BillionToOne IPO: how to trade BillionToOne shares

IPO stocks are often highly volatile, and early trading can involve rapid price swings and significant risk.

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When is the BillionToOne IPO date?

The BillionToOne IPO date is not yet confirmed, but on 7 October 2025 the molecular diagnostics company filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC). This confirmed its plans for an initial public offering on the Nasdaq Global Select Market under the ticker symbol ‘BLLN’.

The filing marks a key milestone for one of America’s fastest-growing molecular-diagnostics companies and comes amid a broader revival in US healthcare listings.

Offer structure and timeline

The company has not yet disclosed the number of shares or units to be offered or the expected price range. However, the filing confirms that underwriters will have a 30-day option to purchase an additional (undisclosed) number of units.

The offering could price in late 2025 or early 2026, but the date is subject to market conditions and SEC effectiveness of the registration statement.

The underwriter syndicate comprises some of Wall Street’s leading investment banks, including JPMorgan, Piper Sandler, Jefferies, William Blair, Stifel, Wells Fargo Securities, and BTIG.

Proceeds will be used for working capital, growth initiatives, and research and development, allowing the company to scale its commercial footprint and accelerate innovation across prenatal and oncology testing.

Strategic timing

The IPO follows a strong rebound in equity markets and renewed investor confidence in precision-medicine and diagnostic companies. BillionToOne is coming to market after several years of rapid growth, positioning itself among a new wave of health-tech businesses transforming how clinicians detect and monitor genetic disease.

Market analysts note that the company’s decision to list now reflects the maturing of its business model: BillionToOne has moved from early-stage innovation toward proven commercial revenue, making it more attractive to institutional investors who seek later-stage biotech exposure.

What is BillionToOne?

BillionToOne Inc is a molecular-diagnostics and genomics company headquartered in Menlo Park, California.

Founded in 2016 by Dr Oguzhan Atay and Dr Aditya Rajagopal, the company develops precision DNA-testing technologies that can quantify genetic material at the single-molecule level, enabling early detection and monitoring of genetic and cancer-related conditions.

Mission and innovation

BillionToOne’s goal is to democratise access to precision diagnostics – making advanced molecular testing affordable, accurate, and scalable across healthcare systems.

Its technology platform, called Quantitative Counting Templates (QCT), allows precise DNA quantification without relying on complex next-generation-sequencing hardware. This means hospitals and laboratories can run highly sensitive tests using standard equipment, improving accessibility and reducing turnaround times.

The company has applied this core innovation to two major verticals:

1. Prenatal screening, where it has become one of the fastest-growing non-invasive-prenatal-testing (NIPT) providers in the US; and
2. Oncology, where it is expanding into liquid-biopsy applications for therapy monitoring and minimal-residual-disease detection.

Product portfolio

• UNITY Screen™ – non-invasive prenatal screen detecting fetal chromosomal abnormalities and recessive conditions from a single maternal blood sample.
• UNITY Complete™ – comprehensive carrier and chromosomal-anomaly testing that merges maternal and fetal analysis.
• ONCOCOUNT™ – oncology platform capable of quantifying circulating tumour DNA (ctDNA) for cancer monitoring, recurrence detection, and treatment-response tracking.

UNITY has achieved broad adoption across US obstetric and gynaecology networks, supported by major payer coverage and strong clinical-validation data.

Financial highlights

According to the SEC filing (October 2025), BillionToOne’s revenue more than doubled in 2024 to $152.6m, while its net loss narrowed to $41.6m from $82.7m in 2023. The improvement reflects operational scaling and growing test volumes across both UNITY and emerging oncology programs.

By mid-2025, management reported record testing demand and a solid reimbursement pipeline, indicating growing confidence in the company’s route to sustainable profitability.

How does BillionToOne make money?

BillionToOne’s revenue model combines diagnostic testing, licensing, and collaboration-based income streams.

As of 2024, diagnostics accounted for the majority of its $152 million revenue base, while licensing and collaboration income formed a smaller but expanding portion.

The company anticipates that oncology testing – particularly ONCOCOUNT’s MRD monitoring – will deliver higher margins and drive revenue diversification from 2026 onward.

What might influence the BillionToOne stock price?

The BillionToOne stock price after listing will depend on scientific performance, financial progress, competition, and sentiment toward healthcare equities.

Financial and operational performance

Investors will monitor revenue growth, cost discipline, and the path toward profitability. With losses halving in 2024 and margins improving, BillionToOne enters the public markets with credible operating leverage – a rarity among early-stage diagnostics firms. Scaling the oncology pipeline and maintaining payer coverage for prenatal testing will be critical to sustaining momentum.

Scientific validation and regulation

The success of the IPO and subsequent stock performance will also rely on continued clinical validation and regulatory milestones. New evidence supporting ONCOCOUNT’s accuracy in cancer monitoring or expanded regulatory authorisation for UNITY testing would likely be seen as catalysts for valuation upside.

Conversely, delays in trial enrolment, reimbursement challenges, or adverse policy changes in US healthcare could temper enthusiasm.

Competition and differentiation

BillionToOne operates in a crowded but lucrative market, competing with Natera, Guardant Health, Invitae, Myriad Genetics, and Exact Sciences. Its edge lies in the precision and affordability of its QCT technology, which allows detection of single-molecule DNA signals with lower error rates than traditional sequencing methods.

Maintaining this differentiation – through patent protection, continuous R&D, and superior clinical performance – will be key to preserving investor confidence.

Broader industry backdrop

The precision-diagnostics sector continues to expand as genetic testing becomes integrated into routine care. The global market for molecular diagnostics is projected to reach $40-45bn by 2030, with oncology and prenatal applications driving the majority of growth. As one of few companies combining both verticals under a single platform, BillionToOne could benefit from this long-term secular trend.

Market sentiment and valuation dynamics

Biotech valuations have rebounded strongly in 2025 as macroeconomic headwinds eased and institutional investors returned to growth sectors. However, sentiment remains selective: markets are rewarding diagnostics companies with proven revenue and scalability while penalising pre-commercial firms.

A robust order book and strong aftermarket support could sustain a premium valuation, while volatile equity conditions might compress multiples.

You can keep your finger on the pulse of the markets with expert insight from our in-house analysts. Check out our news and analysis section for more.

How to trade BillionToOne shares via CFDs

As and when the BillionToOne launch date happens, trading its shares via contracts for difference (CFDs) allows you to speculate on its price movements – without owning the underlying stock.

How to get started

• Step 1: Choose a platform Use a trusted broker like Capital.com, offering access to thousands of shares, indices and more.
• Step 2: Open an account Provide your personal details, verify your identity, complete a short suitability questionnaire, and set your trading preferences.
• Step 3: Add funds Deposit using card or bank transfer. Start small, and manage your risk carefully.
• Step 4: Track BillionToOne’s performance Use charts, technical indicators and price alerts to monitor the market and spot trading opportunities.
• Step 5: Go long or short with CFDs Think the price will rise? Go long. Expect a drop? Go short. Apply stop-loss* or take-profit levels to manage your trades.

IPOs can be volatile, especially in the early days of trading. CFDs give you the flexibility to act on price swings in either direction. However, CFDs are traded on margin. Leverage above 1:1 magnifies losses and gains, which amplifies risk. Always use risk-management tools and stay informed with expert insights available on the Capital.com platform and app.

*Standard stop-losses are not guaranteed. Guaranteed stop-losses incur a fee when activated.

Which biotech and diagnostics stocks can I trade?

Until the BillionToOne IPO listing date happens, traders can gain exposure to similar publicly traded companies in the diagnostics and genomics sector:

• Natera (NTRA) – Leader in non-invasive prenatal and oncology genetic testing.
• Guardant Health (GH) – Developer of liquid-biopsy tests for cancer detection.
• Exact Sciences (EXAS) – Specialist in early-stage cancer screening.
• Illumina (ILMN) – Global provider of sequencing and genomic-analysis platforms.
• Myriad Genetics (MYGN) – Focuses on hereditary-cancer and women’s-health testing.

Studying these peers helps traders gauge how the market prices growth, profitability, and innovation across the precision-medicine ecosystem.

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