Carlsmed Announces Launch of Initial Public Offering
Carlsmed, a Carlsbad-based medical technology company specializing in personalized spine surgery solutions, has officially launched its initial public offering. The company plans to offer 6.7 million shares of common stock at a price range of $14 to $16 per share. Underwriters have the option to purchase an additional 1,005,000 shares within 30 days.
The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “CARL” in the week of July 21, 2025. Leading the underwriting are BofA Securities, Goldman Sachs, and Piper Sandler, with Truist Securities and BTIG also serving as joint bookrunners.
Carlsmed’s flagship product, the aprevo® Technology Platform, uses AI to create custom surgical plans, implants, and tools for spinal fusion procedures. Currently marketed for lumbar surgeries, the company plans to expand into cervical applications in 2026. The offering will proceed following SEC approval.
The Cove Fund is proud to have backed Carlsmed early in its journey and is thrilled to see the company reach this exciting milestone. We believe Carlsmed is poised to transform the standard of care in spine surgery, and we’re honored to be part of its continued growth and impact.
Sources
BusinessWire – Carlsmed Announces Launch of Initial Public Offering
Renaissance Capital – Carlsmed sets terms for $101 million IPO
MarketWatch – Carlsmed announces filing of registration statement
About Us
Cove Fund is a seed-stage venture capital fund based at UC Irvine’s Beall Applied Innovation, a hub for Southern California entrepreneurs and investors. We invest in early-stage technology and life science companies with differentiated products that address large markets and can achieve major milestones with seed funding.
Since our inception, we have invested over $20 million and are actively deploying capital from our $24 million third fund. If you are a Southern California startup seeking funding — or an investor interested in becoming a limited partner — visit us at www.covefund.com.