Oura’s $2.2 Billion IPO Offers Exit for Early Investors

Oura has launched an initial public offering (IPO) valued at approximately $2.2 billion, primarily providing an exit opportunity for its early backers. The offering will leave the company with an estimated $6.2 million for general corporate purposes, as detailed in the filing.

This move can be seen as a strategic move by Oura, which is leveraging the IPO to allow early investors to realize gains. It also helps the company meet tax obligations without resorting to debt or depleting its cash reserves, which stood at around $372 million at the end of June.

The IPO coincides with a period of rapid growth for Oura, driven by an increase in subscription-based revenue. The company’s membership model has proven highly profitable, boasting an 89% gross margin. In the recent quarter, membership revenue more than doubled to $240.5 million, representing roughly 20% of total sales. Meanwhile, hardware sales remain the primary revenue stream, totaling $974 million.

Oura expects to conclude the fiscal year ending September 30 with approximately 5.7 million paying members, nearly doubling the figure from the previous year.

If the company lists at the top of its proposed price range, it could achieve a market capitalization of around $14.1 billion.

Valuations for Oura have been rising steadily, with the company valued at approximately $11 billion in October 2025 after raising $900 million in a funding round led by Fidelity, with participation from ICONIQ, Whale Rock, and Atreides. Less than a year prior, it raised $200 million at a $5.2 billion valuation. To date, Oura has accumulated around $2.06 billion in funding, according to PitchBook data.