Oura has filed to go public in the United States, putting one of the best-known consumer health hardware companies on a path toward a potential initial public offering. Bloomberg reports that Oura Inc. filed with the U.S. Securities and Exchange Commission on Thursday; TechCrunch also reports that the smart-ring maker has filed to go public. The filing shows a business that has scaled quickly. According to Bloomberg, Oura reported $1.21 billion in revenue for the nine months ended June 30, up from $697.6 million in the comparable period a year earlier. TechCrunch’s account of the filing rounds those figures to $1.2 billion and $697 million, respectively. Losses also increased sharply. Bloomberg reports that Oura posted a net loss attributable to stockholders of $924.3 million for the nine-month period, versus $182.8 million a year earlier. Bloomberg adds that the loss figure includes the impact of a deemed dividend to certain holders of redeemable convertible preferred stock, a detail that matters when separating the headline loss from the company’s operating trajectory. TechCrunch reports that Oura has previously cited revenue of $500 million in 2024, roughly $1 billion in 2025, and an expectation of close to $2 billion for “this year.” Those figures frame the IPO pitch: Oura is trying to show that a category once viewed as niche consumer hardware can support a larger recurring health-data business. The operating metrics in the filing point to that subscription story. TechCrunch reports that Oura says it sold 3.6 million rings over the past year and currently has approximately 5 million paid members. The company also reports an approximately 85% weighted-average 12-month membership retention rate, meaning most members who sign up in a given month remain subscribed a year later, according to TechCrunch’s description of the filing. Oura’s product sits at the intersection of hardware, software and health monitoring. TechCrunch reports that the company’s rings sell for roughly $350 to $400 and measure biometrics such as metabolism, heart rate, stress levels and sleep patterns. The ring works with an app, and TechCrunch reports that Oura markets the combination as an “always-on health intelligence platform.” The filing also leans into data and artificial intelligence. TechCrunch reports that Oura says it has accumulated longitudinal biometric data across more than 50 health and wellness metrics, representing nearly 42 billion hours of physiological data. The company says that dataset supports its artificial intelligence and machine-learning models, which it uses to personalize and improve health insights as member histories grow. Valuation expectations remain outside the formal terms provided in the cluster. TechCrunch says late-month reporting indicated Oura was looking to raise $3 billion in the offering, and that Bloomberg had previously reported the company was expected to seek a $16 billion valuation. TechCrunch also notes that Oura was valued at roughly $11 billion in October of last year. There is at least one legal risk around the product claims. TechCrunch reports that Oura was recently hit with a proposed class-action lawsuit accusing the company of misleading users about the accuracy of its sleep-tracking capabilities. The suit alleges Oura’s rings cannot detect the physiological signals needed to determine sleep stages and instead rely on artificial intelligence-generated estimates; Oura’s response is not included in the provided material. Who benefits: Oura and its existing backers benefit if public investors assign value to the company’s revenue growth, paid membership base and biometric data platform. The IPO process also gives prospective investors more disclosure than was available while Oura was private. Who's exposed: Prospective public investors are exposed to the gap between Oura’s revenue growth and its widened net loss. Oura also faces scrutiny over health-metric accuracy, including the proposed class-action lawsuit reported by TechCrunch.