hardware still dominates sales, at $974.0 million for the nine months, up 65%. Membership revenue grew faster, rising 121% to $240.5 million, or 20% of revenue compared with 16% a year earlier, at an 89% gross margin. Oura had 5.0 million paid members at June 30, double the 2.5 million a year before, and now expects about 5.7 million by the end of fiscal 2026, which would be 96% growth. It sold 3.6 million rings in the 12 months to June 30.

Sporting Goods Intelligence Europe reported that the prospectus cites about 85% weighted average 12-month member retention, a membership that is nearly three-quarters women, and a dataset of close to 42 billion hours of biometric readings. The filing also flags a pending consumer class action alleging the ring's sleep-stage estimates are little better than chance, which Oura disputes.

How Oura Ranks Among 2026 Listings

This year's giants are far larger. Renaissance Capital ranks SpaceX's $75 billion June offering first, followed by SK hynix at $26.5 billion in July and Cerebras Systems at $5.55 billion in May. In the next tier, Strasmore's first-half tally lists Innio at $2.43 billion and Madison Air Solutions at $2.23 billion, so Oura at the top of its range would land roughly level with Madison Air.

Bloomberg's data show Oura would be the first U.S. IPO to raise more than $1 billion since Jersey Mike's Subs in July. Renaissance Capital's third-quarter review counted 31 listings raising $34.9 billion, but only $8.4 billion excluding SK hynix, which means Oura alone would equal about 26% of that figure. The SEC's latest market statistics also show more IPOs and higher proceeds.

A 28% Step Up From the Last Private Round

Oura was valued at about $11 billion in October 2025, when it raised $900 million in a round led by Fidelity, and at $5.2 billion less than a year before that, according to TechCrunch. The $14.1 billion top-of-range market value is about 28% above the 2025 mark. "Oura is the first real test of US appetite after a sluggish September so far," Samuel Kerr, global head of equity capital markets at Mergermarket, told Reuters. Kat Liu, vice president at IPOX, told the news agency the valuation "is clearly pricing in continued strong growth and a further shift toward higher-margin recurring revenue."