Oura, the Finnish firm behind the ring-style health tracker used by millions globally, has quietly filed draft documents with the US Securities and Exchange Commission for a planned IPO, according to reports.
Although the exact number of shares and anticipated price range are not revealed, the company recently completed a funding round in the fall of 2025 that valued the firm at approximately $11 billion (€9.5bn), which is over twice the $5 billion (€4.3bn) valuation it achieved in a prior round in 2024.
CEO Tom Hale stated that over 5.5 million Oura rings were sold by the conclusion of last year's third quarter.
Hale also anticipated that the company would achieve $2 billion (€1.7bn) in yearly revenue in 2026, up from $500 million (€430mn) just two years prior. The shift towards an IPO brings a European wearable brand to Wall Street's attention as investor interest in consumer health technology seems to be rekindling.
Also Read: Germany Eyes Significant Stake in Defense Giant KNDS
Oura has emerged as a prominent brand in the rapidly expanding smart ring sector, competing with smartwatch leaders like Apple, Garmin, and Samsung, while establishing a unique space with a distinctive device that certain users consider less intrusive.
In the last two years, the organization has aggressively ventured into software, subscriptions, and AI-driven health analysis. Its wearable platform currently emphasizes long-term health indicators such as sleep, readiness, heart rate, stress, and recovery.
Recently, Oura has advanced further into women’s health and AI-driven personal coaching, featuring tools aimed at analyzing physiological data and offering customized wellness suggestions.
Analysts view the shift from device manufacturer to subscription-centric health platform as crucial to its IPO appeal, with the company on track to exceed 5 million paying members.
The IPO submission signifies an important milestone for one of Europe’s leading health tech success stories.
Established in Finland and rooted in research on sleep, recovery, and biometric tracking, Oura has evolved from a Nordic hardware startup into a significant global entity in the wearable industry.
Also Read: Stellantis to Build Affordable Electric City Cars in Italy by 2028
Nonetheless, for Europe’s start-up landscape, Oura’s intended listing holds greater importance.
Although its origins and design ethos are closely linked to Finland, the company has recently moved to a US-based parent organization, Oura Inc., located in San Francisco, to tap into American venture funding while maintaining its European operations.
Its choice to gear up for a US listing instead of a European one illustrates a broader trend among fast-growing European tech companies aiming for more extensive capital markets and increased recognition among global investors.
The scheduled flotation comes amid revived discussions on whether Europe is losing its top technology firms to US exchanges. Oura becomes part of a rising number of European-based companies opting for Wall Street as their path to public markets, motivated by size, liquidity, and greater investor familiarity with consumer tech. The company’s IPO will be regarded as an assessment of investor attitude towards wearable technology following a varied few years for the industry.
Also Read: Chelsea F.C. Appoints Xabi Alonso as Manager on Four-Year Contract
In contrast to smartwatches, smart rings are still a relatively new category, but their popularity has surged swiftly. Oura is largely regarded as the leader in its category, and its public launch may provide a more defined standard for how markets assess next-generation health devices paired with software subscriptions and AI services.