According to Bloomberg, smart ring manufacturer Oura plans to launch its initial public offering (IPO) in the United States as early as next month, with a maximum fundraising target of $3 billion and a potential company valuation exceeding $16 billion. Based in San Francisco and Finland, Oura currently has more than 900 employees, and this IPO is expected to involve a significant number of existing investors selling shares.

This valuation represents a significant increase from the $10.9 billion valuation Oura had when it completed its Series E funding in September of last year. At that time, the company raised $875 million in funding backed by institutions such as Fidelity, ICONIQ, Whale Rock, and Atreides, with previous investors including Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek.

As the convergence of health data, AI analysis, and smart hardware accelerates, competition in the wearable device market continues to intensify. Samsung launched Galaxy Ring two years ago, while the fitness and health platform Whoop has expanded its user base by adding features such as hormone tracking, menopause health, and thyroid blood testing, and achieved a $10 billion valuation in March of this year. Oura's development path is similar, evolving from early products targeting the "biohacker" community to a more mass-market brand focused on sleep and recovery health.

Oura announced in May that it had secretly filed for an IPO. Company data shows that revenue was approximately $500 million in 2024, $1 billion in 2025, and is expected to approach $2 billion in 2026.

However, Oura also faces controversy before its IPO. Recently, the company faced a proposed class-action lawsuit in San Francisco, accusing it of overstating the accuracy of its sleep tracking function. Plaintiffs argue that Oura's ability to measure indicators such as sleep stages falls short of medical-grade devices. In response, Oura stated that it will defend itself through legal means, noting that its sleep staging function has been validated through multiple studies and compared with standard methods such as polysomnography, with third-party research supporting the accuracy claims.

With the growing demand for AI-driven health management, smart rings are becoming a new growth direction in the wearable device market. Oura's IPO will serve as an important milestone for observing the commercialization process of AI health hardware.