Oura’s IPO sparks tech valuation debate as S-1 filing progresses

Oura, the Finnish company that convinced millions of people to wear a titanium ring that judges their sleep, officially filed its S-1 registration statement with the SEC on September 3, 2026. The company is targeting a Nasdaq listing under the ticker OURA, and the numbers in that filing are turning heads across Wall Street.

For the nine months ending June 30, 2026, Oura posted $1.21 billion in revenue. That’s a 74% jump from the $697.6 million it pulled in during the same period a year earlier. The company managed to produce $60.8 million in net income during the period, though the full picture is considerably messier.

The numbers behind the ring

Oura’s revenue breaks down into two distinct buckets: hardware and subscriptions. Ring sales accounted for $974 million of that $1.21 billion top line, while membership subscriptions contributed $240 million.

Oura’s memberships carry an 89% gross margin. The company now counts approximately 5 million paid members, with an 85% retention rate over the trailing 12 months. It shipped 3.1 million rings as of June 30, 2026.

But buried deeper in the filing is a number that requires some context. Oura reported broader losses of $924.3 million for the nine-month period, despite that $60.8 million net income figure. The culprit: a $1.09 billion deemed dividend tied to early investor cash-outs.

A $16 billion question

Oura’s last private funding round took place in October 2025. That Series E raised between $875 million and $900 million, valuing the company at roughly $11 billion. Bloomberg has projected the IPO could push Oura’s valuation past $16 billion, with a potential raise of up to $3 billion.

Goldman Sachs, Morgan Stanley, and JPMorgan are underwriting the offering.

At a $16 billion valuation, investors would be paying roughly 10 times annualized revenue. Oura’s subscription service delivers AI-driven health insights drawn from what the company says is nearly 42 billion hours of biometric data.

Risks and the road ahead

The S-1 flagged manufacturing cost risks, including supply chain disruptions, component price volatility, and quality control at volume. There are also legal challenges related to the accuracy of Oura’s sleep-tracking claims.

The confidential filing was originally submitted back in May 2026, meaning Oura has been quietly refining its public-market pitch for months. With underwriters of this caliber and revenue growth of this magnitude, the pricing and first-day performance will likely set the tone for health tech listings through the rest of the year.