Oura (OURA) IPO: The Next Health Platform—or the Next Fitbit?
Eric Friedman
Millions of people have bought into Oura’s rings and memberships. As the company heads toward an IPO, the question is whether that enthusiasm can last.
Oura Inc. (OURA) plans to offer 50.0 million shares on the Nasdaq Global Select Market at $40 to $44 per share, a $2.1 billion offering at the midpoint. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies lead the underwriting group. The company’s growth makes this one of the more closely watched consumer IPOs, but it also invites a familiar question: Is Oura becoming a lasting part of people’s lives, or is the smart ring having its moment?
It is a fair question to ask of any device that arrives with a wave of consumer excitement. Fitbit once helped make wearable fitness tracking mainstream. Its annual revenue climbed from $745 million in 2014 to $2.2 billion in 2016, then declined in each of the next three years. Peloton’s revenue more than doubled to $4.0 billion in fiscal 2021 as its connected fitness business surged. Both companies built real products and large audiences. Their histories also show how difficult it can be to turn a burst of hardware demand into sustained growth.
Oura has a case that its ring is more than a one-time purchase. The company reported 5.0 million paid members as of June 30, 2026, up from 2.5 million a year earlier. Its weighted average 12-month paid member retention was approximately 85%, and it says more than 94% of ring activations have historically converted to paid membership after the initial trial. Those figures suggest many customers continue to find value in the app after the novelty of buying the ring wears off.
Oura also reports frequent use. Its ratio of daily to monthly active users was approximately 65% as of June 30, and paid members opened the app more than 3.5 times a day on average during the first three quarters of fiscal 2026. Sleep, recovery and other health readings can give people a reason to check in regularly. The question for investors is whether that behavior remains as strong across a much larger membership base and as early adopters give way to more casual customers.
For now, the ring itself
