Finnish technology company Oura Health Oy, which specializes in developing wearable devices for monitoring health metrics, physical activity, and sleep quality, is preparing for an initial public offering (IPO) on the U.S. market. According to industry publications, the company intends to raise up to $3 billion. The expected business valuation at the time of the offering could exceed $16 billion. A significant portion of the shares sold in the deal is expected, according to market observers, to belong to existing investors.
The company filed a confidential IPO application in May of this year. The placement process is being organized by leading financial institutions, including Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies. Oura Health Oy was founded in 2013. In September 2025, following the completion of an investment round that raised $875 million, the company's valuation reached $11 billion.
Oura's product line is positioned in the market as a compact alternative to traditional smartwatches. The devices sync with iOS and Android operating systems, collecting and analyzing various biometric data from the user. Sales dynamics show steady growth: by September 2025, the total number of rings sold reached 5.5 million units, more than doubling the figure of 2.5 million units recorded a year earlier. Company management projects that by the end of 2026, total revenue will reach $1.5 billion, three times the 2024 financial result of $500 million.
As the company prepares for its stock market debut, it has encountered legal challenges. On August 20, 2026, a class action lawsuit was filed by Clarkson Law Firm, based in San Francisco. The complaint accuses the manufacturer of misleading consumers about the accuracy of its sleep phase tracking features. According to the plaintiffs, the hardware of Oura rings is incapable of measuring the specific physiological indicators required for accurate sleep stage assessment. The filing claims that instead of direct measurements, the device provides estimates generated by artificial intelligence algorithms, the reliability of which the plaintiffs consider to be extremely low.