Oura's IPO: the math behind the $16B target
Oura filed confidentially for an IPO in May and is targeting a September listing above $16B, up from $11B a year ago. Here is the math behind it.
Oura, the maker of the Oura Ring, confidentially filed a draft IPO registration with the SEC on May 21, 2026. Bloomberg has since reported the company is targeting a US listing as early as this month, seeking to raise up to $3 billion at a valuation above $16 billion — a figure Zorro's IPO pipeline has been tracking since the filing first surfaced. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies are managing the offering. No share count or price range has been set yet, which is normal this far ahead of a roadshow.
The valuation climbed twice in a year
What makes Oura worth flagging isn't just the size of the deal — it's how fast the number moved to get there.
| Round | When | Valuation |
|---|---|---|
| Series D | November 2024 | ~$5B |
| Series E | September–October 2025 | ~$11B |
| IPO target | September 2026 | $16B+ |
The Series E, led by Fidelity Management & Research with ICONIQ, Whale Rock and Atreides participating, raised roughly $875–900 million and doubled the company's valuation in under a year. The IPO target now on the table is another 45%+ jump on top of that, in under twelve months.
Valuation multiples moving that fast usually track one thing: growth that's outrunning the previous round's assumptions. That appears to be the case here.
What's actually growing
Oura reported more than $500 million in revenue in 2024, more than triple the prior year. It has said it expects to roughly double that again in 2025, and CEO Tom Hale has pointed to figures approaching $2 billion for 2026. Cumulative ring sales have passed 5.5 million units, with more than half of that total sold in just the past year and a half — the company took eleven years to sell its first 2.5 million rings, then sold the next 3 million in about a year.
The subscription side is smaller but still material: Oura doubled its paying-subscriber base in 2024 to roughly 2 million members at $6/month, and said in May it was on pace to cross 5 million paid members in Q2 2026. Roughly 80% of revenue is still hardware, 20% subscription — a mix that matters for how the market will eventually price the stock, since a hardware-heavy revenue base tends to get a lower multiple than a subscription-heavy one, all else equal.
Reading the deal size against the category
A $16B target puts Oura well ahead of the wearables incumbents it competes with on a standalone basis — Whoop is still private, Fitbit is a division inside Google/Alphabet rather than a separately quoted stock, and Apple Watch and Samsung's Galaxy Ring are line items inside much larger companies. There isn't a clean public comp to hold Oura's multiple against directly, which is itself worth noting: the market will effectively be setting a fresh reference price for the category rather than converging on an existing one. That's a different situation from, say, a payments or SaaS IPO landing into a crowded set of public peers.
It's also worth being precise about what kind of listing this is. Unlike the SPAC shells that account for roughly half of the units priced in the current new-issue calendar, Oura is going through the traditional path — confidential filing, roadshow, book-built pricing against real revenue — which historically correlates with a much wider range of possible outcomes than the flat, cash-box behavior of a blank-check listing. The mechanics of why SPACs and operating-company IPOs shouldn't be lumped into the same statistic apply directly here: whatever Oura does on day one and in the weeks after will be a real market read on the wearables category, not sponsor-cash arithmetic.
What to watch between now and pricing
A confidential filing in May followed by a target listing in September is a fairly tight runway — most confidentially filed companies take longer to convert into a priced deal, and Bloomberg's own reporting notes the timing and details could still shift. The next concrete milestones to watch, in order, are: the public S-1 amendment (which will disclose an actual share count and price range), the start of the roadshow, and pricing itself. Zorro's recent IPOs tracker picks up a listing the moment it prices, with the day-one return, sparkline history and the same peak-analytics model applied to every other operating-company listing on the site.
One more mechanical detail worth flagging now rather than after the fact: once Oura lists, its early insiders and pre-IPO investors will be subject to the standard post-IPO lockup. How lockup expirations work covers the usual 90-to-180-day window and why the stock's supply picture can shift meaningfully the day that window opens — a detail that gets more relevant for a deal this size, where pre-IPO investors are sitting on a large amount of stock at a cost basis far below the IPO price.
None of this is a prediction of where Oura trades once it's public. It's a description of a specific, dated filing working its way toward a specific, dated listing — the kind of concrete pipeline event that's more useful to track than headline valuation numbers alone.