Oura Targets $2.2 Billion IPO as AI Startups Keep Waiting

SAN FRANCISCO — Oura plans to test the public markets with a Nasdaq initial public offering that could raise up to $2.2 billion. The smart ring company intends to offer 50 million shares priced between $40 and $44, according to its updated S-1 registration statement.

The San Francisco- and Finland-based company reported total revenue of more than $1.2 billion for the nine-month period ending June 30, compared with $697.6 million in the same period of the prior fiscal year. Net income increased to $60.8 million from $1.6 million.

Oura’s listing arrives as technology IPOs remain highly selective, with investors prioritizing profitability and established revenue streams over speculative growth. Anthropic has reportedly pushed its IPO timeline back to November or later, while OpenAI has deferred its plans until 2027.

Hardware sales still account for approximately 80% of Oura’s total revenue. Its subscription business, however, ended the 2026 fiscal year with 5.7 million paid members, a 96% year-over-year increase from the 5 million members disclosed in the initial filing.

Founded in 2013 in Oulu, Finland, by Kari Kivelä, Markku Koskela, and Petteri Lahtela, Oura launched its first wellness-tracking ring through a Kickstarter campaign in 2015. CEO Tom Hale took the helm in 2022. The company’s business model combines high-end hardware sales with recurring subscription revenue.

Hale has described Oura’s proprietary data repository as its primary competitive moat as companies including Samsung enter the smart ring market. Samsung recently launched the Galaxy Ring, while Ultrahuman remains an established competitor and Apple is the subject of persistent industry rumors regarding development in the category. Oura’s algorithms are trained on 42 billion hours of sleep and activity data collected across its user base.

Hale has repeatedly addressed consumer and regulatory scrutiny over health-data confidentiality as personal biometric tracking has expanded. He maintains that Oura does not and will not sell user information to third parties.

The public debut would provide a liquidity event for Oura’s venture capital and institutional backers, including Fidelity, Dragoneer Investment Group, Iconiq Capital, Forerunner Ventures, Lifeline Ventures, the Johnson family, and the Bedford Ridge Investment Company.

Oura is not the only company preparing a Nasdaq listing. San Diego-based clinical-stage biotechnology firm ADARx Pharmaceuticals has filed plans to raise up to $372.3 million by offering 21.9 million shares priced between $15 and $17. The company is developing RNA-targeted gene-silencing therapeutics and reported sales of $6 million for the fiscal year ended June 30. Its backers include OrbiMed, LAV Fund, SR One, Titanium Trust, and Bain Capital Life Sciences Investors.

Early- and late-stage venture capital activity is also continuing across technology and healthcare. Baselayer, a New York City-based business identity-verification and risk-management platform, raised $45 million in a Series A led by M13, with participation from Torch Capital and Picus Ventures.

Corridor, a New York-based AI-native employee benefits brokerage, secured $25 million in a funding round led by Bain Capital Ventures, with support from BoxGroup and Definition Capital. Clarion, a New York-based developer of front-office AI agents for medical practices, raised $10 million in seed funding led by Accel, with participation from Y Combinator.

Feldera, a San Francisco-based developer of continuous data-query software, raised $21.5 million in total funding. The amount includes a $15.4 million Series A led by Inovia Capital, with participation from Costanoa Ventures and Battery Ventures, and a $6.1 million seed round led by Costanoa and investor Ion Stoica.

Spott, a New York-based developer of AI-powered recruiting software for staffing agencies, secured $21 million in a Series A led by Balderton Capital, with participation from Base10 Partners, Y Combinator, and Fortino. Blair Health, a Toronto-based virtual care provider specializing in menopause and women’s health, raised CAD $4.2 million ($3 million USD) in pre-seed funding co-led by the Business Development Bank of Canada’s Thrive Venture Fund, Accelia Capital, and Ogaei.

DASH Dog Food, a Boston-based pet food manufacturer, raised $1.5 million in a seed funding round led by Voltage Ventures.