Oura filed to go public on September 3 as it faces increasing competition in the smart ring market.

The company currently has approximately 5 million paid members. Oura faces competition from several companies. Circular announced an upcoming Ring 3 series featuring an integrated NFC chip for contactless payments and on-finger vibrations. RingConn launched the Gen 3 ring in May, which includes vascular health insights and vibration alerts. Ultrahuman unveiled the Ring Pro, which features a redesigned heart-rate sensing system and a dual-core processor. Other market entrants include Samsung, which released the Galaxy Ring for $399. The Galaxy Ring lacks sleep apnea detection and AFib detection, features which are available in rings from Oura, RingConn, and Ultrahuman. Dreame also entered the market with a ring featuring a touchpad and haptic alerts. Ultrahuman's U.S. business was disrupted in October 2025 after the U.S. International Trade Commission ruled in favor of Oura in a patent dispute, forcing Ultrahuman to redesign its Ring Pro to circumvent Oura's patent.