Analysis
Oura filed publicly for a US initial public offering that could raise as much as $3 billion and value the smart-ring maker at more than $16 billion, Bloomberg reported Thursday. The filing follows Pulse's August coverage of reports that Oura was eyeing a September listing -- what's new now is the actual public filing, with hard financials attached for the first time.
Oura makes a smart ring that tracks heart rate, sleep stages and physical activity, competing against Whoop's subscription wearable and Samsung's Galaxy Ring, alongside broader competition from the Apple Watch. The filing discloses:
- Revenue, 9 months to June 30 -- $1.21 billion, up 74% from $697.6 million a year earlier
- Net loss, 9 months to June 30 -- $924.3 million, widened from $182.8 million
“TechCrunch confirmed the listing details: - Underwriters -- Goldman Sachs, Morgan Stanley, J.P.”
That's a far steeper increase in losses than the revenue growth alone would suggest.
TechCrunch confirmed the listing details:
- Underwriters -- Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Co, BofA Securities
- Ticker -- OURA (Nasdaq)
- Valuation math -- $16 billion-plus target, nearly 50% above the $11 billion mark the company carried after an $875 million round roughly a year ago
That's a rich markup for a company whose losses just grew nearly fivefold.
Oura has defended its lead in the smart-ring category aggressively, filing patent disputes that have kept Ultrahuman and Luna rings blocked from US sale and left Samsung's Galaxy Ring and Amazfit's Helio Ring in ongoing legal limbo -- litigation as a moat is an unusual story to tell public-market investors, but it's core to how Oura has protected share in a category it effectively created.
The risk the revenue growth headline overstates is the loss trajectory: a company growing revenue 74% while its net loss grows roughly fivefold is spending well ahead of its topline, and public investors will want a clear path to narrowing that gap rather than a promise that scale eventually fixes it -- the same story that punished several 2021-vintage consumer-hardware IPOs once growth decelerated and losses didn't.
