Medical IPO defies the cold wave! AI spinal surgery company Carlsmed rushes for US stock IPO aiming to raise $107.2 million

Zhitong
2025.07.15 13:34
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Medical technology company Carlsmed Inc. plans to raise up to $107.2 million through an initial public offering (IPO) in the United States. The company utilizes artificial intelligence to personalize spinal surgeries and intends to issue 6.7 million shares, priced between $14 and $16 per share, with a market capitalization of approximately $424.3 million. In the first three months of 2025, Carlsmed achieved revenue of $10.2 million and a net loss of $5.7 million. Despite the continued downturn in IPO financing in the healthcare sector, Carlsmed's technology platform has been approved for lumbar fusion surgeries and plans to develop a version for cervical fusion surgeries

According to Zhitong Finance APP, Carlsmed Inc. (CARL.US), a medical technology company that uses artificial intelligence (AI) to achieve personalized spinal surgery, plans to raise up to $107.2 million through an initial public offering (IPO) in the United States.

According to documents submitted to the U.S. Securities and Exchange Commission on Tuesday, the company, which has received investment from B Capital Group, intends to issue 6.7 million shares, priced between $14 and $16 per share. Based on the upper limit of the issuance range and the number of shares listed in the filing, the market capitalization of this medical technology company will reach approximately $424.3 million.

The documents show that in the first three months of 2025, Carlsmed achieved revenue of $10.2 million and a net loss of $5.7 million; in the same period last year, revenue was $5.1 million with a net loss of $5.4 million.

At the time of this IPO, the financing scale of IPOs in the healthcare industry in 2025 remains sluggish—this sector has traditionally been an important part of the U.S. capital market. Compilation data shows that since the beginning of this year, new companies listed in this industry on U.S. exchanges have raised only $2.1 billion, a decrease of over 40% compared to the same period in 2024.

Founded in 2018 and headquartered in Carlsbad, California, the company’s technology platform provides personalized surgical plans and custom spinal implants for patients. Its aprevo technology platform has been approved for lumbar fusion surgery, and the company is developing a version suitable for cervical fusion surgery, expected to be commercially available in 2026. As of the end of March 2025, approximately 177 surgeons have used the platform to complete one or more surgeries, compared to 103 in the same period last year.

The documents indicate that B Capital and an affiliate of US Venture Partners are the largest investors in Carlsmed, holding 35.1% and 28.3% of shares, respectively, prior to the IPO. Co-founder and CEO Michael Cordonnier holds 7.9% of shares before the issuance.

The offering is led by Bank of America, Goldman Sachs, and Piper Sandler Cos. The company’s stock is planned to trade under the ticker symbol CARL on the Nasdaq Global Select Market

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