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Oura, the Finnish company that created the ring-shaped health tracker worn by millions worldwide, has confidentially submitted draft paperwork to the US Securities and Exchange Commission for a proposed IPO, according to several reports.
While the number of shares and the expected price range remain undisclosed, the company had a recent funding round in the fall of 2025 that valued the business at around $11 billion (€9.5bn), more than double the $5 billion (€4.3bn) valuation it earned in a previous round in 2024.
According to CEO Tom Hale, more than 5.5 million Oura rings had been sold up to the end of last year’s third quarter.
At the time, Hale also projected that the company would reach $2 billion (€1.7bn) in annual revenue in 2026 compared with $500 million (€430mn) just two years ago.
The move towards an IPO puts a European wearable brand on Wall Street’s radar at a time when investor appetite for consumer health technology appears to be returning.
Oura has become a standout name in the fast-growing smart ring category, competing against smartwatch giants such as Apple, Garmin and Samsung, while carving out a niche with a distinct piece of hardware that some consumers find less obtrusive.
Over the past two years, the company has expanded aggressively into software, subscriptions and AI-powered health analysis. Its wearable platform now focuses on long-term health signals including sleep, readiness, heart rate, stress and recovery.
More recently, Oura has pushed further into women’s health and AI-based personal coaching, including tools designed to interpret physiological data and provide tailored wellness recommendations.
Analysts see that transition from device maker to subscripton-based health platform as central to its IPO pitch as the firm is currently on pace to surpass 5 million paid members.
The IPO filing marks a significant moment for one of Europe’s most prominent health tech success stories.
Founded in Finland and developed around research into sleep, recovery and biometric monitoring, Oura has grown from a Nordic hardware start-up into a global player in the wearable market.
However, for Europe’s start-up ecosystem, Oura’s planned listing carries broader significance.
While its roots and design philosophy are deeply tied to Finland, the company recently transitioned to a US-based parent company, named Oura Inc. and headquartered in San Francisco, to access American venture capital while keeping its European operations.
Its decision to prepare for a US listing rather than a European one reflects a wider pattern among high-growth European tech firms seeking deeper capital markets and greater visibility among global investors.
The planned flotation arrives during renewed debate over whether Europe is losing some of its most successful technology companies to US exchanges.
Oura joins a growing list of European-founded businesses choosing Wall Street as their route to public markets, drawn by scale, liquidity and stronger investor familiarity with consumer technology.
The company’s IPO will also be seen as a test of investor sentiment towards wearable technology after a mixed few years for the sector.
Unlike smartwatches, smart rings remain a relatively young category, though interest has accelerated rapidly.
Oura is widely viewed as the segment’s category leader and its public debut could offer a clearer benchmark for how markets value next-generation health hardware combined with software subscriptions and AI services.
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NextEra Energy (NEE) is in talks to acquire Dominion Energy (D) in a mostly stock transaction that could value Dominion at roughly $66 billion, Bloomberg News reported Sunday, citing people familiar with the matter. If completed, the merger would become the largest
Vice President JD Vance said Wednesday that the Trump administration is deferring $1.3 billion in Medicaid reimbursements to California over concerns the state is allowing “fraudsters” to drive up costs to taxpayers, including by pushing unnecessary medications on unsuspecting patients.
“There are California taxpayers and American taxpayers who are being defrauded because California isn’t taking its program seriously. But also, you have people who’ve been prescribed medications that they don’t even need,” Vance said. “Sometimes they’ve had drugs put into their bodies that they don’t need because fraudsters have actually encouraged false prescriptions and false administration and medications.”
Vance, standing alongside Dr. Mehmet Oz, the administrator for the Centers for Medicare and Medicaid Services, said the administration is also sending letters to all 50 states informing them that if they do not “effectively and aggressively prosecute Medicaid fraud in their states,” they will see federal funding cut off as well.
“We want California to get serious about this fraud,” said Vance, who President Trump named his “fraud czar” last month.
Oz called out what he said was widespread fraud in hospice services and similar in-home care programs nationally — and particularly in the Los Angeles region — and announced a six-month moratorium on new Medicare enrollment for hospices and home health agencies.
“A third of all these programs in the entire country are in Los Angeles. Ask yourself, how is that possible? It’s not,” Oz said. “They’re not that many people dying in Los Angeles. We’re not talking about California, just Los Angeles.”
He said he and others in the administration determined that “at least half of the hospices, in the entire area around Los Angeles, are fraudulent,” and had shut down 800 of them that last year had “charged the federal taxpayer $1.4 billion,” which “will no longer be paid.” That is a major increase from the 450 providers the administration said it had suspended as of last month.
The announcement was the latest attempt by the Trump administration to highlight and rein in fraud in federal healthcare benefits programs, particularly in blue states. The actions were met with immediate push back from California officials.
“We hate fraud. But that’s NOT what this is,” Gov. Gavin Newsom’s office posted on the social media site X. “Vance and Oz are attacking programs that keep seniors and people with disabilities OUT of nursing homes. Pretty sick.”
Newsom’s office said that the growth of In-Home Supportive Services placements in California was “simple,” and due to California “keeping more people OUT of far more expensive nursing homes!”
Such services cover assistants who help people with daily tasks such as bathing, laundry or cooking; provide needed care such as injections under the direction of a medical professional; and accompany them to and from doctor’s appointments. A 2020 report by the California state auditor found that nearly three-quarters of IHSS caregivers assist a family member.
Newsom’s office wrote IHSS care costs $30,000 a year, while nursing home care costs $137,000 a year. “SAVING TAXPAYERS: $107K per person,” it wrote.
California Atty. Gen. Rob Bonta also criticized the administration’s moves.
“Once again, California appears to be targeted solely for political reasons,” Bonta said. “The Trump administration is planning to defer over $1 billion in Medicaid funding for vital programs that helps seniors and people with disabilities remain safely in their homes.
“My team is carefully reviewing all available information. We have not hesitated to challenge unlawful actions by the Trump administration, and we will continue to act whenever Californians’ rights or access to critical services are threatened,” he said.
Democratic Sen. Alex Padilla also lashed out at the Trump administration.
“The Trump Administration is attacking California over claims that they can’t back up,” Padilla wrote on social media. “Let’s be real, this isn’t about fraud — it’s about punishing a state that didn’t vote for him. Political retribution plain and simple.”
Fraud in California’s hospice industry has been a problem for years.
Authorities in the state promised to crack down on the issue after a Times investigation in late 2020 revealed that unscrupulous providers were billing Medicare for hospice services and equipment for patients who were not actually dying — with the hospice industry in the state exploding in size.
California’s Medicaid program, known as Medi-Cal, is expected to cost about $222 billion for the budget year starting July 1, including both state and federal funding. Roughly 15 million Californians, more than a third of the state, are on Medi-Cal.
Vance, a potential 2028 presidential hopeful, has taken up his work as “fraud czar” with vigor, traveling around the country to drive home the idea that the Trump administration is working diligently to bring down healthcare costs by addressing waste, fraud and abuse that is rampant across the system.
He has said that waste and abuse is particularly prevalent in Democratic-led states such as California, New York and Minnesota.
“We have red states and blue states that go after fraud aggressively, but we also, unfortunately, have some states, mostly blue states, unfortunately, that do not take Medicaid fraud very seriously,” he said Wednesday.
Vance specifically threatened to cut off what he said is billions in federal funding for state-run fraud control units that are meant to prosecute people who abuse the system, but which he said aren’t doing the work. “This is a tool that we want the states to use, but unfortunately, a lot of states aren’t using these tools at all,” he said.
The focus on fraud comes against a backdrop of criticisms that other policy measures pushed by the administration have driven healthcare costs up or made it harder for people to access healthcare — including cuts to Obamacare subsidies and new work requirements in Medicaid, which are expected to strain hospitals around the country and led to millions of people losing healthcare coverage.
Democrats and Republicans have argued over who is to blame for rising healthcare costs, and Vance and Oz have clashed with California leaders before.
In January, Newsom filed a civil rights complaint against Oz after he posted a video accusing Armenian crime groups of carrying out widespread healthcare fraud in Los Angeles. In the video, Oz was shown driving around Van Nuys, saying about $3.5 billion worth of Medicare fraud had been perpetrated by hospice and home care businesses — and “run, quite a bit of it, by the Russian Armenian mafia.”
Newsom called Oz’s claims “baseless and racist.”
The administration previously launched investigations into potential healthcare fraud in at least five states — California, Florida, Maine, Minnesota and New York — and halted some $243 million in Medicaid payments to Minnesota over fraud concerns.
The Centers for Medicare & Medicaid Services has also acknowledged using errant figures to justify a fraud probe in New York, deepening concerns in the administration’s methods for identifying problematic activity.
Vance said the deferral of funds to California and the letters warning other states to get serious is not about political retribution, but a wake up call. He said the Trump administration wants to help states root out fraud and abuse, including with new technologies — but can’t do so if they are not “willing to help themselves” first.
“We don’t want to turn off any money. What we want to do is ensure that people are taking fraud seriously. We want to protect Medicaid, we want to protect Medicare,” Vance said. “But we can’t do that if the states that are administering those programs are allowing those programs to be fleeced by fraudsters.”
The Associated Press contributed to this article.
JENNIFER Lopez has joined Spotify’s billionaire club for the first time.
Her 2011 dance hit On The Floor, with rapper Pitbull, has now clocked up more than a billion streams.
The US singer, 56, in a celebratory mood at a Netflix comedy event in LA on Sunday night thanked fans online, adding: “Thank you JLovers … On The Floor is one billion strong on Spotify because of you!
“Let’s keep dancing.”
It is the first of J-Lo’s songs to ever achieve the feat, while it becomes Pitbull’s sixth track to make the grade.
However she has a way to go before overhauling Spotify’s most-played track — The Weeknd’s 2020 classic Blinding Lights, on 5.4billion streams.
Released as the lead single from her seventh album Love?, the song marked a major comeback for the star following a quieter period in her music career.
We recently revealed how the star got down and dirty with her co-star Brett Goldstein in a first look at their brand new movie, Office Romance.
A trailer for the raunchy Netflix rom-com has dropped with J Lo serving up some of her sauciest on-screen scenes to date.
The hotly anticipated flick is due to release next month with Jennifer and her co-star Brett having heaps of passion as a typical work love story blooms.
WASHINGTON — Senate Republicans have added $1 billion in White House security upgrades to legislation that would fund immigration enforcement agencies, a proposed boost for President Trump’s ballroom project after a man was charged with trying to assassinate him at the White House Correspondents’ Assn. dinner last week.
The GOP bill released late Monday would designate the money for the U.S. Secret Service for “security adjustments and upgrades” related to the ballroom project, which Trump and Republicans have been pushing since Cole Tomas Allen allegedly stormed the April 25 media dinner at the Washington Hilton with guns and knives. The legislation says the money would support enhancements to the ballroom project, “including above-ground and below-ground security features,” but also specifies that the money may not be used for non-security elements.
White House spokesperson Davis Ingle praised Republicans for including the money for the “long overdue” project, saying it would “provide the United States Secret Service with the resources they need to fully and completely harden the White House complex, in addition to the many other critical missions for the USSS.”
The money is part of a larger bill to pay for Immigration and Customs Enforcement and Border Patrol, as Democrats have been blocking funds for both agencies since mid-February. Congress passed bipartisan legislation to fund the rest of the Homeland Security Department on April 30 after a record-long shutdown, but Republicans are using a partisan budget maneuver to push through the ICE and Border Patrol dollars on their own. The House has not released its bill yet, but the Senate is expected to start voting on its version of the legislation next week.
It is unclear exactly how the $1 billion would be used, and the amount far exceeds the proposed $400 million for construction of the ballroom. The White House has said in court documents that the East Wing project would be “heavily fortified,” including bomb shelters, military installations and a medical facility underneath the ballroom. Trump has said it should include bulletproof glass and be able to repel drone attacks.
The National Trust for Historic Preservation has sued to block construction of the project, but a federal appeals court said last month that it can continue in the meantime.
The White House has said that private money would pay for the construction but public money would be used for security measures. Some Republicans have suggested that public money pay for all of it, arguing the security breach at the dinner shows the president needs a secure place to host events.
“It would be insane” to hold the dinner at a hotel again, said Republican Sen. Lindsey Graham of South Carolina, who introduced a bill to pay for the ballroom’s construction with Sen. Katie Britt, R-Ala.
Democrats have said they will oppose any efforts to pay for the ballroom.
“While Americans are struggling to make ends meet as a result of President Trump’s failed policies, Republicans are focused on providing tens of billions of dollars for the President’s vanity ballroom project and cruel mass deportation campaign,” said Illinois Sen. Dick Durbin, the top Democrat on the Senate Judiciary Committee, which oversees the U.S. Secret Service.
Jalonick writes for the Associated Press. AP writer Darlene Superville contributed to this report.
WASHINGTON — Los Angeles Mayor Karen Bass and L.A. County Supervisor Kathryn Barger met privately with President Trump and administration officials Wednesday to press for federal support and yet-unpaid wildfire recovery funding as the region continues to rebuild from the 2025 fires.
“This afternoon we met with President Trump and Administration officials to advocate for families who lost everything,” Bass and Barger said in a statement. “We had a very positive discussion about FEMA and other rebuilding funds as well as the support of the President to continue joining us in pressuring the insurance companies to pay what they owe — and for the big banks to step up to ease the financial pressure on L.A. families.”
Barger said the two leaders had a “high-level discussion” with the president in the Oval Office, sharing stories about what fire survivors are experiencing day to day. She added that “we left details behind with the President,” but did not specify whether Trump made any funding or policy promises during the meeting.
“First and foremost, today’s meeting was to thank the President for his initial support of infusing federal resources to expedite debris removal, as well as his recent tweet about insurance companies, which have already proven fruitful,” she said in a statement provided to The Times.
Bass was similarly reserved about the discussions, telling reporters that “we will follow up with the details,” but signaled progress is being made on federal support.
“I think what’s important is that we certainly got the president’s support in terms of, you know, what is needed, and then the appropriate people were in the room for us to follow up. And that was Russ Vought, who is the head of the Office of Management and budget,” Bass told KNX on Wednesday.
The meeting comes on the heels of a yearlong standoff between California leaders and the Trump administration over wildfire recovery funding, disaster response and whether the federal government should have a say in local rebuilding permitting.
California leaders, led by Gov. Gavin Newsom, have accused the Trump administration of withholding billions in critical wildfire aid, prompting a lawsuit over stalled recovery funds. Officials allege political bias in the delay of billions of dollars from the Federal Emergency Management Agency.
Newsom visited Washington in December. When he made his rounds on Capitol Hill, he met with five lawmakers, including three who serve on the Senate and House appropriations committees, to renew calls for $33.9 billion in federal aid for Los Angeles County fire recovery.
But the governor said he was denied a meeting with FEMA and would not say whether he had attempted to meet with Trump to discuss the issue.
Bass, meanwhile, appears to have found a path to the president on a subject that has been paramount for her community.
The fruitful meeting comes after Trump lobbed insults at the mayor at a news conference earlier this year, where he called her “incompetent” for how she handled last year’s wildfire recovery efforts. He alleged that under Bass’ leadership, the city’s delay in issuing local building permits will take years when it should have taken “two or three days.”
California officials, including Newsom, have urged the Trump administration to send Congress a formal request for the $33.9 billion in recovery aid needed to rebuild homes, schools, utilities and other critical infrastructure destroyed or damaged when the fires tore through neighborhoods more than 15 months ago.
What Bass and Barger’s meeting with the president ultimately produces remains to be seen.
The billions in recovery aid have not yet materialized, but the meeting could potentially give those discussions new momentum.
The White House did not immediately respond to a request seeking comment about the meeting.
Earlier this month, Trump criticized insurance provider State Farm on Truth Social for its handling of the devastating Los Angeles County wildfires. He accused the insurance giant of abandoning its policyholders when tragedy struck.
“It was brought to my attention that the Insurance Companies, in particular, State Farm, have been absolutely horrible to people that have been paying them large Premiums for years, only to find that when tragedy struck, these horrendous Companies were not there to help!” Trump wrote.
But the rebuke didn’t come out of the blue. It stemmed from a controversial February visit to Los Angeles by Trump administration officials.
Trump tapped Environmental Protection Agency Administrator Lee Zeldin in an effort to strip California state and local governments of their authority to permit the rebuilding of homes destroyed in the Eaton and Palisades fires.
Within the week, Zeldin was in Los Angeles, bashing Newsom and Los Angeles officials at a roundtable with fire victims and reporters, saying that residents were suffering from “bureaucratic, red tape delays and incompetency” and that leadership was “denying them … the ability to rebuild their lives”.
During the trip, officials heard direct complaints from local leaders and fire victims about insurers being slow, restrictive and insufficient with their claim payouts.
After these meetings, Trump directed Zeldin to investigate the insurers’ responses. State Farm, facing roughly $7 billion in fire-related claims, is also under formal investigation by California’s insurance commissioner over its handling of the crisis.
Despite tensions with the administration, Bass and Barger appeared confident that progress was being made on the insurance and funding issues.
“Our job is to fight for our communities,” their joint statement concluded. “When it comes to this recovery, our federal partners are essential, and we are grateful for the support of the President.”
Advanced artificial intelligence tools could significantly reduce video game development costs, potentially saving nearly half of expenses and unlocking around $22 billion in annual profits for game makers, according to Morgan Stanley analysts. AI can automate tasks like creating game environments, generating dialogue, and testing software, making production faster and cheaper. However, these financial gains may not be evenly spread across the gaming industry.
Morgan Stanley estimates that global spending on video games will reach $275 billion this year, with 20%, or about $55 billion, reinvested into game development and operations. Game development, which is typically costly and labor-intensive, could become more efficient as AI allows for smaller teams and quicker enhancements post-launch. A prime example is Take-Two Interactive’s Grand Theft Auto VI, in development since 2018 and expected to launch in November 2026.
Potential winners from this AI integration include major gaming platforms like Tencent, Sony, and Roblox, along with large publishers such as Take-Two and Electronic Arts, which can utilize AI across multiple titles. Conversely, companies with weaker franchises may struggle, facing increased competition as AI reduces costs for making mid-scale games. The report also discusses how AI could enhance revenue by keeping games engaging, encouraging spending on add-ons, in-game purchases, and subscriptions. Publishers may increasingly focus on enhancing existing franchises rather than relying solely on new game releases.
With information from Reuters
I’d heard Arte Moreno had told people recently that he thought the Angels could command $4 billion. He might sell the team. He might not. But the figure seemed ambitious, since no major league team ever had sold for even $3 billion.
Until Friday, that is, when the Wall Street Journal first reported the San Diego Padres were about to be sold for $3.9 billion.
The new owners: a group led by Jose Feliciano of Santa Monica-based Clearlake Capital, which manages more than $90 billion in assets, and his wife, Kwanza Jones. In 2022, Feliciano and Dodgers co-owner Todd Boehly led the investment group that bought Chelsea of the Premier League for $5.2 billion.
The new money should enable the Padres to build upon the legacy of late owner Peter Seidler, who simply disregarded the fact that San Diego ranks as one of the smallest media markets in the major leagues. He spent to win, and the Padres have made the playoffs four times in the past six years — after making the playoffs five times in their first 51 years.
The fans rewarded him, packing Petco Park. As of Friday, the Padres had the second-best record and second-highest attendance in the major leagues. The Dodgers, of course, had the best record and the highest attendance.
The party most immediately interested in the Padres’ sale price? The players’ union, since Commissioner Rob Manfred has cited sluggish appreciation in sale prices as one reason to pursue cost controls on player salaries, whether through a salary cap or some other restriction. In recent years, the owners of the Angels, Minnesota Twins and Washington Nationals all have put their teams on the market without completing a sale.
But Moreno should be interested, too. He turns 80 this summer.
The comparison with the Padres only goes so far. In San Diego, in a city without a team in the NFL, NBA or NHL, the Padres are virtually unchallenged for dollars from fans and corporate sponsors.
And, in San Diego, the Padres play in Southern California’s best ballpark, one the team has turned into a year-round events center, with major concerts in the stadium itself and smaller ones within a delightful park beyond center field.
Could Moreno get $4 billion without a resolution to the long-running ballpark stalemate in Anaheim? It sounds borderline insane to consider that the only available team in America’s second-largest market might not be worth as much as the team that just sold in America’s 30th-largest market.
In Anaheim, however, two deals that would have anchored the Angels there for decades collapsed, and the 60-year-old stadium is in serious need of renovation or replacement. A buyer likely would have to account for the billion-dollar cost of a new ballpark and might ask for a credit against the purchase price, effectively lowering how much profit Moreno could make on the sale.
Any potential buyer should be keeping a close eye on a bill slowly winding its way through the state legislature this year. That bill, if enacted into law, would give the city the ability to loosen development restrictions on the stadium property for a team owner willing to call the team the Anaheim Angels.
Still, even without that legal assist, there should be no shortage of parties interested in acquiring two rarely available assets in one transaction: an MLB team in the Los Angeles market, and a 150-acre site perfect for the mixed-use development coveted by owners in every sport these days.
Golden State Warriors owner Joe Lacob, who once worked as a peanut vendor at Angel Stadium, lost out in the Padres’ bidding and could take another run at the Angels.
Rams owner Stan Kroenke, who lost out in the Dodgers’ bidding in 2012, surrounded the Rams’ Inglewood stadium and Woodland Hills training site with major development and could consider replicating those successes in Anaheim.
Ducks owner Henry Samueli has denied interest in the Angels, but he could consider extending and complementing his OC Vibe development across the 57 Freeway — and his hockey team already wears the Anaheim name.
That assumes, of course, that Moreno opts to sell. He enjoys owning a team and, in a season in which the Angels are one-half game out of first place entering Friday in what appears to be a weak American League West, there is no hurry.
It is considered more likely that Moreno waits until after a new collective bargaining agreement is reached next year to determine whether to sell. All I can tell you for sure Friday is what one baseball official texted me when I asked for reaction to the Padres’ sale: “Great news for the Angels.”
