The sleep-tracking ring maker's S-1 shows nine-month revenue of $1.2 billion, up sharply from a year earlier, alongside a converting investment held by Eli Lilly.
Oura filed a Form S-1 with the SEC on September 3 for a proposed initial public offering on the Nasdaq under the ticker OURA. The filing discloses revenue of $1,214.5 million for the nine months ended June 30, up 74% from $697.6 million in the same period a year earlier. Full-year revenue was $907.9 million in fiscal 2025 and $406.8 million in fiscal 2024.
The preliminary filing does not yet disclose a price range or share count, standard for a pre-roadshow S-1. The underwriter syndicate is led by Goldman Sachs, Morgan Stanley and J.P. Morgan, with several additional banks also named. The filing discloses a SAFE, a simple agreement for future equity, held by Eli Lilly and Company that will convert in connection with the offering; the S-1 does not detail the size or conversion terms.
At least one secondary report has put Oura's revenue at $1.4 billion, higher than the $1,214.5 million nine-month figure the S-1 discloses; the basis for that higher number, whether a different period or an annualized estimate, is not confirmed. Oura is also reported to have spent roughly $1.09 billion buying back shares from early investors in the nine months before filing, a detail the S-1 does not directly address. Media reports ahead of the filing had speculated a listing could value Oura above $16 billion, a figure that predates the S-1 and is not a company-disclosed estimate.
The 74% growth rate places Oura among the faster-growing consumer-hardware companies to file for an IPO this cycle, at a moment when the market for richly valued consumer-technology listings is showing renewed life after an extended drought. The reported pre-filing buyback, if it holds up, adds a second layer to the story: a company managing its own capitalization table and insider liquidity aggressively in the run-up to going public, a detail that speaks to how late-stage private companies are handling price discovery before a listing as much as the headline growth number does.
What isn't yet knowable is what any of this is worth. Oura's own filing leaves the price range blank, and every valuation figure now circulating, from the pre-filing $16 billion estimate to whatever investors might be penciling in off the revenue growth rate, is speculation until the company sets terms.