Oura Inc. filed its Form S-1 registration statement with the U.S. Securities and Exchange Commission on September 3, 2026, setting up an initial public offering on the Nasdaq Global Select Market under the ticker “OURA.” The Delaware-domiciled maker of the Oura smart ring is the first pure-play smart-ring company to go public and one of the largest consumer-wearables IPOs since Fitbit’s 2015 debut. The filing is available in SEC EDGAR under CIK 0002133022, accession number 0001193125-26-381855.
Unlike many recent tech IPO candidates, Oura is arriving with GAAP net income already on the tape. For the nine months ended June 30, 2026, the company reported $1,214.5 million in revenue — up 74% from $697.6 million in the same period a year earlier — a 55% gross margin, $60.8 million of net income, and $106.7 million of adjusted EBITDA, according to the prospectus.
The financial snapshot
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Revenue | $406.8M | $907.9M | $1,214.5M |
| — Hardware revenue | n/d | $749.4M | n/d |
| — Membership subscription revenue | n/d | $158.5M | n/d |
| YoY revenue growth | — | +123% | +74% |
| Gross margin | n/d | n/d | 55% |
| Net income | n/d | n/d | $60.8M |
| Adjusted EBITDA | n/d | n/d | $106.7M |
| Paid Members (period-end) | n/d | n/d | 5.0M |
The revenue trajectory is arguably the most striking figure in the prospectus: Oura roughly doubled every year from FY2024 ($406.8M) to FY2025 ($907.9M), and the nine months of FY2026 already exceeded full-year FY2025. If the company holds anywhere close to the pace of the first three quarters, FY2026 will be a multi-billion-dollar year — a scale that puts Oura in a different category from the boutique wearables that preceded it.
Business model: hardware plus a $5.99/month membership
Oura sells a titanium sensor ring — the Oura Ring 4 is its current flagship — and pairs it with a subscription service that unlocks the app’s sleep, heart-rate variability, temperature, activity, and cycle-tracking analytics. The subscription retails at $5.99 per month (or $69.99 per year) on the company’s product page, which is what turns a one-off hardware sale into recurring software-like economics.
That model shows up in the numbers. In FY2025, hardware contributed $749.4 million (82% of revenue) and membership subscriptions contributed $158.5 million (17%), per the S-1. Subscriptions are the strategic prize: they compound with the installed base and carry software-class gross margins that lift the blended figure toward the 55% Oura reported for 9M FY2026. With 5.0 million paid members as of June 30, 2026, spread across 56 markets, Oura is building the largest smart-ring subscriber cohort in the world.
From Finland to Delaware: an IPO-ready redomicile
Oura was founded in Oulu, Finland, as JouZen Oy in 2013 (later renamed Oura Health Oy) before becoming one of the country’s most valuable startups. To position for a U.S. listing, the company redomiciled to Delaware on March 31, 2026 and adopted the current Oura Inc. legal entity, per the S-1’s corporate-history disclosure. Its principal executive offices are now at 415 Kearny Street, San Francisco.
The company also took the modern route to the IPO desk: it filed a confidential Draft Registration Statement (DRS) on May 19, 2026, went through several amendments (July 27 and August 18), then flipped the registration public on September 3. Confidential filing under the JOBS Act lets emerging growth companies negotiate the SEC review privately before showing their financials to investors and competitors.
Who is running the deal
The prospectus names Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan Securities LLC as joint book-running managers. That is the same three-bank spine that has led most of the year’s highest-profile tech IPOs, and reflects the size of the offering: a syndicate this large only makes sense if the underwriters are lining up several billion dollars of distribution.
The S-1 does not yet include a price range or share count — those come in a later pre-effective amendment ahead of the roadshow. Once filed, they will imply an offering size, expected proceeds, and, together with post-money share count, an approximate market capitalization.
What could go wrong: the risk file
Three risk themes stand out in the prospectus disclosures worth watching:
- Concentration in the U.S. market. Less than 20% of Oura’s hardware revenue during 9M FY2026 came from outside the U.S., per the S-1. That is a growth runway on paper, but also means the near-term revenue base is exposed to a single macroeconomy and a single tariff regime.
- Big Tech encroachment. Samsung’s Galaxy Ring launched in July 2024 and Apple has been repeatedly rumored to be developing a health-focused ring. Oura’s moat rests on brand, sensor accuracy, and its subscription-analytics layer — not on being the only ring on shelves.
- Subscription attach durability. The stock will trade on the assumption that hardware buyers keep paying $5.99 per month indefinitely. Any churn deterioration would compress the blended margin structure that supports today’s valuation multiples.
The wearables IPO drought is officially over
The public-market wearables cohort has been thin for a decade. Fitbit went public in June 2015 at a $20-per-share offering price, then was taken private by Google on January 14, 2021. GoPro is a still-public survivor but has been a chronic disappointment. Peloton went public in 2019 as a fitness-hardware story with a subscription attach — the closest historical analog to Oura — and has traded well below its IPO price for most of the past three years.
Oura enters that thin peer group with something the others didn’t have on IPO day: an established habit of profitability. Whether that survives the second act — public-market scrutiny, Samsung and Apple pressing on the smart-ring form factor, and the natural gravity of the law of large numbers — is what the roadshow will spend the next several weeks arguing about.
Sources
- SEC EDGAR — Oura Inc. (CIK 0002133022) filings index
- SEC EDGAR — Oura Inc. S-1 filing package (Sept 3, 2026)
- SEC EDGAR — Oura Inc. Form S-1 registration statement (primary document)
- Oura Ring 4 product page — membership pricing
- SEC EDGAR — Fitbit 2015 IPO 424B4 prospectus (June 18, 2015)
- Google Blog — Google completes Fitbit acquisition (Jan 14, 2021)
- Samsung Galaxy Ring — Wikipedia (launch date, July 10, 2024)
Disclosure: This article is for informational purposes only and is not investment advice.