The Short Version
Oura filed confidentially for an IPO with the SEC in 2024, seven months after raising $900 million at an $11 billion valuation, with 4.5 million members and partnerships including Dexcom and the U.S. Department of Defense.
Oura going public is a direct test of whether health wearables can grow fast without forcing users to pay more over time. The company has reinvested all its gross profit, meaning every dollar earned went straight back into the business, not into executive pockets or shareholder returns. Wall Street will now decide if that trade-off was smart or just expensive patience. At an $11 billion valuation, the smart ring is no longer a curiosity.