Oura Health, the maker of the Oura smart ring, is preparing a U.S. initial public offering that could raise up to $3 billion and value the company at more than $16 billion, with a debut possible as early as next month. The offering is expected to include a substantial secondary component so existing investors can sell part of their stakes; terms remain fluid after a confidential May filing and mandates for Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies Financial Group. An $875 million Series E in September 2025 valued Oura at $11 billion. CEO Tom Hale has cited cumulative sales of 5.5 million rings as of September 2025, and the company projects 2026 revenue of $1.5 billion, triple 2024’s $500 million. Oura has increasingly layered a subscription model on its hardware, charging recurring fees for sleep, recovery, stress and readiness insights. Investors are watching digital-health listings such as Hinge Health as comps, while Apple and Samsung expand competing health wearables.