Oura, a smart‑ring manufacturer with offices in San Francisco and Finland, is preparing a U.S. initial public offering that could raise up to $3 billion and value the company at more than $16 billion, according to Bloomberg. According to the report, the company filed a confidential IPO prospectus in May and expects investors to sell a significant portion of its shares in the offering. Oura reported $500 million in revenue for 2024, with projected revenue of about $1 billion in 2025 and close to $2 billion in 2026. The valuation would represent a rise from $10.9 billion after an $875 million Series E round in September 2023, which was led by Fidelity, ICONIQ, Whale Rock and Atreides and included earlier investors such as Dexcom and Temasek. In the wearables market, Samsung introduced its Galaxy Ring two years ago, while fitness‑tracking company Whoop, which expanded its health monitoring features, reached a $10 billion valuation in March. Oura faces a proposed class‑action lawsuit filed in San Francisco alleging that its sleep‑tracking features overstate accuracy, claiming that the device measures exact sleep stages without the clinical equipment required for gold‑standard polysomnography. The company's spokesperson said it will defend the lawsuit and noted that independent studies have validated its sleep staging against polysomnography and that third‑party research supports its accuracy claims. Oura has not disclosed the exact number of shares it intends to sell or the final pricing of the IPO, which remains subject to market conditions. Analysts expect the offering to be one of the larger tech IPOs of the year, though the timing and final valuation have not yet been confirmed.