In the cold wave of medical IPOs, AI spine surgery company Carlsmed (CARL.US) is making a comeback with plans to raise $107.2 million in a US IPO.

Carlsmed Inc. (CARL.US), a medical technology company that uses artificial intelligence (AI) to personalize spinal surgery, plans to raise up to $107.2 million through its initial public offering (IPO) in the United States. According to documents filed with 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 end of the issuance range and the number of shares listed in the filing, the market value of this medical technology company will reach approximately $424.3 million. The documents show that in the first quarter of 2025, Carlsmed generated revenue of $10.2 million and a net loss of $5.7 million, compared to revenue of $5.1 million and a net loss of $5.4 million in the same period last year. At the time of this IPO, the IPO financing scale of the healthcare industry in 2025 continues to decline, a sector that has always been an important segment of the U.S. capital market. Compiled data shows that newly listed companies in this industry on U.S. exchanges have raised only $2.1 billion so far this year, a decrease of more than 40% compared to the same period last year. Founded in Carlsbad, California in 2018, Carlsmed's technology platform provides patients with personalized surgical plans and customized spinal implants. Its aprevo technology platform has been approved for lumbar fusion surgery, and the company is developing a version 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 multiple surgeries, compared to 103 in the same period last year. The documents show that B Capital and US Venture Partners' affiliated companies are Carlsmed's largest investors, holding 35.1% and 28.3% of the shares respectively before the IPO. Co-founder and CEO Michael Cordonnier holds 7.9% of the shares prior to the issuance. The offering is being led by Bank of America Corp, Goldman Sachs Group, Inc., and Piper Sandler Cos. The company's stock is expected to trade on the Nasdaq Global Select Market under the ticker symbol CARL.