Oura Health Oy, the Finnish smart ring maker, and Aggreko Plc, the UK-based provider of temporary power solutions, are both reportedly pursuing initial public offerings (IPOs) in the United States. Oura, with offices in San Francisco and Finland, is aiming to raise up to $3 billion as soon as September, potentially valuing the company at over $16 billion. This valuation would represent a substantial increase from its $10.9 billion valuation in September 2025. Similarly, Aggreko is targeting a U.S. IPO that could value the company at around $15 billion, having confidentially filed in May 2026 and publicly filed in August 2026 to raise an estimated $1.5 billion.
This trend of European companies seeking U.S. listings, rather than their home markets, suggests a growing preference for American stock exchanges. Analysts point to several factors contributing to this shift, including the prospect of higher valuations, deeper pools of capital, and greater liquidity available in the U.S. market. European markets have often struggled to offer comparable valuations, particularly for rapidly growing technology and industrial companies. Oura, for instance, has seen significant growth, reporting $500 million in revenue in 2024, $1 billion in 2025, and an expected $2 billion in 2026.
The moves by Oura and Aggreko highlight a broader concern for European financial centers: the potential loss of promising companies and the investment capital they attract. Oura's decision comes amidst a competitive wearables market and a recent class-action lawsuit filed in San Francisco regarding the accuracy of its sleep tracking features, which the company denies. Aggreko, with over 14,000 customers in 80 countries and $3.4 billion in revenue for the 12 months ended December 31, 2025, is a significant industrial player. Both companies have enlisted major financial institutions, including Goldman Sachs, for their respective IPOs, further solidifying the U.S. as their chosen listing destination. This pattern reinforces the perception that Europe is struggling to retain its high-growth companies on its own exchanges.
