Oura filed for a U.S. public listing on Sept. 3, reporting $1.21 billion in revenue for the nine months ended June 30—nearly double the prior period—along with 5 million paid subscribers and 3.6 million rings sold over the past year.
The IPO comes as the company launches the Oura Ring 5, its thinnest model yet. But the Finnish health-tracking specialist faces a crowded field of entrants each pursuing distinct competitive angles.
Circular, a French rival, is adding tap-to-pay to its forthcoming ring. RingConn's new model includes haptic feedback. Ultrahuman, backed by Qualcomm's venture arm, raised $70 million and is building software directly onto the device, with plans for AI and gaming.
Ultrahuman's strategy was tested in October 2025 when the U.S. International Trade Commission sided with Oura in a patent dispute, blocking the Indian company's imports. Ultrahuman responded by redesigning its third-generation ring—the $479 Ring Pro—with a new heart-rate sensor, dual-core processor, and re-engineered form factor. Shipments begin mid-September.
The market is shifting from pure health monitoring toward smartphone-like features. The Pebble Halo adds a screen; Dreame Ring offers a touchpad. This represents a fundamental departure from smart rings' original appeal: unobtrusive health tracking without the distraction of constant screens.
The question for Oura's investors: as competitors add processing power and interaction layers, does the company's health-data advantage hold? Or does the smart ring become just another wearable computing platform, where software and feature velocity matter more than sensor heritage?
