Caris Life Sciences Makes Strong Nasdaq Debut: AI-Driven Cancer Diagnostics Firm Valued at $7.66 Billion

Caris Life Sciences IPO: All eyes on the stock price today as the AI cancer care firm makes its Nasdaq debut

On Wednesday morning, the cancer diagnostics biotech firm Caris Life Sciences rang Nasdaq's opening bell in New York, marking the company's awaited initial public offering. The diagnostics company's IPO follows the successful debut of fintech companies like Chime Financial and Circle Internet Group, and will test whether investors are ready to embrace biotech companies despite declines in the sector for the last six months. Here's what to know about the listing. Founded in 2008 by David Dean Halbert, the healthcare company utilizes next-generation artificial intelligence (AI) and machine learning for precision medicine. Through molecular analysis, Caris specializes in cancer diagnosis and treatment. According to a recent filing to the Securities and Exchange Commission (SEC), the Irving, Texas-based company currently has over 1,700 employees and over 100 biopharmaceutical partners.

AI Meets Oncology: Caris Life Sciences' $5.35B IPO Tests Investor Appetite for Precision Medicine - Moderna (NASDAQ:MRNA)

Caris Life Sciences, an AI-driven precision oncology company, is targeting a $5.35 billion valuation in its U.S. initial public offering, aiming to raise up to $423.5 million. The Irving, Texas-based firm, backed by investment giants Sixth Street and Neuberger Berman, has already conducted 6.5 million molecular tests across 849,000 patient cases, establishing partnerships with over 100 biopharmaceutical firms, including Moderna Inc MRNA and AbbVie ABBV, according to its prospectus filed with the U.S. Securities and Exchange Commission. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing -- this is your last chance to become an investor for $0.80 per share. Inspired by Uber and Airbnb - Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets - with $1,000 you can invest at just $0.30/share! 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Investment: $1,000 Valuation: $3.5B Click Here To Invest For Just $0.80/Share ($1000 Min)Valuation Context and Financial Performance The $5.35 billion target -- based on 23.5 million shares priced between $16 and $18 each -- marks a notable shift from Caris' 2021 private valuation of $7.83 billion, Reuters reported, reflecting both market recalibration and the challenges of commercializing precision medicine. According to its filing, Caris generated $412.3 million in revenue in 2024 -- a 35% year-over-year increase -- while posting a net loss of $257.1 million. In Q1 2025, the company reported $120.9 million in revenue and a narrowed net loss of $127 million, compared to $80.7 million in revenue and a $134.1 million loss during the same period in 2024, according to its filing -- signaling improving margins and sustained top-line growth. At its proposed valuation, Caris would trade at approximately 13 times sales, a premium to peers like Guardant Health GH and Tempus AI TEM, Reuters reported. Trending: Invest where it hurts -- and help millions heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Technology and Competitive Edge According to the company's website, Caris was founded in 2008 by entrepreneur David D. Halbert, who was inspired by his father's cancer battle to develop more effective, data-driven diagnostics. Today, the company operates from its North Texas headquarters and has offices in Phoenix, New York, Cambridge, Massachusetts, Tokyo, Japan, and Basel, Switzerland, serving both U.S. and international markets. Caris' proprietary AI platform, which integrates molecular science with machine learning, analyzes comprehensive genomic, transcriptomic, and proteomic data to guide cancer treatment. The company holds 27 issued patents along with over 170 applications pending worldwide, according to its website. Its flagship MI Cancer Seek test, cleared by the U.S. Food and Drug Administration in 2023, detects early-stage malignancies with what the company claims is unmatched accuracy, the company said at the time. Investor Sentiment and Sector Implications Caris will trade on the Nasdaq under the symbol CAI The offering is led by BofA Securities, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and Citigroup Global Markets. Grand View Research projects a 22.5% CAGR in the AI cancer diagnostics market through 2030, highlighting strong growth potential in this sector. See Also: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey - no cost, no obligation Neuberger Berman has indicated it may purchase up to $75 million worth of shares in the IPO -- signaling insider confidence in the company's long-term potential, according to Reuters. Regulatory and Market Risks Caris Life Sciences currently has one FDA-cleared diagnostic test, MI Cancer Seek, according to its filing. Caris' pipeline includes investigational tools like FOLFIRSTai, an AI-based test for predicting chemotherapy response in metastatic colorectal cancer. While clinically validated, it remains unapproved by the FDA, according to the SEC filing, and stricter regulations could delay its commercialization. Conclusion: A Litmus Test for AI Biotech Caris's proposed IPO is drawing attention as a potential marker for the viability of AI-driven healthcare, with Reuters noting the offering comes amid renewed interest in precision diagnostics. Read Next: Are you rich? Here's what Americans think you need to be considered wealthy. Peter Thiel turned $1,700 into $5 billion -- now accredited investors are eyeing this software company with similar breakout potential. Learn how you can invest with $1,000 at just $0.30/share. Image: Shutterstock MRNAModerna Inc$25.45-2.12%Stock Score Locked: Want to See it? Benzinga Rankings give you vital metrics on any stock - anytime. Reveal Full ScoreEdge RankingsMomentum5.08GrowthNot AvailableQualityNot AvailableValue69.76Price TrendShortMediumLongOverviewABBVAbbVie Inc$185.28-2.92%Market News and Data brought to you by Benzinga APIs

Sixth Street-backed Caris Life valued at $7.66 billion in strong Nasdaq debut

(Reuters) -Caris Life Sciences' shares jumped nearly 29% in their Nasdaq debut on Wednesday, fetching the cancer diagnostic firm a valuation of $7.66 billion and signaling a growing investor appetite for new listings in 2025. The shares opened at $27 apiece, compared with their offer price of $21, at which Caris Life sold 23.5 million shares to raise $494.1 million on Tuesday. U.S. IPO market activity has shown signs of a sustained revival, with a few fresh listings such as Circle and Chime getting overwhelming support from investors in the past couple of weeks, after a slow start to the year. Insurance tech firm Slide also had a strong Nasdaq debut on Wednesday. "The IPO market needed to see some wins, and that's exactly what happened," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. However, the revival has been mostly confined to sectors such as finance and technology, with the healthcare sector -- typically one of the busiest in terms of IPO activity -- lagging behind. The finance and technology sectors have together contributed to nearly 70% of fresh flotations in 2025, compared to a mere 5% for the health care sector, as of June 17, 2025, according to Dealogic data. "This one deal won't fix the issue that has plagued the biotech sector, the primary source of U.S. healthcare IPOs," Kennedy said. Despite a strong debut, Caris' valuation was a notch below the $7.83 billion the company had achieved in a 2021 funding round led by investment firm Sixth Street. Caris, founded in 2008 by CEO David Halbert, uses artificial intelligence to study the genetic code from a patient's DNA, RNA and proteins, and create personalized cancer treatment plans. (Reporting by Pritam Biswas in Bengaluru; Editing by Shinjini Ganguli and Maju Samuel)