Oura plans $16B+ IPO in September amid legal challenges and competitive market

Oura, the Finnish smart ring company with U.S. operations, is preparing for an IPO in September that could value the business at over $16 billion, according to Bloomberg. This represents a significant jump from its previous $10.9 billion valuation in September 2025. The IPO would raise up to $3 billion, with major investor exits expected. The company, which has grown from a biohacking niche to a mainstream sleep-and-recovery brand, reported $500M in 2024 revenue, $1B in 2025, and aims for $2B in 2026. However, the company faces a class-action lawsuit alleging misleading claims about sleep tracking accuracy, which requires clinical-grade sensors. Oura defends its technology, citing third-party studies validating its sleep staging against polysomnography standards. The wearable market is highly competitive, with Samsung’s Galaxy Ring and Whoop’s expansion into hormone tracking and health diagnostics creating pressure. Despite growth, legal and market challenges could impact the IPO’s success.