Oura, the company behind the Oura Ring, is expected to price its U.S. initial public offering during the week of September 28, 2026 and list on the Nasdaq Global Select Market under the ticker OURA.Oura, the company behind the Oura Ring, is expected to price its U.S. initial public offering during the week of September 28, 2026 and list on the Nasdaq Global Select Market under the ticker OURA.

Learn/Trading Guide/US Stocks/Oura IPO 2026: Date, Price, Valuation and How to Trade OURA

Oura IPO 2026: Date, Price, Valuation and How to Trade OURA

Author: James Mitchell

Beginner

Sep 28, 2026James Mitchell

12 min

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Oura, the company behind the Oura Ring, is expected to price its U.S. initial public offering during the week of September 28, 2026 and list on the Nasdaq Global Select Market under the ticker OURA. As of September 24, 2026, the price range is $40 to $44 per share for 50 million shares, which would value Oura at up to about $15.6 billion on a fully diluted basis.

Key Takeaways

Timing: Oura launched its roadshow on September 21, 2026 and is expected to price the following week. Nasdaq trading normally starts the morning after pricing.
Terms: 50 million shares at $40 to $44. Oura is selling 13.5 million new shares and existing stockholders 36.5 million, for up to $2.2 billion at the top of the range.
Valuation: roughly $12.8 billion to $14.1 billion of market value, or up to about $15.6 billion fully diluted, against about $11 billion in Oura's 2025 private round.
Who gets the money: mostly the selling shareholders, led by Forerunner Ventures, which is selling its entire stake. Oura's own net proceeds, about $532.6 million at the midpoint, are earmarked almost entirely for employee equity taxes.
Trading on MEXC: OURAUSDT Pre-IPO Perpetual Futures have traded on MEXC since September 22, 2026. Under MEXC's standard process, the contract converts automatically into a standard stock futures contract once Oura lists.

When Is the Oura IPO Date?

Oura has not announced its first trading day yet. The company began its roadshow on September 21, 2026, and the deal is expected to price during the week of September 28, 2026. U.S. IPOs normally price after the market close, and the shares open on the exchange the next trading morning.

The path from first filing to pricing has taken about four months:

2013: Petteri Lahtela, Kari Kivelä and Markku Koskela found Oura in Oulu, Finland.
2025: a Series E round values Oura at about $11 billion.
May 2026: Oura confidentially submits a draft registration statement to the SEC.
September 3, 2026: Oura makes its S-1 registration statement public.
September 21, 2026: an amended S-1 sets the $40 to $44 range, and the roadshow starts.
September 22, 2026, 04:20 UTC: MEXC lists OURAUSDT Pre-IPO Perpetual Futures.
Week of September 28, 2026: expected pricing, followed by the first trade on Nasdaq under OURA.

The date can still move. SEC review, market conditions and demand during the roadshow all shape the final schedule. Reuters described the deal as a test of investor appetite for consumer technology after a slow start to the fall IPO season, and Samuel Kerr, global head of equity capital markets at Mergermarket, told Reuters that a strong debut would encourage other issuers while a weak one could suggest sentiment is turning.

What Is the Oura IPO Price Range?

Oura is marketing 50 million shares at $40 to $44 each, according to its launch announcement filed with the SEC. That is $2.2 billion at the top of the range and $2.1 billion at the $42 midpoint. The range is not final. Oura and its underwriters set the actual price at pricing, based on institutional demand.

New shares from Oura: 13.5 million.
Shares from selling stockholders: 36.5 million, or 73% of the deal. Oura receives no proceeds from these shares.
Over-allotment option: selling stockholders intend to give the underwriters 30 days to buy up to 7.5 million additional shares at the IPO price.
Cornerstone interest: Eli Lilly has indicated interest in buying up to $100 million of shares and Dragoneer Investment Group up to $300 million, about 19% of the deal, Renaissance Capital calculates. Indications of interest are not binding commitments.
Lead bookrunners: Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies.
Exchange and ticker: Nasdaq Global Select Market, OURA.

Two outcomes are possible at pricing. A heavily oversubscribed book can push the price to the top of the range or above it, sometimes with more shares added. A soft book can push it to the bottom or below. Whichever happens, the final price becomes the reference point for everything after it, including where OURA opens.

How Much Is Oura Worth at Its IPO Price?

At $40 to $44 per share, Oura would have a market value of about $12.8 billion to $14.1 billion based on shares outstanding after the offering, and up to about $15.6 billion on a fully diluted basis. Against the roughly $11 billion valuation from its 2025 Series E, the top of the range is a step-up of about 42%.

The two numbers answer different questions. Market value multiplies the share price by the shares outstanding after the IPO. Fully diluted value also counts stock options and other awards that can become shares later, so it runs higher. That is why the $15.62 billion figure Reuters calculated at the top of the range shows up in so many headlines.

A conversion you can reuse: working back from those figures, Oura will have about 320 million shares outstanding after the offering and about 355 million on a fully diluted basis. Every $1 on the share price is therefore worth roughly $320 million of market value, or about $355 million fully diluted. A hypothetical $50 share price would mean about $16.0 billion of market value and about $17.8 billion fully diluted. The same arithmetic works on the OURAUSDT price before listing, with one caveat explained in the MEXC section below.

What Do Oura's Numbers Look Like Going Into the IPO?

Revenue: $1.21 billion in the nine months to June 30, 2026, up about 74% year on year, and about $1.4 billion over the 12 months to June 30.
Revenue mix: hardware brought in about $974 million over the nine months. Membership brought in $240.5 million, more than double a year earlier, at an 89% gross margin, according to TechCrunch's reading of the filing.
Rings and members: about 3.6 million rings sold in the 12 months to June 30, and 5.0 million paid members at that date, with 12-month retention of about 85%. Oura expects about 5.7 million paid members when its fiscal year ends on September 30, 2026.
Profit: net income was $60.8 million for the nine months. The headline net loss of $924.3 million attributable to common stockholders comes from a $985 million deemed dividend, an accounting charge created when Oura bought back preferred shares from early investors for more than their book value, as The Next Web explains.

Kat Liu, a vice president at IPOX, told Reuters that the valuation already assumes strong growth continues and that more revenue shifts toward higher-margin recurring membership. That makes the membership line the one to watch. It is about a fifth of revenue today, and it is what lets investors treat a hardware company as a subscription business.

Who Owns Oura, and Who Is Selling Shares in the IPO?

Four investors hold 5% or more of Oura, according to the filing: entities affiliated with FMR (Fidelity), Forerunner Ventures, Bedford Ridge and Lifeline Ventures. Existing holders are selling 36.5 million of the 50 million IPO shares, and Forerunner, the second-largest shareholder, plans to sell its entire stake of about 9.3%.

That makes the IPO mostly a liquidity event for early backers rather than a fundraise. At the $42 midpoint, TechCrunch calculates that selling shareholders would receive about $1.53 billion before fees, against about $567 million for Oura. Forerunner's roughly 28.7 million shares make up nearly 80% of what existing holders are selling.

Oura's own share of the money is largely spoken for. The amended prospectus estimates net proceeds of about $532.6 million at the midpoint, and about $526.4 million of that is earmarked for tax obligations on employee share awards that vest at the IPO, TechCrunch reports.

Tom Hale has been Oura's chief executive since 2022. The company going public is Oura Inc., a U.S. holding company created when each equity interest in Finland-based Oura Health Oy was exchanged one-for-one for Oura Inc. equity, with economic and voting rights unchanged. Oura is headquartered in San Francisco and keeps offices in Oulu and Helsinki.

How Can You Trade OURA Before and After the Nasdaq Listing?

Before the listing, there is no public Oura share to buy. On MEXC, eligible users can trade OURAUSDT Pre-IPO Perpetual Futures, a USDT-margined derivative that tracks Oura's expected share price and gives no ownership. After Oura lists, MEXC's standard process converts the contract into a standard stock futures contract that tracks the Nasdaq price, without closing open positions.

For how the contract works and how to go long or short step by step, see What Is OURA Pre-IPO Futures? For how MEXC's products differ at each stage of an IPO, see how to trade an IPO on MEXC. The rest of this section covers what is specific to OURA.

What Are the OURAUSDT Contract Details?

Pair: OURAUSDT Pre-IPO Perpetual Futures, listed September 22, 2026 at 04:20 UTC.
Maximum leverage: 20x.
Margin mode: isolated.
Trading hours: 24/7.
Fees: maker 0.01% and taker 0.04% for select users in specific regions, subject to change.
Tools: Futures Grid Bot strategies opened within five minutes of listing, and Copy Trade supports OURAUSDT at up to 20x.

These parameters come from MEXC's listing announcement and can change, so check the contract page before trading.

How Do You Read the OURAUSDT Price Against the IPO Range?

OURAUSDT tracks an expected price per Oura share, so it can be read directly against the $40 to $44 range. A contract price above $44 suggests traders expect OURA to trade above the top of the range once it lists. It does not mean the IPO price has changed, and the gap can close quickly once the final price is announced.

The share-count conversion above turns the contract price into an implied valuation: multiply by about 320 million for market value, or about 355 million for fully diluted value. The caveat is that a Pre-IPO contract is priced from an estimated share count, and MEXC can adjust a contract's notional amount if the company's actual share capital differs from that estimate. It has done so before. MEXC's SpaceX contract was priced on an estimated 11.87 billion shares, and when the prospectus put the figure at 13.08 billion, MEXC delisted and relisted the contract on June 10, 2026 at the revised count.

What Happens to OURAUSDT When Oura Lists?

Under the process MEXC sets out in its guide to Pre-IPO and standard stock futures, the Pre-IPO contract converts automatically once the IPO completes. Open positions migrate without liquidation, pending orders stay valid, trading continues through the conversion, and the original Pre-IPO pair goes offline afterwards. The timing and final parameters for OURAUSDT will be in its own conversion announcement.

The position carries over unchanged. Three things underneath it do not:

Price source: the mark price moves from a custom pre-listing index to the live Nasdaq price.
Funding: a fixed daily funding rate becomes a dynamic rate settled every eight hours.
Price limits: bands widen to follow post-IPO volatility, so leverage that felt comfortable before the listing can be too much after it.

MEXC has run this conversion before. After SpaceX listed in June 2026, MEXC said its SPCX futures rolled over to track the real share price, so users could keep their positions. It also converted FOILUSDT Pre-IPO futures into standard futures after Londian Wason New Energy Tech began trading on the NYSE on August 12, 2026.

Can You Own OURA Shares After the Listing?

Once OURA trades on Nasdaq, three kinds of product can sit behind the same ticker: real shares, tokenized stocks and stock futures, each with a different claim. MEXC RealStocks gives eligible users real U.S.-listed shares through licensed brokerage infrastructure, and MEXC's stock futures guide covers the derivative side. Whether OURA is added to each product, and when, depends on MEXC's announcements and your region, so check the MEXC Stocks page after the listing.

What Should You Watch Around Oura's Pricing and First Trade?

Four data points will reset the Oura story from here: the final IPO price, the final deal size, the first trade on Nasdaq and the first results as a public company. Each one changes the valuation math above, and each one moves OURAUSDT before and after the conversion.

Final price against the range: pricing at the top of the range or above it points to strong demand. Pricing at the bottom or below it points to the opposite.
Deal size: whether Oura or its selling stockholders add shares, and whether the underwriters exercise the option on 7.5 million more.
Opening price: the gap between the IPO price and the first trade, and between the last OURAUSDT price and the first Nasdaq print.
Year-end results: Oura's fiscal year ends on September 30, 2026, days after the expected listing. Its first results as a public company will show whether it reached the roughly 5.7 million paid members it expects.

Oura IPO FAQ

Is Oura publicly traded yet?

No. As of September 24, 2026, Oura is a private company on its IPO roadshow. It is expected to price the offering during the week of September 28, 2026, after which its shares would begin trading on the Nasdaq Global Select Market under the ticker OURA.

What is Oura's stock ticker?

Oura has applied to list its common stock on the Nasdaq Global Select Market under the ticker OURA. On MEXC, the pre-listing contract is OURAUSDT, which is a futures contract rather than the stock itself.

Can I buy Oura stock before the IPO?

Not on a public exchange. Private Oura shares are generally limited to accredited investors through the company or secondary marketplaces, and IPO allocations go through the underwriting syndicate and brokers. OURAUSDT on MEXC gives price exposure to Oura before the listing, but no shares, voting rights or dividends.

Is OURAUSDT the same as Oura stock?

No. OURAUSDT is a USDT-margined perpetual futures contract on MEXC. It tracks Oura's expected share price, settles in USDT and can be traded long or short with up to 20x leverage. It gives no ownership in Oura Inc., and leveraged positions can be liquidated. What Is OURA Pre-IPO Futures? compares the contract and the stock side by side.

How much money will Oura raise in its IPO?

The offering raises up to $2.2 billion at the top of the $40 to $44 range, but most of it goes to selling shareholders. Oura expects about $532.6 million of net proceeds at the $42 midpoint and has earmarked nearly all of it for tax obligations tied to employee share awards.

Is Oura a Finnish or an American company?

Both, in different ways. Oura was founded in Oulu, Finland, in 2013, and its original operating company, Oura Health Oy, is Finnish. The company going public, Oura Inc., is a U.S. holding company, and Oura is headquartered in San Francisco.

Who is the CEO of Oura?

Tom Hale is Oura's chief executive. His offer letter, filed with the IPO registration statement, is dated March 8, 2022.

What happens to my OURAUSDT position when Oura lists?

Under MEXC's standard process, the contract converts automatically into a standard stock futures contract, and open positions and pending orders carry over without liquidation. The price source, funding schedule and price limits change after conversion, so review leverage and stop levels on the day. Check MEXC's OURAUSDT conversion announcement for the exact timing.

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