Why Oura May Not Be the Healthiest IPO

So much is going on in the broadly defined AI world that it’s easy to overlook other stuff that’s happening. This week, for instance, fitness ring maker Oura is expected to go public, which is an event worth watching. It won’t be as earth shattering as Anthropic’s anticipated IPO, to be sure. But it will be a treat for anyone curious to see how easily overhyped these flash-in-the-pan businesses can be.

That might sound a bit harsh. Oura, one of the leaders in health-related wearables, has made quite the name for itself in the past few years. Revenue more than doubled in its fiscal 2025, ending last September, to $907.9 million and jumped another 74% in the nine months ending June of this year. Oura is generating real cash—$100 million in fiscal 2025. But we’ve been here before. As Arete Research analyst Richard Kramer notes, Oura has parallels to other “single product–plus-subscription models that didn’t end well,” such as Peloton, GoPro and Fitbit.