- Scale. Oura’s S-1 shows $1.21 billion in revenue for the nine months ending June 30, 2026 — a 74% jump year-on-year — making it one of the largest consumer hardware IPOs in years.
- Category. Oura would become the first pure-play smart ring company to reach public markets, following a consumer wearables segment that has been dominated by wrist-based devices since Fitbit’s 2015 debut.
- Timing. The filing lands as the IPO window reopens cautiously; a Federal Reserve rate decision expected Wednesday and persistent inflation have left underwriters threading a narrow path for new listings.
Oura, the Finnish maker of the Oura Ring health tracker, filed its Form S-1 registration statement with the U.S. Securities and Exchange Commission on September 3, 2026, setting up a listing on the Nasdaq Global Select Market under the ticker OURA. The company, which sells a ring that tracks sleep, heart rate and activity, disclosed rapid revenue growth, its first meaningfully profitable period and a subscriber base that doubled in a year, according to SiliconAngle.
The Financials in the S-1
For the nine-month period ending June 30, 2026, Oura reported revenue of $1.21 billion, up from $697.6 million in the same period a year earlier. Ring hardware accounted for $974 million of that figure on 3.1 million units shipped; membership revenue — the monthly subscription that unlocks health insights — reached $240.5 million, up 121% year-on-year with an 89% gross margin. Paid subscribers stood at five million at the end of the period, double the count of twelve months prior, with an 85% weighted-average twelve-month retention rate.
Net income for the nine months came to $60.8 million, compared with $1.6 million in the prior year — a meaningful swing toward profitability driven largely by the high-margin membership business. The company also disclosed $84.4 million in warranty expenses over the trailing twelve months, tied to battery defects in the Ring 4 model, and said it had returned $1.09 billion to early investors through a preferred-stock buyback ahead of the IPO.
IPO Structure and Valuation Context
Goldman Sachs is serving as lead underwriter, with Morgan Stanley, J.P. Morgan, Allen & Co. and Jefferies as joint book-running managers. Bloomberg reported in August that Oura is targeting a raise of up to $3 billion, which would imply a post-money valuation significantly above the $11 billion set in an October 2025 funding round led by Fidelity Management & Research. The company has raised more than $1.2 billion in private funding in total.
The Oura listing would occupy different territory from recent large tech offerings. Unlike Shein’s Hong Kong debut, which faced margin pressure and geopolitical uncertainty, Oura enters the public market with a profitable subscription business and an expanding clinical-research partnership portfolio. The company has formal agreements with health systems and insurers to use Oura data in patient monitoring, a positioning that could justify premium valuation multiples if markets accept the health-platform framing over the hardware framing.
What the Filing Leaves Open
Oura’s S-1 does not yet specify the number of shares to be offered or the IPO price range, both of which will be disclosed in an amended filing. The absence of those figures, combined with the prevailing uncertainty around the Federal Reserve’s September 16 rate decision, has kept the exact roadshow schedule unconfirmed. Analysts expect the company to begin its investor roadshow in the coming weeks, with a listing possible before the end of October if market conditions hold.