Smart ring maker Oura files for public offering

The company’s S-1 filing reveals a sharp upward trajectory, jumping from $697 million in revenue during the same period last year. Oura has sold 3.6 million rings, maintaining an 85% retention rate among users who pay for its health-tracking subscription service. These devices, priced between $350 and $400, capture biometric data ranging from heart rate to sleep patterns, which the company frames as an always-on health intelligence platform.

Beyond hardware sales, Oura is betting its future on the vast data it collects. The firm claims to possess 42 billion hours of physiological data, using these longitudinal records to refine AI models that provide personalized health insights. Looking ahead, Oura plans to move beyond consumer fitness tracking, targeting integrations with clinical providers, employers, and health insurance plans.

This transition to the public market faces legal headwinds. Oura is currently fighting a proposed class-action lawsuit that challenges the accuracy of its sleep-tracking technology. Plaintiffs allege the rings rely on unreliable estimates rather than direct physiological measurement, a claim the company categorically denies. Oura has stated it intends to defend its technology in court as it prepares for an IPO that may seek to raise $3 billion.