Formlabs explores initial public offering with potential advisers

Formlabs, the Somerville, Massachusetts-based 3D printing company, is in discussions with potential advisers as it prepares for an initial public offering. The move would mark one of the more notable tech IPOs in the additive manufacturing space, bringing a company valued at $2 billion in its last private round into the public markets.

Formlabs reported annual revenue exceeding $250 million for 2025 and a free cash flow margin above 10%.

Building the IPO playbook

In February, Formlabs added Rob Willett to its board of directors. Willett previously served as CEO of Cognex Corporation, a publicly traded machine vision company.

Then in June, Formlabs unveiled the Fuse X1, a large-format selective laser sintering printer designed for industrial production. During that announcement, the company disclosed its revenue and cash flow figures.

No IPO filing has been submitted, and the company has not publicly confirmed plans to go public.

A decade of fundraising, and what comes next

Formlabs has raised approximately $254 million across multiple funding rounds over its lifetime. The most significant came in May 2021, when the company closed a $150 million Series E led by SoftBank Vision Fund 2. That round doubled its valuation to $2 billion.

Formlabs sells not just hardware but also proprietary resins and software, creating recurring revenue streams. Professional 3D printing has moved well beyond prototyping into end-use production across dental, healthcare, jewelry, and engineering applications.

The 3D printing IPO landscape

Companies like 3D Systems and Stratasys rode a wave of hype in the early 2010s, saw their stock prices surge, and then endured years of painful declines as growth failed to match expectations. Desktop Metal went public via SPAC in 2021 and later merged with Stratasys after struggling as a standalone public company.

If the company prices its IPO at or near its last private valuation, it would need to convince public investors that $2 billion is justified by current financials. With $250 million-plus in revenue and positive cash flow, a revenue multiple of roughly 8x would not be outrageous for a hardware-plus-software company with recurring revenue characteristics.

Secondary-market transactions for Formlabs shares are already being facilitated for accredited investors.

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