The maker of a popular health-tracking ring is now targeting a raise of up to $3 billion at a valuation north of $16 billion, a sharp step up from where the company stood less than a year ago.
Oura, the company behind a widely used health and sleep-tracking ring, is targeting an initial public offering that could raise up to $3 billion at a valuation exceeding $16 billion, with the listing possibly occurring as early as September. The figures mark a meaningfully more specific framing than the generic "targeting a September listing" language that had circulated earlier, though the company has not yet disclosed an official price range or listing date.
The scale of the jump is notable on its own terms. Oura's most recent disclosed private valuation stood at $11 billion, reached following a Series E funding round in September 2025 that raised $875 million. A public listing at $16 billion or more would represent a roughly 45% increase over that mark in under a year, a pace of appreciation that stands out even in a wearables and health-technology sector that has drawn heavy investor interest.
Neither the specific price range nor the exact listing date has been confirmed by the company, meaning the figures now circulating should be treated as targets rather than settled terms. IPO valuation targets frequently shift, sometimes substantially, in the weeks between initial reporting and an actual pricing, particularly depending on how broader market conditions evolve in the interim.
If the listing proceeds anywhere near the reported terms, it would mark one of the more richly valued consumer health-technology debuts in recent memory, and would give public investors direct exposure to a company that has built a loyal following in a wearables category increasingly crowded with competitors from larger technology and fitness companies. The eventual disclosed valuation, once the company files formal listing documents, will offer the first hard confirmation of whether the reported target holds.