While SpaceX's IPO plans have been in the spotlight throughout the week, another prominent brand besides Elon Musk's company has decided to go public. Finnish smart ring manufacturer Oura announced on Thursday that it had confidentially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for an IPO. This is reported by Techcrunch.com .
Founded in 2015, Oura has become one of the most popular health-tracking gadget manufacturers today. With its compact and comfortable rings, the company stands out from watch-style products by brands like Fitbit, Garmin, and Apple. The Oura Ring tracks a user's physical activity, sleep quality, and daily readiness levels.
During its Series E funding round last September, the company announced it had sold a total of 5.5 million rings. This figure is significantly higher than the 2.5 million result from a year earlier. In that round, Oura raised $875 million, bringing its valuation to $11 billion. This is double the $5 billion valuation from early 2024.
To expand its female customer base, Oura recently introduced a private AI model specialized in women's health. The company's move to go public signals intensifying competition in the wearable technology market.
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