Finnish smart ring maker Oura Health Oy disclosed today that it has filed confidential paperwork with the U.S. Securities and Exchange Commission for an initial public offering.

Share count and pricing were not disclosed. Bloomberg, which first reported the filing, said Oura is aiming to list later this year.

The company was valued at $11 billion in October after closing a $900 million Series E round led by Fidelity Management. Paid membership is expected to pass 5 million this quarter and the company’s revenue roughly doubled in 2025 to about $1 billion. Chief Executive Tom Hale told CNBC in November that 2026 sales could come in “close to $2 billion,” though Oura’s own official guidance for the year is closer to $1.5 billion.

Petteri Lahtela, Kari Kivelä and Markku Koskela founded Oura in 2013 in Oulu, Finland, with a 2015 Kickstarter campaign getting the first ring out the door. The current model, the Oura Ring 4, starts at $349, with full access to the company’s sleep, recovery and readiness scores gated behind a $5.99-a-month subscription. Hardware sales used to be the bulk of the business, whereas recurring subscription revenue now does much of the lifting and is the metric investors are likely to scrutinize hardest.

The category has gotten busier since Oura started selling it smart rings, though. Samsung Electronics Co. Ltd. brought its Galaxy Ring to market in July 2024 at $399, with no subscription required. Cheaper rivals, among them RingConn at $279, India’s Ultrahuman and Amazfit owner Zepp Health Corp., have all picked off pieces of the market. Apple Inc. has been awarded smart ring patents but has not shipped a product.

There is more to Oura’s pitch than fitness tracking, however, and the U.S. Department of Defense is a customer, among others. Academic medical centers use the rings in research studies and Strava Inc. plugs Oura data into its app. Hale wants the IPO money for overseas growth mainly, with the Oura app’s AI features next in line.

Bloomberg named Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. as the banks working on the deal.

The confidential route, allowed under the U.S. Jumpstart Our Business Startups Act, lets a company work through SEC review out of public view before setting terms. Reddit Inc. and CoreWeave Inc. both did it that way.

Oura adds to an increasing list of 2026 tech debuts. SpaceX Corp. put its filing on the public record this week and OpenAI Group PBC is reportedly aiming for a September listing. A successful Oura debut would also stand as a rare win for a Finnish tech company on U.S. markets, where Nordic listings have been thin since Spotify Technology SA went public in 2018.

Photo: Oura