BillionToOne Achieves $4.4 Billion Valuation as Shares Soar 67% in Nasdaq Debut

Molecular diagnostics firm BillionToOne Inc. (Nasdaq: BLLN) made a remarkable entry into the public market on November 6, 2025, with its shares surging 67% on its Nasdaq debut, pushing its valuation to $4.4 billion. The successful initial public offering (IPO) reflects strong investor confidence in the company's innovative genetic testing solutions for prenatal and oncology applications. Y Combinator partner Gustaf Alströmer lauded the company's journey, stating, > "BillionToOne is the rare company that is both incredibly good for the world and also an extremely good business. From YC17 to IPO today. So impressive."

The Menlo Park, California-based company priced its upsized offering at $60.00 per share, selling 4,551,100 shares to raise approximately $273.1 million. This pricing was above its initial target range of $49 to $55, underscoring robust demand despite a broader U.S. government shutdown impacting some market activities. J.P. Morgan, Piper Sandler, Jefferies, and William Blair served as joint book-running managers for the offering.

Founded in 2016 by Dr. Oguzhan Atay and Dr. Aditya Rajagopal, BillionToOne utilizes its patented Quantitative Counting Templates™ (QCT™) platform for precise single-molecule DNA analysis. Its flagship prenatal product, UNITY, has achieved significant market penetration, with the company noting that > "1 in 11 pregnancies in the US take the BillionToOne genetic test." The company also expanded into oncology in 2023 with its Northstar Select and Northstar Response tests.

BillionToOne has demonstrated substantial growth, with revenue more than doubling in 2024 to $152.6 million, while its net loss narrowed to $41.6 million from $82.7 million in 2023. The IPO's timing aligns with a resurgence in investor interest in precision medicine and diagnostic companies. BillionToOne aims to democratize access to advanced molecular testing, positioning itself as a key player in the competitive and rapidly expanding global molecular diagnostics market, projected to reach $40-45 billion by 2030.