Oura has delayed its proposed initial public offering on the Nasdaq, citing market uncertainty. The decision comes despite the company reporting profitability and significant business strengthening since initiating the IPO process.

The wearable technology firm highlighted robust consumer response to its Oura Ring 5, which contributed to a total of 5.7 million paid members. For fiscal year 2026, Oura expects revenue to grow 90% year over year.

Regulatory status

A Registration Statement on Form S-1 relating to the proposed offering of securities was filed with the U.S. Securities and Exchange Commission (SEC). However, this registration statement has not yet been declared effective. Consequently, securities may not be sold, nor may offers to buy such securities be accepted, prior to the time the registration statement is declared effective.

What the numbers show

The disclosed figures reveal a divergence between operational momentum and capital market timing. While the company projects a substantial 90% year-over-year revenue increase for FY26 and confirms profitability, it has chosen to pause its public listing. This suggests that internal financial health and user base expansion (5.7 million members) are currently outweighed by external market conditions in the company's strategic assessment.

Oura Health is preparing for a potential U.S. stock market debut that could raise up to $3 billion and value the smart ring maker at more than $16 billion. Sources familiar with the plans told Bloomberg the company could launch its initial public offering as early as next month.

The San Francisco and Finland-based company filed confidentially for its IPO in May. It has retained Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group to work on the public offering. Details surrounding the IPO are still in the works and subject to change.

Secondary Component and Valuation Context

The offering is expected to include a substantial secondary component, allowing some of Oura’s existing investors to cash out part of their stakes in the company. This marks a significant jump from September 2025, when the company’s valuation hit $11 billion after a funding round raised $875 million in Series E.

Oura was founded in 2013 by Petteri Lahtela, Kari Kivela, and Markku Koskela. Unlike earlier wearable companies that relied primarily on device sales, Oura has increasingly leaned into a subscription model layered on top of its hardware. Users pay recurring fees for insights into sleep, recovery, stress, and readiness generated from biometric data collected by the ring.

Sector Benchmarks and Competition

Private investors say recent digital health IPOs, including Hinge Health Inc (NYSE: HNGE), are emerging as important reference points for the sector, helping reset valuation expectations in public markets. Andreessen Horowitz general partner Julie Yoo previously told Axios that investors were closely watching the first wave of digital health listings, describing the Hinge Health debut as a key moment that would help "set the stage" for the broader category.

The competitive landscape remains crowded, with major technology companies such as Apple Inc and Samsung continuing to expand their health ecosystems. Samsung introduced its own Galaxy smart ring in 2024, while Apple continues to expand its health features across its Apple Watch.

What the Numbers Show

The proposed IPO valuation of more than $16 billion represents a significant premium over the company's last disclosed private valuation of $11 billion in September 2025. This increase coincides with the shift toward a subscription-based revenue model, which investors view as providing higher visibility and long-term engagement compared to one-time hardware sales.