https://www.samsung.com/us/Oura is preparing to launch an initial public offering (IPO) on Nasdaq next week with a pitch that reaches past the smart ring it is known for. The company has spent the past year turning the sleep, heart rate, temperature and stress signals its rings collect into personalized health guidance, rolling out a women’s health AI model in February to do so.

The ring is the way in. The business investors are pricing is what happens to the data after it leaves the finger.

Oura grew revenue 74% to $1.21 billion in the nine months ended June 30, Reuters reported. The roadshow targets a fully diluted valuation of $15.62 billion.

Oura’s membership costs $5.99 a month or $69.99 a year and gives members more than 50 health metrics and personalized insights, according to a Tuesday (Sept. 22) prospectus report from Forbes. Membership revenue rose 121% to $240.5 million in the nine months ended June 30, and the company expects to end fiscal 2026 with about 5.7 million paid members, up 96% from a year earlier. That subscription carried an 89% gross margin, TechRepublic reported. Hardware sells once. The data stream renews every night.

Eli Lilly, which already works with Oura on connected care, has indicated interest in buying up to $100 million of the offering, according to Reuters.

For most of Oura’s history, members read the ring’s signals as scores and charts and drew their own conclusions. AI changes what the company can charge for.

Oura launched its first proprietary AI model in February, letting its Oura Advisor chatbot answer questions about women’s health, from early menstrual cycles through pregnancy and menopause, TechCrunch reported.

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