Oura, a company known for its smart ring that tracks health data, has filed documents with the U.S. Securities and Exchange Commission (SEC) to go public. The filing, made on Thursday, highlights significant revenue growth, with Oura reporting $697 million in revenue during the nine-month period ending June 30 last year, compared to $1.2 billion during the same period this year. The company had previously shared financial goals, estimating $500 million in revenue for 2024, roughly $1 billion in 2025, and close to $2 billion for the current year. Oura also claims it has sold 3.6 million rings over the past year and has approximately 5 million paid members, who subscribe to its service for more detailed health insights. The filing also mentions that Oura has an 85% weighted-average 12-month membership retention rate. This means that about 85% of members who sign up in any given month remain subscribed a year later. Oura’s smart rings, priced between $350 and $400, are designed to track biometrics such as heart rate, stress levels, sleep patterns, and metabolism. When paired with an app, the ring and software are marketed as an "always-on health intelligence platform," providing continuous health monitoring and insights. Oura, which was founded in Finland in 2013, has been preparing for an initial public offering (IPO) for some time. It confidentially filed for an IPO in May and is reportedly seeking to raise $3 billion in its upcoming public offering. Earlier reports suggested the company might be valued at $16 billion, up from an estimated $11 billion in October of last year. In its SEC filing, Oura expressed confidence in its future growth, stating that it believes its platform can serve a broader audience beyond traditional fitness tracking. It aims to expand access to its services, build clinical evidence, and integrate with health plans, employers, and care providers. In addition to its growth ambitions, Oura is also leveraging its extensive health data to enhance its AI and machine-learning models. The company claims to have collected one of the largest and highest-quality longitudinal biometric datasets in consumer health, with over 42 billion hours of physiological data across nearly 50 health and wellness metrics. This dataset helps improve the accuracy, personalization, and predictive capabilities of its health insights. However, the company recently faced a proposed class action lawsuit, which alleges that Oura misled users about the accuracy of its sleep tracking capabilities. The lawsuit claims that the rings cannot detect the necessary physiological signals for sleep stages and instead rely on AI estimates that are unreliable. Oura has denied these claims and stated it will defend itself in the appropriate legal forum.