SpaceX got the IPO headlines this week. A small Finnish firm slipped its papers in the same hopper and barely cracked the news cycle.
That firm is Oura. The smart ring maker is also heading for public markets.
On Thursday, Oura told the SEC it wants to go public. The firm submitted its Form S-1 privately, the standard early step before an actual IPO launch.
The filing does not set a price or a date. It does signal a firm that thinks the public market is ready.
The case for that comes from the last private round. In September 2025, Oura pulled in $875 million at an $11 billion price tag.
The year before, that number was $5 billion. The firm's price tag roughly doubled in twelve months.
Hardware unit sales tell a similar story. Oura sold about 2.5 million rings through one year, then crossed 5.5 million by the next round.
The growth curve is real. An IPO would let outside buyers own a piece for the first time.
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The wearables market is crowded. Fitbit, Garmin, and the Apple Watch already own most wrists.
Oura's bet was that the wrist was the wrong place. A simple ring with no screen could track the same sleep, activity, and recovery data without nagging the user with alerts.
That bet worked. The ring became the wearable people forgot they were wearing.
The firm also built a paid app on top of the hardware. That gave it steady money each month, on top of the ring sales.
Oura recently rolled out an AI model focused on women's health. The bigger wearables players have started chasing that same group of users.
The IPO will give public investors a chance to test the thesis with real money. Until then, the only proof points are private round prices and unit sales.
A private filing is not a sure IPO. Firms sometimes file, wait out a soft market, and pull back.
SpaceX going public first will absorb a lot of attention. Its debut also tests how much appetite there is for new tech listings.
The same test is already playing out elsewhere. AI chipmaker Cerebras raised $5.5 billion this month, even as crypto IPOs went on pause.
SpaceX is also reportedly aiming for a $75 billion IPO in June. That deal would set the bar for the rest of the year.
Oura is much smaller, but the timing matters. A hot market lifts every tech listing on the calendar.
A cold market pulls them all down. Oura's S-1 just got filed at the right moment to find out which one is here.
Oura priced at $11 billion as a private firm. The public market gets to decide if that number was right.
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