Everyone's Watching SpaceX -- but This IPO Stock Could Have Much Bigger Upside

SpaceX's upcoming initial public offering (IPO) continues to dominate financial headlines. That isn't surprising, considering that the space technology company plans to launch with a valuation of around $1.8 trillion and is one of multibillionaire Elon Musk's top investments.

However, many investors are overlooking another company that filed its IPO paperwork the same week as SpaceX. Oura, which makes smart rings that monitor health and sleep, announced on May 21, 2026, that it had submitted a confidential IPO filing to the U.S. Securities and Exchange Commission (SEC). Although Oura's market cap will be only a fraction of SpaceX's, this IPO stock could have much greater upside.

Image source: Getty Images.

Introducing Oura

Much has been written about how SpaceX is disrupting markets for satellite launch, space transportation, and satellite internet service. However, Oura is a great disruptor, too. In fact, the healthcare technology company ranked No. 14 on the 2026 CNBC Disruptor 50 list. SpaceX didn't make the cut, by the way.

The Oura Ring collects data on more than 50 health and wellness metrics. While users sleep, it tracks how long they spend in light, deep, and rapid eye movement (REM) sleep. The ring monitors heart rates, distance walked, and more.

Oura makes money by selling its smart rings for between $349 and $499. The company also generates recurring revenue from subscriptions priced at $5.99 per month or $69.99 per year. While the Oura Ring could be purchased without a subscription, its functionality would be significantly limited.

CEO Tom Hale revealed in an interview with CNBC late last year that Oura was on pace to generate sales of around $1 billion in 2025, doubling its prior year total. He said the company could rake in almost $2 billion in sales in 2026 as it expands in international markets.

Why Oura could run rings around SpaceX

Could Oura really deliver significantly greater gains over the next few years than SpaceX? It's quite possible, if not probable. There are two main reasons why.

For one thing, SpaceX is a much more capital-intensive business than Oura. Building rockets and launch infrastructure is super expensive compared to manufacturing tiny smart rings. Oura already has a "profitable hardware-plus-membership model," according to venture capital firm Forerunner Ventures. SpaceX posted a net loss of roughly $4.9 billion last year.

More importantly, Oura's valuation after listing on a U.S. stock exchange will almost certainly be much more attractive than SpaceX's. Following its October 2025 funding round, Oura was valued at $11 billion. That translates to around 5.5 times projected 2026 sales, which wouldn't raise eyebrows for most growth-oriented investors.

SpaceX, on the other hand, will be priced for perfection when it goes public. The company's revenue totaled $18.7 billion in 2025. The 2026 first-quarter revenue is on track to slightly improve on that amount, although SpaceX could see stronger growth later this year. Even if we assumed the company doubled its revenue, its forward price-to-sales multiple based on a $1.8 billion market cap would be over 48x. Musk's space stock will be astronomically expensive (pun fully intended).

A few caveats

It stands to reason that a profitable, fast-growing disruptor like Oura, with a realistic total addressable market (TAM) of $180 billion and a reasonable valuation, would have more upside than a non-profitable disruptor like SpaceX, with massive capital costs, significant risks, and a dubious TAM estimate of $28.5 trillion (no, that isn't a typo). However, Oura isn't a guaranteed bigger winner for investors.

Importantly, Oura faces stiff competition. Samsung (OTC: SSNLF) already markets a smart ring. It wouldn't be surprising if Apple (NASDAQ: AAPL) jumps into the market. The iPhone maker has made wearable tech a priority and has upped its game in the healthcare arena.

For now, the company's focus is on its popular Apple Watch. However, Apple has patents for smart ring technology. It has also filed patents for a broad range of wearable devices that could challenge the Oura Ring. If Apple throw its hat in the ring (again, pun fully intended), Oura could have a huge fight on its hands.

That said, Oura's IPO will almost certainly involve less hype than SpaceX's. Investors seeking to make money rather than simply hop aboard a bandwagon could find this medtech stock a more attractive alternative.

Keith Speights has positions in Apple. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.