AI-Powered Spinal Surgery Innovator Carlsmed (CARL.US) Files for Nasdaq IPO, Aiming to Raise $107.2 Million Amid Healthcare IPO Downturn

Intelligent Finance APP learned that Carlsmed, Inc. (CARL.US), a medical technology company utilizing artificial intelligence (AI) to personalize spinal surgeries, plans to raise up to $107.2 million through its initial public offering (IPO) in the United States.

According to a filing submitted to the U.S. Securities and Exchange Commission on Tuesday, the company, which is backed by B Capital Group, plans to offer 6.7 million shares priced at $14 to $16 per share. At the top end of the range, the medical technology firm would have a market value of about $424.3 million, based on the number of outstanding shares listed in the filing.

The document shows that Carlsmed achieved revenue of $10.2 million and a net loss of $5.7 million in the first three months of 2025, compared to revenue of $5.1 million and a net loss of $5.4 million in the same period last year.

This IPO comes as the scale of healthcare industry fundraising through IPOs in 2025 continues to be sluggish — a sector that has historically been a significant part of the U.S. capital market. Compiled data shows that, year-to-date, new listings in this industry on U.S. exchanges have only raised $2.1 billion, marking a decline of over 40% compared to the same period in 2024.

Carlsmed, Inc., headquartered in Carlsbad, California, was founded in 2018. Its technology platform provides personalized surgical solutions and custom spinal implants for patients. The company’s aprevo technology platform has been approved for use in lumbar fusion surgeries, and a version for cervical fusion surgeries is under development, with commercial launch expected by 2026. As of the end of March 2025, approximately 177 surgeons have used the platform to perform one or more surgeries, compared to 103 surgeons in the same period last year.

The documents show that B Capital and US Venture Partners' affiliated companies are the largest investors in Carlsmed, holding 35.1% and 28.3% of the shares respectively before the IPO. Co-founder and CEO Michael Cordonnier held a 7.9% stake prior to the offering.

The offering was led by Bank of America, Goldman Sachs, and Piper Sandler Cos. The company's shares are expected to trade on the Nasdaq Global Select Market under the symbol CARL.