Tempus AI’s shares surged 8% in a robust Nasdaq debut on Friday, marking a successful entry into the stock market and giving the AI-driven genetic testing company a market valuation of $6.6 billion.

Backed by SoftBank Group, Tempus AI opened trading at $40 per share, up from its IPO price of $37. The strong market reception reflects growing investor interest in AI-focused firms, buoyed by recent successes like OpenAI’s ChatGPT.

The debut is seen as a positive sign for upcoming IPOs, indicating a revived U.S. capital market in 2024 following a prolonged slowdown. Other notable listings this year include Chinese electric vehicle maker Zeekr and social media platform Reddit, both of which also saw strong market debuts.

Founded in 2015 by CEO Eric Lefkofsky, Tempus AI specializes in genomics diagnostics across oncology, neuropsychiatry, radiology, and cardiology, serving clinicians and hospital systems. The company counts Alphabet’s Google, Franklin Templeton, and T Rowe Price among its prominent investors.

Tempus AI faces competition from industry giants like Roche’s Foundation Medicine and Guardant Health in the genomic profiling and cancer testing sectors. Recently, Guardant Health filed a lawsuit against Tempus AI, alleging patent infringement related to DNA-based cancer testing.

Headquartered in Chicago, Illinois, Tempus AI raised $410.7 million in its IPO, pricing its shares at the upper end of the targeted range of $35 to $37. The offering was managed by leading Wall Street firms including Morgan Stanley, J.P. Morgan, and Bank of America Securities.

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