Caris Life Sciences, a health care company specializing in molecular science and cancer diagnostics, raised $494.1 million in its Nasdaq initial public offering on June 18, 2025. The IPO was priced at $21 per share, above the marketed range, and the shares opened at $27, marking a 28.6% gain at debut. The company, based in Irving, Texas, is recognized for its precision medicine approach and use of AI in oncology. The IPO marked a rebound in the US IPO market and resulted in the creation of a new biotech billionaire, the founder of Caris Life Sciences. Following the successful debut, Caris Life Sciences emphasized AI as the future of oncology. Subsequently, Carlsmed, a medical technology company that uses AI to personalize spine surgery, filed for its own IPO aiming to raise up to $107.2 million. Carlsmed priced its offering within the marketed range and raised $100.5 million. However, its shares fell as much as 6.7% after the IPO, with an opening price near $14 to $15 per share.