Oura doubled paying members to 5 million as revenue rose 74%
Oura, the maker of rings that track more than 50 health metrics including sleep, heart rate, body temperature and stress levels, will begin trading on the Nasdaq on Wednesday under the ticker symbol OURA. The public offering would value the company at approximately $15 billion and could raise as much as $2.2 billion, putting it among the largest U.S. share sales of the year.
The debut puts a fast-growing consumer-health company onto the public market. Oura’s first financial disclosure since filing to go public showed paying members doubled from 2024 to 2025 and doubled again this year, to 5 million people. Revenue rose 74% from 2024 to 2025, and net profit reached almost $61 million between October 2025 and June 2026, according to the IPO filing.
The business model combines a hardware entry point with an ongoing subscription. Rings are priced between $350 and $500, and the company charges $6 a month for users to access most of their data and personalized health insights. Forrester analyst Arielle Trzcinski said Oura’s success is “as much about this hardware aspect as it is about the subscription model and the revenue that comes from that.” She added that “the fact that folks not only start wearing it and become paying members, but also that they wear it roughly five days a week, which is significant.”
The broader smart-ring category has been growing faster than smartwatches as more consumers look for health trackers that are lighter, more discreet or screen-free, NPR reported. Apple, the dominant smartwatch maker, does not produce a ring. In the smart-ring category, Oura has outpaced rivals including Samsung and Ultrahuman. Oura said it sold 3.6 million rings between mid-2025 and mid-2026, and that for about a third of new customers the ring is their first wearable device. Celebrities including Lady Gaga and Coco Gauff have worn the rings, NPR reported.
Oura’s first public financial filing also drew attention to the data its rings generate. Since its 2013 founding, the company has “amassed one of the largest and highest-quality longitudinal biometric datasets in consumer health,” it said in the filing, citing nearly 42 billion hours of physiological data. Oura promotes plans to expand its use of artificial intelligence and machine learning to make predictions and recommendations on top of that data trove.
The accuracy of Oura’s data has come under the spotlight in a recent class-action lawsuit that alleges the company misled users about the quality of its sleep tracking. Oura disputes the allegations.
Oura, founded in Finland and now based in San Francisco, is expected to begin trading on the Nasdaq on Wednesday under the symbol OURA.