Oura

Oura develops smart rings and an app that help people monitor sleep, activity, stress, and recovery. Sensors collect physiological data throughout the day and night, while the app highlights changes relative to the user’s usual patterns. This helps users understand how physical exertion, rest, and daily habits affect their wellbeing.

The company operates at the intersection of wearable technology and digital health services. Its compact ring is comfortable for continuous wear, including during sleep. The app turns measurements into personalized insights and recommendations. The device is designed for everyday health tracking and does not replace medical diagnosis.

The business combines device sales with the paid Oura Membership subscription. Purchasing a ring brings users onto the platform, while the subscription generates recurring revenue through access to advanced features and personalized insights.

Regolith is accepting preliminary applications to participate in Oura’s IPO through a booking arrangement. You deposit funds to reserve your participation in the upcoming offering.

The company’s IPO has been postponed, and no new date has been announced. The previously published price range, company valuation, and offering size may change. Final terms will be confirmed before the transaction.

If the IPO proceeds and an allocation is received, your booking automatically converts into a purchase of shares at the actual IPO price, up to the allocated amount. If the offering does not take place or no allocation is received, the booking is canceled and the funds are returned to your account.

The minimum investment is $1,000. A 93-day lock-up period applies after the IPO, during which the shares cannot be sold. Investing involves the risk of a decline in share value, and returns are not guaranteed.

• Major Investors: In October 2025, Oura raised more than $900 million in a funding round led by Fidelity Management & Research Company, with participation from ICONIQ, Whale Rock, and Atreides. The funding is intended to support international expansion and further development of its health platform.
• Scientific Validation: Oura's measurement accuracy has been evaluated against polysomnography, a clinical sleep study conducted using specialized medical equipment. A study published in 2024 involved 96 participants and found that the Oura Ring Gen3, using the OSSA 2.0 algorithm, achieved approximately 92% accuracy in distinguishing sleep from wakefulness.
• Expansion into Metabolic Health: Dexcom, a manufacturer of continuous glucose monitoring systems, invested $75 million in Oura and entered into a strategic partnership with the company. Integration with the separate Stelo biosensor allows users to analyze glucose levels alongside sleep, activity, and nutrition data. The Oura Ring itself does not measure glucose.
• Natural Cycles Integration: The ring shares overnight temperature data with the Natural Cycles app to support fertility tracking and pregnancy planning or prevention. Natural Cycles is FDA-cleared for use as a contraceptive method. It is a separate partner app that requires its own subscription.
• Scale and Partner Network: According to Oura's September 29, 2026 announcement, the company had reached 5.7 million paying subscribers and built an ecosystem of more than 1,200 partners. Its technology is used by research teams, sports organizations, and healthcare institutions, extending the platform's reach beyond the individual consumer market.
• Financial Performance: For the nine months ended June 30, 2026, revenue reached $1.21 billion, up 74% year over year, while net income totaled $60.8 million. The company sold 3.6 million rings during the 12 months ended on that date.
• Proposed IPO Structure: Under the previously announced offering of 50 million shares, 13.5 million were to be newly issued by the company, while 36.5 million were to be sold by existing shareholders. A substantial portion of the proceeds received by Oura was intended to cover tax obligations related to employee equity awards. The offering structure may change if the IPO process resumes.

Oura was founded in 2013 in Oulu, Finland. Its co-founders, Petteri Lahtela, Kari Kivelä, and Markku Koskela, brought experience in product development, engineering, and research, including work at Nokia and Polar. Their goal was to create a compact device that could help people better understand how well their bodies recover from everyday physical and mental demands.

The company was originally called Jouzen, a name combining the Finnish word joutsen, meaning "swan," with "zen," reflecting a sense of calm and balance. It was renamed Oura before the product entered the market. The early years were challenging: funding was so limited that salaries were sometimes delayed for months, and employees tested the device themselves.

In March 2015, the first-generation Oura Ring was unveiled at Launch Festival in San Francisco. Its Kickstarter campaign reached its $100,000 goal in just 15 hours and went on to raise approximately $650,000, generating around 2,400 preorders.

The next major milestone was making the device smaller, particularly its battery. The second-generation ring was introduced in November 2017 at the Slush conference in Helsinki. By August 2019, more than 100,000 rings had been purchased by customers in over 100 countries.

In 2020, Oura began working with the NBA as the league resumed its season following the pandemic-related suspension. Players, coaches, and staff were offered rings to monitor their health and wellness. Participation was voluntary, and the data provided an additional source of information for medical teams. Around the same time, Oura devices were used in studies at the University of California, San Francisco, and West Virginia University investigating changes in physiological metrics associated with illness.

In October 2021, Oura launched its third-generation ring, introducing additional sensors and features for daytime heart rate monitoring and menstrual cycle prediction. The company also introduced Oura Membership, a subscription service providing access to advanced analytics and personalized recommendations.

In March 2022, Oura announced that it had sold one million rings. By then, its devices had collectively recorded more than 2.5 billion hours of sleep. The company continued expanding its presence in professional sports, adding partnerships with the WNBA, UFC, and NASCAR.

Oura gradually expanded into retail. In 2022, it launched a collaboration with Gucci, followed by a major partnership with Best Buy in April 2023. Oura Rings became available through more than 850 Best Buy stores and its website, allowing customers to try on sizing kits and find the right fit before purchasing.

In 2024, Oura acquired Veri, a service that helped users explore how nutrition and daily habits affect glucose levels using separate biosensors. The acquisition strengthened Oura's capabilities in metabolic health. In October of the same year, the company launched Oura Ring 4, featuring an upgraded sensor system, a more comfortable fit, and an expanded size range.

In May 2026, Oura introduced Oura Ring 5. According to the company, the new generation was 40% more compact than its predecessor while maintaining a battery life of six to nine days. Alongside the device, Oura announced new software features designed to track and analyze long-term changes in health and wellness.

1. What Is an IPO?

An IPO (Initial Public Offering) is the process through which a private company offers its shares to the public for the first time. It allows the company to raise capital from investors and begin trading its shares on a stock exchange.

2. Where Do IPOs Take Place?

IPOs are conducted on major stock exchanges worldwide. In the United States, the primary exchanges are the New York Stock Exchange (NYSE) and Nasdaq.

Once a company goes public, its shares begin trading on the exchange, where their market price is determined by supply and demand.

3. What Is an Allocation?

An allocation is the number of shares or the investment amount assigned to an investor during an IPO. It may be smaller than the amount originally requested and depends on investor demand and the number of shares available.

4. How Much of My Investment Will Be Allocated?

The allocation depends on the terms of each offering and typically ranges from 2% to 30% of the requested amount. The actual allocation is usually confirmed approximately one day before the IPO, often around six hours before the transaction.

Example: Bullish IPO

An investor submitted a $10,000 application. The allocation was 29.6%, meaning $2,960 was allocated to the IPO.

The remaining $7,040, including the applicable purchase fee, was returned to the investor's account balance and made available for withdrawal.

5. Why Do Companies Go Public?

Companies go public to raise capital for growth, increase brand visibility, and provide early investors and employees with an opportunity to sell some of their shares.

6. How Is Participating in an IPO Different From Buying Shares on the Stock Exchange?

When participating in an IPO, you invest at the offering price before public trading begins. Once the company is listed, its shares can be purchased at the prevailing market price, which may be higher or lower than the IPO price.

7. What Do I Receive When Participating in an IPO Through Regolith?

Once your participation is confirmed and an allocation is received, your funds are used to purchase shares in the IPO through Regolith's partner infrastructure.

After the shares are sold, the proceeds are distributed among investors in proportion to their participation, less any fees specified in the agreement. The final investment result may be positive or negative.

8. What Is a Lock-Up Period, and How Long Does It Last?

A lock-up period is a restriction on selling shares for a specified period.

For this offering, the lock-up period is 93 days following the IPO. Shares cannot be sold during this time.

Once the lock-up period ends, the shares are sold on the stock exchange, and the proceeds are distributed to investors in accordance with the agreement.

9. How Is Investing Through Regolith Different From Buying Shares Independently?

To participate in an IPO independently, you need a brokerage account with a broker that provides access to IPO allocations. Investor eligibility requirements, minimum investment amounts, and available allocations vary depending on the broker and the specific offering.

Regolith pools investor capital and arranges participation through its partner infrastructure.

10. Who Facilitates IPO Participation?

We work through a US-based entity that cooperates with a licensed broker in the United States. Our partner selects promising IPO opportunities and participates in offerings in its own name.

11. How Is the Transaction Structured Legally?

Investors enter into an investment product agreement with Regolith. Regolith then transfers the funds to its partner entity, Wealthy Labs Limited (the Provider), which enters into a forward contract with the broker and handles all operational aspects of the transaction.

Once the transaction is completed, the Provider transfers the financial proceeds to Regolith, which then distributes the corresponding amounts among investors.

12. Is There a Minimum Investment Amount?

Yes. The minimum investment for this offering is $1,000.

13. Will the Shares Be Deposited Into My Personal Brokerage Account?

No. Shares are purchased and held in a brokerage account within the partner's infrastructure.

After the lock-up period expires, the broker sells the shares on the stock exchange, and the proceeds are transferred for distribution among investors.

14. Can the Shares Be Transferred Directly to My Brokerage Account?

No. Participation is structured through a forward contract with the partner's brokerage infrastructure.

The transaction is executed through the partner, while investor settlements are handled within the Regolith platform. Regolith acts as an intermediary in the transaction.

15. How Can I Sell My Shares After the IPO?

The sale is handled automatically. Once the lock-up period expires, the partner broker sells the shares on the stock exchange.

Regolith then distributes the proceeds among investors in proportion to their participation in the transaction.

16. What Are the Risks of Investing in an IPO?

IPO investments carry significant risks. Share prices can fluctuate substantially on the first day of trading and throughout the lock-up period, potentially falling below the offering price.

Macroeconomic conditions and industry-specific factors may also affect investment performance.

An IPO may be postponed or canceled. During the lock-up period, investors cannot exit the transaction, even if the share price declines.

17. Can I Know in Advance How Much I Will Earn?

IPO returns are not guaranteed.

The final investment result depends on the share price when the shares are sold after the lock-up period, overall market conditions, the company's financial performance, and applicable transaction fees. Investors may incur losses.

18. Can I Verify That Regolith Actually Participates in the IPO?

We publish all available transaction information in your personal account on the platform.

We also have an agreement that provides for disclosure of the infrastructure used to participate in IPO transactions.

Supporting documents from brokers and partners are not disclosed because they contain confidential information protected by contractual obligations.

19. What Is a Preliminary IPO Application?

A preliminary application allows you to express interest in an IPO before the final offering terms are confirmed. You submit an application and deposit the amount you intend to invest.

If the IPO proceeds and an allocation is received, your funds are used for the investment based on the actual number of shares allocated.

The IPO timeline and offering terms may change. Submitting an application does not guarantee an allocation or the purchase of shares.