Oura filed its S-1 for a US IPO targeting a valuation above sixteen billion dollars — up from its last private valuation of approximately eleven billion dollars in October 2025. Nine-month revenue ending June 2026 was one-point-two billion dollars against six hundred and ninety-seven million in the prior year, putting the company on track for approximately two billion dollars for the full year. The revenue trajectory — five hundred million in 2024, roughly one billion in 2025, roughly two billion in 2026 — is the IPO story's foundation. The company has sold 3.6 million rings in the past year, has approximately five million paid subscribers, and reports 85 per cent twelve-month membership retention. Its core data asset — forty-two billion hours of physiological data across fifty-plus tracked metrics — is described as one of the largest longitudinal biometric datasets in consumer health. A pending class action alleging misrepresentation of sleep-tracking accuracy is the principal risk disclosure. Qualcomm-backed competitor Ultrahuman, which this week raised seventy million dollars to develop a ring with on-device Qualcomm silicon and third-party developer support, enters the market at a three-hundred-and-sixty-five-million-dollar valuation — the same week Oura files to go public at sixteen billion dollars. The competitive dynamic in the smart ring category is, as of this week, considerably more interesting than it was last month.