Heartflow IPO Debuts Strongly

The company is not yet profitable.

Heartflow Stock HTFL Surges on Debut as IPO Demand Heats Up

Heartflow priced at $19 a share and began trading on Aug 8 on the Nasdaq, with the stock jumping about 50% on its market debut. The company sold 16.7 million shares for $317 million, valuing Heartflow around $2.5 billion at opening. The stock opened at $28, well above the offer price, signaling strong demand for healthtech IPOs even as the company’s losses widen.

Despite the warm reception, Heartflow reported losses that grew in 2024 and the first quarter of 2025, even as revenue rose significantly last year and in early 2025. The IPO market has shown signs of revival, with several high-profile listings drawing heavy interest. Analysts caution that size able cash burn and the lack of current profits mean future gains depend on how quickly the company can translate growth into sustainable earnings.

The debut underscores a larger market mood: investors are hungry for growth stories, especially in healthtech and AI-adjacent fields. Valuation hinges less on current profits and more on a promised trajectory of revenue and expanding addressable markets. That stance works as long as demand holds, but it creates a feedback loop where prices can rise even as the business model remains unproven.

For Heartflow, the challenge is clear: turn rapid top-line growth into durable profitability while managing the expectations that come with a hot IPO. The stock’s early gains will test not just the company’s plan but the market’s willingness to tolerate losses in the name of potential future scale.

Highlights

Markets will decide if Heartflow’s growth story can translate into lasting value