Oura, the Finnish company behind the Oura Ring health tracker, has taken a significant step toward a public listing on Wall Street. The firm has confidentially submitted draft paperwork to the US Securities and Exchange Commission, according to multiple reports, setting the stage for what could be one of the most valuable European IPOs of the year.
While the number of shares and price range remain undisclosed, Oura’s valuation has surged. A funding round in autumn 2025 valued the company at approximately $11 billion (€9.5 billion), more than double the $5 billion (€4.3 billion) it commanded in a 2024 round. CEO Tom Hale revealed that over 5.5 million Oura Rings had been sold by the end of the third quarter of 2025, and he projected annual revenue of $2 billion (€1.7 billion) by 2026, up from $500 million (€430 million) just two years earlier.
From Nordic Startup to Global Health Platform
Founded in Finland and rooted in research on sleep, recovery, and biometric monitoring, Oura has evolved from a hardware startup into a subscription-based health platform. The ring-shaped device tracks metrics such as sleep quality, heart rate, stress levels, and recovery, competing with smartwatch giants like Apple, Garmin, and Samsung. Its less obtrusive form factor has carved out a distinct niche in the wearable market.
In recent years, Oura has expanded aggressively into software and AI-powered health analysis. The platform now offers personalized coaching, women’s health tools, and long-term health insights. The company is on track to surpass 5 million paid subscribers, a shift that analysts see as central to its IPO pitch: transitioning from a device maker to a recurring-revenue health platform.
The move to list in the US rather than Europe reflects a broader trend among European tech firms. Oura recently reincorporated as Oura Inc., headquartered in San Francisco, to access deeper capital markets and greater visibility among global investors. This pattern has sparked debate about whether Europe is losing its most promising technology champions to US exchanges, a concern echoed in discussions around Hungary's resistance to EU fiscal demands and the bloc's broader economic challenges.
Oura’s IPO will test investor appetite for wearable technology after a mixed period for the sector. Smart rings remain a relatively young category, but interest has accelerated rapidly. The company’s success could encourage other European health-tech firms to follow suit, though the decision to list abroad highlights persistent gaps in European capital markets.
For Finland and the wider Nordic region, Oura’s journey from a small Oulu-based startup to a global brand underscores the region’s strength in health technology. Yet the relocation of its corporate headquarters to the US raises questions about how Europe can better nurture and retain its high-growth companies. As AI talent wars intensify, the continent faces pressure to create environments where tech firms can scale without crossing the Atlantic.
The IPO filing comes amid renewed attention on European tech exits. Oura joins a list of European-founded businesses choosing Wall Street, drawn by liquidity, scale, and investor familiarity with consumer technology. Whether this trend accelerates or reverses will depend on Europe’s ability to build deeper financial ecosystems—a challenge that extends beyond wearables into sectors like semiconductor supply chains and automotive innovation.
