Recursion will take its AI platform public in latest IPO filing, while rare heart mutation biotech jumps on SPAC train

The IPO market continues to churn, with a prominent AI drug developer becoming the latest biotech to register with the SEC.

Recursion Pharmaceuticals filed its S-1 paperwork late Monday, coming about six months after completing a $239 million Series D round and securing a deal with Bayer worth up to $1 billion. The Salt Lake City-based biotech is penciling in a $100 million IPO raise for now, but could have its sights set on a much higher figure.