Overview
- Oura disclosed Thursday that it has confidentially submitted a draft Form S‑1 to the U.S. Securities and Exchange Commission and is preparing for a possible listing later in 2026 pending SEC review and market conditions.
- The company did not reveal share count or a price range at the confidential stage, and has engaged major banks reported to include Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies to work on the deal.
- Oura has scaled quickly: it has sold roughly 5.5 million rings to date, raised a large Series E that valued the company at about $11 billion, and projects roughly $1.5 billion to $2 billion in revenue for 2026.
- Management is pitching a move from hardware to AI‑driven health services by growing paid memberships and proprietary analytics, while investors will watch margins, the split between device and subscription revenue, and customer retention.
- The filing arrives in a busy 2026 IPO calendar and will be judged against competing wearables from Apple, Samsung and others as well as blockbuster tech listings that could shape market demand for consumer health stocks.