Tempus, the genomic testing and data analysis company founded by Eric Lefkofsky, made a strong debut on Nasdaq, with shares rising approximately 15% on the opening day. The company priced its IPO at $37 per share, topping its expected range, and raised nearly $411 million at a valuation exceeding $6 billion. Despite its previous private valuation highs of up to $10.25 billion, the IPO is notable given the company’s current unprofitability and a tepid market for public offerings. Tempus reported revenues of $531 million in 2023 with a net loss of $290 million, but showed progress with operating losses shrinking from 83% in 2022 to 37% in 2023. Lefkofsky projects the company to be cash-flow and EBITDA positive by 2025. Founded in 2015, Tempus aims to revolutionize cancer treatment through data and technology, and is now pivoting towards AI, though AI-related revenue remains minimal. Lefkofsky retains significant control with 30.1% ownership and 65% voting power. Early investors include NEA, Revolution, T. Rowe Price, and SoftBank. This marks Lefkofsky’s fourth venture into the public markets, following Groupon’s earlier IPO success.
Tempus Surges 15% in Nasdaq Debut, Eyes AI Future
Tempus, founded by Eric Lefkofsky, debuts on Nasdaq with a 15% rise, focusing on AI.
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