TLDR
- Oura is planning a September or October IPO targeting a valuation above $16 billion, up from $10.9 billion last year
- The company reported $500 million in revenue in 2024, $1 billion in 2025, and expects $2 billion in 2026
- The U.S. IPO market has raised $137 billion in traditional offerings so far this year, on track for a record
- Anthropic could raise up to $100 billion in its expected IPO, which would shatter the 2021 record of $156 billion
- Oura faces a class action lawsuit alleging it misled consumers about the accuracy of its sleep tracking features
Oura, the Finnish smart ring maker, is eyeing a September or October IPO that could value the company at more than $16 billion. That would be a jump from the $10.9 billion valuation it received last September after closing an $875 million Series E round.
Oura is reportedly looking to raise up to $3B in an IPO at a $16B+ valuation. The smart ring maker could go public as soon as September, per Bloomberg.
This is pretty interesting. Valuation is a bit excessive, but this might be a play to gain exposure to wearables outside of… pic.twitter.com/i6HTJPrdiJ
— Sam Badawi (@Sam_Badawi) August 25, 2026
The company is looking to raise up to $3 billion in the offering. Investors are expected to sell a large chunk of stock as part of the deal.
Oura filed its IPO paperwork confidentially in May. The company has offices in San Francisco and Finland and employs more than 900 people.
Revenue Growth
Oura says it brought in $500 million in revenue in 2024. That grew to around $1 billion in 2025, and the company expects to hit close to $2 billion in 2026.
More financial details will become available once its S-1 filing is made public.
The company has evolved from a niche product targeting biohackers and CEOs into a mainstream sleep and recovery brand. Competitors include Samsung’s Galaxy Ring and fitness band maker Whoop, which was valued at $10 billion in March.
Legal Trouble
Not all recent news has been positive for Oura. A proposed class action lawsuit was filed last week in San Francisco, accusing the company of misleading consumers about the accuracy of its sleep tracking.
The lawsuit claims Oura overstated its ability to detect sleep stages, something that typically requires clinical equipment like scalp electrodes and eye sensors.
Oura pushed back, saying its sleep staging has been validated in multiple independent studies and compared favorably against polysomnography, the clinical gold standard.
A Busy IPO Season
Oura is one of several companies expected to go public in the coming months. Inspire Brands, the parent of Dunkin’ and Arby’s, is also eyeing a late 2026 offering.
Data center companies Switch and SB Energy are meeting with investors ahead of potential listings. AI company Anthropic could raise up to $100 billion in its expected IPO, which would push 2026 well past the 2021 record of $156 billion raised.
The 2026 IPO class is performing well, with companies trading up 21% on average from their IPO prices, according to Dealogic.
SpaceX’s $86 billion June offering helped open the door for others, even though its stock has since fallen back to its IPO price.
OpenAI is also considering a listing, though it may be pushed to 2027. The company recently told investors revenue grew 18% from Q1 to Q2, though losses deepened.
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