BillionToOne Targets Over $2 Billion Valuation in U.S. IPO

Molecular diagnostics company BillionToOne is preparing to go public in the U.S., aiming for a valuation of up to $2.42 billion. 

Based in Menlo Park, California, the firm plans to offer up to 3.8 million shares at a price range of $49 to $55 each, raising as much as $211.5 million. 

BillionToOne develops advanced disease-diagnostic tests, including non-invasive prenatal screening and liquid biopsies. 

In the first half of 2025, the company reported revenue of $125.5 million, nearly doubling the $69 million from the same period in 2024. 

The IPO will list on the Nasdaq stock exchange under the ticker symbol “BLLN”. Underwriters include major banks such as J.P. Morgan, Wells Fargo, and William Blair. 

This offering comes during a revival of U.S. IPO activity after a slowdown earlier this year. Despite a U.S. government shutdown, a rule allowing registration via automatic effectiveness is helping companies proceed. 

Investors are watching closely. BillionToOne’s strong revenue growth positions it well, but listing a diagnostics firm always brings risks related to regulation and technological breakthroughs. Should the IPO succeed, it would be one of the largest for its sector in recent months.