Oura IPO filing amid rising smart ring competition
Original: Oura is going public, but these smart ring companies are coming for its crown
Why This Matters
The smart ring market is rapidly expanding beyond health tracking into computing, signaling a new wearable category battleground.
Oura filed to go public on September 3, reporting $1.21 billion in revenue for the nine months ended June 30, 2026. Rivals including Ultrahuman, Circular, and RingConn are challenging its dominance with new features ranging from tap-to-pay to haptic feedback.
Oura officially filed for an IPO on September 3, 2026, backed by strong financials: revenue nearly doubled to $1.21 billion for the nine months ended June 30, with 3.6 million rings sold over the past year and approximately 5 million paid members. The filing follows the launch of the Oura Ring 5, described as its slimmest and lightest model yet.
Despite Oura's market leadership, competition is intensifying. Indian startup Ultrahuman raised $70 million — backed by Qualcomm Ventures — to develop a ring capable of running software on-device, targeting AI interactions and gaming. Its new $479 Ring Pro, redesigned to avoid an Oura patent ruling that blocked U.S. imports in October 2025, is set to ship in the U.S. in mid-September 2026. French company Circular announced tap-to-pay functionality for its upcoming ring, while Chinese firm RingConn debuted haptic vibration support. Devices with screens, such as the Pebble Halo, and touchpad-equipped rings like the Dreame Ring are also entering the market.
The competitive landscape is shifting from pure health and sleep tracking toward smartphone-like features, raising questions about whether the original appeal of screen-free, unobtrusive wearables will be preserved.