Oura is moving ahead with plans to go public as competition in the smart ring market intensifies. On Sept. 3, the company formally filed to go public, following a period of rapid growth and new competition from startups and major technology companies.

The Finnish company has built a leading position in a category it helped define. Revenue nearly doubled to $1.21 billion for the nine months ended June 30, while Oura said it sold 3.6 million rings over the past year and now has roughly 5 million paid members. Its IPO filing follows the recent launch of the Oura Ring 5, the company’s slimmest and lightest model to date.

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A Strong Leader Faces A More Crowded Field

Oura has been the category’s clear front-runner for years, but that lead is becoming harder to defend. Rivals are approaching the market from different angles, betting that new features will help them win consumers.

French startup Circular announced this week that its next ring will support tap-to-pay functionality. Chinese company RingConn introduced a model this year with haptic vibrations, while Indian startup Ultrahuman raised $70 million with backing from Qualcomm’s venture arm.

Ultrahuman is pursuing a broader vision for the category, aiming to build a ring that can run software on-device and eventually support applications ranging from AI experiences to games.

From Health Tracker To Wrist-Free Computer

Competition is no longer limited to sleep scores or more detailed recovery insights. Smart ring makers are increasingly adding capabilities that were once associated with smartphones and smartwatches.

Some devices now include screens, such as the Pebble Halo, while others, including the Dreame Ring, promise touchpad controls. As these features expand, smart rings are taking on a more complex identity as health trackers, communications devices and miniature computing platforms.

That evolution is notable because smart rings initially attracted users partly by being less intrusive than watches and phones. They offered health monitoring without the constant presence of a display, but current product roadmaps could push the category in a different direction.

Here is a look at the most notable challengers seeking a share of Oura’s market.

Ultrahuman

Earlier this year, Ultrahuman unveiled its third-generation device, the $479 Ring Pro, which is expected to begin shipping in the US in mid-September. Its American business was disrupted in October 2025 after the US International Trade Commission ruled in Oura’s favor in a patent dispute, blocking new ring imports.

In response, Ultrahuman redesigned the Ring Pro’s form factor to address Oura’s patent claims. The new model includes a heart-rate sensing system intended to improve signal quality during sleep, along with a dual-core processor designed to improve data accuracy and increase on-device processing.

Ultrahuman also appears focused on expanding beyond health and sleep tracking toward a more software-driven product category.

Circular

Circular’s upcoming Ring 3 series, which includes Pro and Slim versions, is expected to launch early next year. Both rings will feature an integrated NFC chip for contactless payments and on-finger vibrations for silent alarms, reminders, vital alerts and other notifications.

The Ring 3 Pro will also have a thinner design than its predecessor and add FDA-cleared ECG for AFib detection, blood pressure trend tracking, glucose tracking, advanced sleep analysis and broader biometric monitoring. Pricing has not yet been disclosed.

RingConn

RingConn’s Gen 3 launched in May and starts at $349. It offers vascular health insights that analyze changes in vascular strain over time after calibration with externally measured blood pressure values.

Other features include heart rate, blood oxygen saturation, sleep, activity and stress tracking. Vibration alerts can notify users about health changes, sedentary periods and low battery levels.

Unlike Circular, which is using haptics to make the ring more interactive, RingConn is positioning vibration primarily as a health notification tool.

Samsung

Samsung became the first major technology company to enter the smart ring market in 2024 with the Galaxy Ring, which sells for $399. For consumers already invested in Samsung’s broader device ecosystem, it remains one of the most compelling options.

Still, the Galaxy Ring is relatively conservative on advanced health features compared with some rivals. It does not offer sleep apnea detection, available on Oura, RingConn and Ultrahuman, or AFib detection, available on Circular and RingConn devices.

Dreame

Dreame, a newer entrant, introduced a ring earlier this year with haptic alerts for alarms, calls, messages and other notifications. A small touchpad also allows users to skip music or take photos on their phones.

The company says the device will track heart rate, blood oxygen, heart rate variability and sleep. Pricing and availability have not yet been announced.

The Bigger Question For The Category

Smart rings are no longer a niche market dominated by health-tracking startups. Competition is increasingly centered on what the category should become: a discreet wellness device or a multifunctional platform competing more directly with smartphones and wearables.

Oura still has the strongest brand and a meaningful lead, but rivals are adding payments, haptics, touch controls, on-device software and displays. As those capabilities expand, competition is shifting from who can measure the body best to who can define the next generation of personal computing.