Oura Targets Up to $15.6 Billion Valuation in IPO, Surpassing Prada and Lululemon

By JCK News Desk | September 23, 2026

Health-tracking smart ring company Oura is seeking a valuation of as much as $15.6 billion in its planned U.S. initial public offering, a figure that would place the wearable technology brand ahead of several better-known fashion and luxury companies.

The company and some of its existing investors plan to sell 50 million shares at a price range of $40 to $44 per share, potentially raising up to $2.2 billion. Bloomberg reported that Oura itself would sell 13.5 million shares, while current shareholders would offer an additional 36.5 million shares.

At the upper end of the range, Bloomberg said Oura would carry a market value of about $14.1 billion, while Reuters reported a fully diluted valuation of about $15.6 billion. The offering is expected to price Sept. 29, with shares slated to trade on Nasdaq under the ticker symbol OURA.

If successful, the IPO would make Oura one of the world’s most valuable companies at the intersection of jewelry, fashion, and wearable technology. WWD reported that Oura’s expected valuation would place it slightly ahead of Prada, whose market capitalization is about $12.2 billion, and above companies such as Lululemon and Dick’s Sporting Goods, each valued at roughly $11 billion to $12 billion.

Founded in Finland in 2013 and now headquartered in San Francisco, Oura has helped popularize smart rings as an alternative to smartwatches. The rings track health and wellness metrics including sleep, activity, heart health, stress, and recovery, while offering a design intended to resemble traditional jewelry.

Oura sold approximately 3.6 million rings during the 12 months ended June 30. The company also generates recurring revenue through a subscription membership program that provides users with health insights and personalized recommendations.

Growth has been rapid. Reuters reported that revenue for the nine months ended June 30 climbed roughly 74% year over year to $1.21 billion. Oura had more than 5 million paid members as of June 30 and expects that figure to continue rising.

Industry analysts interviewed by Reuters said Oura has benefited from growing consumer demand for wellness-focused technology products that are less intrusive than traditional smartwatches. The company also has emphasized its blend of health monitoring, artificial intelligence capabilities, and jewelry-inspired styling as a competitive advantage.

The IPO will serve as a closely watched test of investor appetite for consumer technology offerings. But for the jewelry industry, Oura’s prospective valuation may be an even more significant signal: A company built around a ring worn on the finger, albeit a digital one, is poised to be worth more than some of the world’s best-known fashion and luxury brands.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.

(Photo via Oura’s IPO prospectus, as filed with the SEC on Sept. 21)