The Short Version
Oura, a smart ring maker valued at $11 billion, filed for an IPO with Goldman Sachs, Morgan Stanley, and JPMorgan Chase, projecting 2026 revenue of $1.5 billion after selling 5.5 million rings.
Oura going public forces a question: can a health gadget company grow without charging users more money over time? Wall Street picked three of the biggest banks, Goldman Sachs, Morgan Stanley, and JPMorgan, to run this process. That is not a small-stakes experiment. If Oura pulls this off cleanly, every other wearable company gets a cleaner path to the public market. If it stumbles, the smart ring category takes the blame.