Oura has filed publicly for a Nasdaq listing in the United States and, according to reporting by The Wall Street Journal, intends to list during September. The Finnish smart ring maker submitted a confidential filing in May. The prospectus arrives with a board reshaped for US public markets, and a Nordic presence now outnumbered on it.
The prospectus filed with the U.S. Securities and Exchange Commission shows revenue of $1.21 billion for the nine months ended 30 June 2026, the first three quarters of a fiscal year that ends 30 September, against $697.6 million in the same period a year earlier, a rise of 74%. Full-year FY2025 revenue was $907.9 million, against $406.8 million the year before. The net loss attributable to common shareholders over the same nine months was $924.3 million, compared with $182.8 million a year earlier.
Oura shipped 3.1 million rings in the nine-month period, against 1.8 million a year earlier. Membership revenue reached $240.5 million, up 121%, and paid members doubled to 5 million, the recurring line that will matter most to public-market investors, and the one that turns a hardware company into a subscription business.
The headline loss sits beneath a $985m deemed dividend
Before the deemed dividend attached to preferred shares, Oura's net result for the period was a profit of $60.8 million, against $1.6 million a year earlier. The $924.3 million figure emerges after a $985 million deemed dividend to holders of redeemable convertible preferred shares is deducted. The comparable deemed dividend a year earlier was $184.4 million.
Oura raised more than $1.2 billion privately before this filing. A Fidelity-led round in October 2025 valued the company at $11 billion. The listing could raise up to $3 billion for the company and some of its backers at a valuation exceeding $16 billion, Bloomberg reported on 24 August 2026, a repricing of roughly 45% in under a year.
The new board adds Robinhood's IPO-era CFO and Wolt's founder
Oura said on 2 September that it will appoint Jason Warnick, Leslie Kilgore, Miki Kuusi and David Sze as directors.
Warnick spent seven years as chief financial officer of Robinhood, where he helped take the company public and through its subsequent life as a listed business. He retired from the role earlier this year and was succeeded by Shiv Verma. Before that he spent nearly two decades at Amazon across finance, investor relations, audit and enterprise risk, and began his career as a CPA at Deloitte & Touche.
Kilgore sits on the boards of Netflix and Pinterest, and has previously served on those of LinkedIn, Medallia and Nextdoor. She was chief marketing officer at Netflix, and held earlier positions at Amazon, Procter & Gamble and Booz Allen Hamilton.
Kuusi co-founded Wolt and led it as chief executive from 2014 until DoorDash acquired the company in 2022. He now oversees DoorDash's international business and serves as chief executive of London-based Deliveroo.
Sze is a partner at Greylock Partners, where he led investments in Facebook, LinkedIn, Roblox and Pandora. He previously held senior operating roles at Excite and Excite@Home.
The four join Timo Ahopelto, Dennis Durkin, chief executive Tom Hale, Wen Hsieh, Eurie Kim and chairman David Shuman on the board.
"Adding Jason, Leslie, Miki, and David strengthens our board with leaders who know what it takes to build and scale category-defining global businesses," Hale said in the company's statement.
What the appointments say about where Oura's governance now sits
The appointments describe a specific destination. Warnick is a CFO who has already run a listing and the quarterly reporting cycle that follows it. Kilgore brings the consumer-brand seat that US public boards expect. Sze holds an investor seat. None of the three has a Nordic mandate.
That leaves a ten-person board on which Ahopelto and Kuusi are the Nordic voices, at a company founded in Oulu that will report as a US filer under SEC rules rather than the Finnish Corporate Governance Code. For Nordic investors, Oura is on the way to becoming a company you can read about but not vote on in Helsinki, the governance follows the listing venue, and the listing venue is Nasdaq.
Oura is not leaving Finland. The engineers stay, the product stays. What moves is the register, the governance regime and the venue where the company answers for itself. IQM proved that part is a choice, it took both listings. Oura’s prospectus takes one.
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5 min read
Oura has filed publicly for a Nasdaq listing in the United States and, according to reporting by The Wall Street Journal, intends to list during September. The Finnish smart ring maker submitted a confidential filing in May. The prospectus arrives with a board reshaped for US public markets, and a Nordic presence now outnumbered on it.
The prospectus filed with the U.S. Securities and Exchange Commission shows revenue of $1.21 billion for the nine months ended 30 June 2026, the first three quarters of a fiscal year that ends 30 September, against $697.6 million in the same period a year earlier, a rise of 74%. Full-year FY2025 revenue was $907.9 million, against $406.8 million the year before. The net loss attributable to common shareholders over the same nine months was $924.3 million, compared with $182.8 million a year earlier.
Oura shipped 3.1 million rings in the nine-month period, against 1.8 million a year earlier. Membership revenue reached $240.5 million, up 121%, and paid members doubled to 5 million, the recurring line that will matter most to public-market investors, and the one that turns a hardware company into a subscription business.
The headline loss sits beneath a $985m deemed dividend
Before the deemed dividend attached to preferred shares, Oura's net result for the period was a profit of $60.8 million, against $1.6 million a year earlier. The $924.3 million figure emerges after a $985 million deemed dividend to holders of redeemable convertible preferred shares is deducted. The comparable deemed dividend a year earlier was $184.4 million.
Oura raised more than $1.2 billion privately before this filing. A Fidelity-led round in October 2025 valued the company at $11 billion. The listing could raise up to $3 billion for the company and some of its backers at a valuation exceeding $16 billion, Bloomberg reported on 24 August 2026, a repricing of roughly 45% in under a year.
The new board adds Robinhood's IPO-era CFO and Wolt's founder
Oura said on 2 September that it will appoint Jason Warnick, Leslie Kilgore, Miki Kuusi and David Sze as directors.
Warnick spent seven years as chief financial officer of Robinhood, where he helped take the company public and through its subsequent life as a listed business. He retired from the role earlier this year and was succeeded by Shiv Verma. Before that he spent nearly two decades at Amazon across finance, investor relations, audit and enterprise risk, and began his career as a CPA at Deloitte & Touche.
Kilgore sits on the boards of Netflix and Pinterest, and has previously served on those of LinkedIn, Medallia and Nextdoor. She was chief marketing officer at Netflix, and held earlier positions at Amazon, Procter & Gamble and Booz Allen Hamilton.
Kuusi co-founded Wolt and led it as chief executive from 2014 until DoorDash acquired the company in 2022. He now oversees DoorDash's international business and serves as chief executive of London-based Deliveroo.
Sze is a partner at Greylock Partners, where he led investments in Facebook, LinkedIn, Roblox and Pandora. He previously held senior operating roles at Excite and Excite@Home.
The four join Timo Ahopelto, Dennis Durkin, chief executive Tom Hale, Wen Hsieh, Eurie Kim and chairman David Shuman on the board.
"Adding Jason, Leslie, Miki, and David strengthens our board with leaders who know what it takes to build and scale category-defining global businesses," Hale said in the company's statement.
What the appointments say about where Oura's governance now sits
The appointments describe a specific destination. Warnick is a CFO who has already run a listing and the quarterly reporting cycle that follows it. Kilgore brings the consumer-brand seat that US public boards expect. Sze holds an investor seat. None of the three has a Nordic mandate.
That leaves a ten-person board on which Ahopelto and Kuusi are the Nordic voices, at a company founded in Oulu that will report as a US filer under SEC rules rather than the Finnish Corporate Governance Code. For Nordic investors, Oura is on the way to becoming a company you can read about but not vote on in Helsinki, the governance follows the listing venue, and the listing venue is Nasdaq.
Oura is not leaving Finland. The engineers stay, the product stays. What moves is the register, the governance regime and the venue where the company answers for itself. IQM proved that part is a choice, it took both listings. Oura’s prospectus takes one.
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