Oura Files Confidentially for IPO — Targeting the Biggest Consumer Wearables Listing Since Peloton

Smart ring maker Oura confidentially filed IPO paperwork with the SEC on May 21, targeting a listing later in 2026 — in the same week as confidential filings from SpaceX and OpenAI, a measure of how crowded the 2026 pipeline has become.

The company was valued at $11 billion as of its September 2025 round, in which it raised roughly $875-900 million. Underwriters include Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies. Founded in 2013 and headquartered between San Francisco and Oulu, Finland, Oura is led by CEO Tom Hale, and layers a $5.99 monthly membership on its hardware.

What a listing would prove

A successful debut would be the largest consumer-wearables IPO since Peloton's 2019 listing at $8.1 billion — and a very different proposition: recurring subscription revenue on a health-data platform rather than connected exercise hardware. Rock Health flagged the filing as a key H1 2026 public-market signal for digital health exits, alongside Hinge Health's strong post-IPO performance and Whoop's $575 million raise at a $10.1 billion valuation.

The competitive backdrop sharpens the timing: Samsung's Galaxy Ring is pressing the category Oura created, and Apple's ambitions are a permanent cloud on every wearables S-1. Going public with tripling revenue and a fresh Ring 5 launch is Oura's bid to define the category's public-market benchmark before anyone else does.

Reporting: Forbes, May 21, 2026.