Finnish smart ring maker Oura is preparing for a Wall Street initial public offering (IPO), having confidentially filed with the US Securities and Exchange Commission. The company, known for its wearable health tracking device, achieved a $11 billion (€9.5bn) valuation in a fall 2025 funding round, more than double its 2024 valuation. Oura has sold over 5.5 million rings and projects $2 billion (€1.7bn) in annual revenue for 2026, up from $500 million (€430mn) two years prior. The company has expanded into software, subscriptions, and AI-powered health analysis, focusing on long-term health signals and personalized wellness recommendations. This move signifies renewed investor interest in consumer health technology and highlights a trend of European tech firms seeking US capital markets for greater visibility and liquidity.