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Smart ring maker Oura plans to raise up to $3 billion in a U.S. IPO with a valuation exceeding $16 billion.

Oura is preparing for a U.S. initial public offering, aiming to raise up to $3 billion as soon as next month. The smart ring maker, which employs over 900 people, is reportedly valued at over $16 billion, a significant increase from its $10.9 billion valuation last September. While the company has generated $500 million in revenue in 2024, it projects revenue to reach nearly $2 billion by 2026. Despite its growth, Oura faces a proposed class action lawsuit in San Francisco accusing the company of misleading consumers regarding the sleep tracking accuracy of its smart ring. The company defended its claims, stating that while the series is not a medical device, its sleep staging has been validated against the gold standard of polysomnography. This IPO follows a market trend where European companies, such as Aggreko, are increasingly choosing U.S. listings over European exchanges to secure higher valuations and greater visibility.

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