According to various reports, Finnish company Oura, which created the ring-shaped health tracker used by millions of people around the world, secretly submitted draft documents for a proposed public offering to the U.S. Securities and Exchange Commission, ’.
While the number of shares and the expected price range are not disclosed, the company recently held a funding round in the fall of 2025, valuing the business at around $11 billion (9.5 billion euros); This was more than double the $5 billion (€4.3 billion) valuation that ’te achieved in the previous round in 2024.
According to CEO Tom Hale’, more than 5.5 million Oura rings were sold by the end of the third quarter of last year.
At the time, Hale estimated that the company would reach $2 billion (1.7 billion euros) in 2026 compared to its annual revenue of $500 million (430 million euros) just two years ago.
The move to the public offering puts the European bir wearable brand on the Wall Street’in radar at a time when investors' appetite for consumer health technology is returning.
Oura has become a prominent name in the rapidly growing category of smart rings; While Apple is competing with smartwatch giants like Garmin and Samsung, it is building a niche of its own with a different piece of hardware that some consumers find less disruptive.
Over the past two years, the company has aggressively expanded in the areas of software, subscriptions, and AI-powered health analytics. The wearable platform now focuses on long-term health signals such as sleep, preparation, heart rate, stress, and recovery.
Recently, Oura has made further progress in the field of women's health and artificial intelligence-based personal coaching, including tools designed to interpret physiological data and offer personalized wellness advice.
Analysts think that the transition from the device manufacturer to the subscription-based health platform is at the center of the IPO phase, as the company is currently on its way to surpassing 5 million paid members.
European technology champion goes to U.S. markets
The IPO application marks an important moment for one of Europe’'s most prominent health technology success stories.
Founded in ’, Finland and developed around sleep, rest and biometric monitoring research, Oura has grown from a Scandinavian hardware start-up ’ to a global player in the wearable market.
However, for Europe’'s start-up ecosystem, the planned listing of Oura’ is of greater importance.
Although its roots and design philosophy are deeply rooted in Finland’, the company recently transitioned to a U.S.-based parent company called Oura Inc., headquartered in San Francisco’, to access American venture capital while continuing its European operations.
The decision to prepare to be listed on ABD’ instead of Avrupa’ reflects a broader model among fast-growing European technology firms seeking deeper capital markets and greater visibility among global investors.
The planned IPO came amid renewed debate over whether or not Europe’ will lose some of its most successful tech companies to U.S. stock markets.
Oura joins the growing list of European-based businesses that have chosen Wall Street’i as their route to public markets due to scale, liquidity and investors' stronger familiarity with consumer technology.
The company's IPO will also be seen as a test of investors' sensitivity to wearable technology after several years of turbulence in the industry.
Unlike smart watches, smart rings continue to be a relatively young category, although interest is growing rapidly.
Oura is widely seen as the segment's category leader, and its rollout to the public can provide a clearer reference to how markets value next-generation healthcare hardware, along with software subscriptions and AI services.
