Finnish smart ring maker Oura prepares US listing

Oura, the Finnish company that created the ring-shaped health monitoring device worn by millions of people around the world, has confidentially filed preliminary documents for a proposed IPO with the US Securities and Exchange Commission (SEC), according to several press reports cited by euronews.com.

While the number of shares and expected price range for the initial public offering were not disclosed, the company had a recent funding round in the fall of 2025 that valued the business at about $11 billion (euro9.5 billion), more than double the $5 billion (euro4.3 billion) valuation it achieved in a previous round in 2024.

According to CEO Tom Hale, more than 5.5 million Oura rings had been sold by the end of the third quarter of last year. At the time, Hale also estimated that the company would reach annual revenue of $2 billion (euro1.7 billion) by 2026, compared to $500 million (euro430 million) just two years ago.

Oura has become a household name in the fast-growing smart ring category, competing with smartwatch giants like Apple, Garmin and Samsung while carving out a niche for itself with a distinct piece of hardware that some consumers find less intrusive, according to the source.

Over the past two years, the company has aggressively expanded into software, subscriptions and AI-powered health analytics. Its wearable platform now focuses on long-term health signals, including sleep, heart rate, stress and recovery.

Analysts say the transition from a device maker to a subscription-based health platform is key to the IPO, as the company is currently on track to surpass 5 million paying members.

The IPO filing marks a significant milestone in Oura's evolution. Founded in Finland and built around research in sleep, recovery and biometric monitoring, Oura has grown from a Nordic hardware startup to a global player in the wearables market. Moreover, for the startup ecosystem in Europe, Oura's planned listing has broader significance. While its roots and design philosophy are deeply rooted in Finland, the company recently transitioned to a U.S.-based parent company, Oura Inc., headquartered in San Francisco, to access U.S. venture capital while maintaining its European operations.

• European tech companies aim for greater visibility among global investors

Oura's decision to prepare for a U.S. listing rather than a European one reflects a broader pattern among fast-growing European tech companies seeking major capital markets and greater visibility among global investors.

Oura joins a growing list of European-founded companies choosing Wall Street for a listing, attracted by its scale, liquidity and investors' growing familiarity with consumer technology.

The company's IPO will also be seen as a test of investor sentiment towards wearable technology, after several years of mixed results for the sector, the source said. Unlike smartwatches, smart rings remain a relatively young category, although interest in them has grown rapidly.

Oura is widely considered the category leader in the segment, and its IPO could provide a clearer benchmark for how markets value next-generation medical hardware combined with software subscriptions and artificial intelligence services.