BillionToOne takes chance on Nasdaq IPO
BillionToOne filed for a Nasdaq IPO despite the lingering US government shutdown, proving companies still want to go public despite the lack of regulatory support.
The medical diagnostics company filed confidentially in late June and submitted two amended filings before flipping public.
The public filing begins the 15-day public viewing period before BillionToOne can begin marketing the IPO.
Ideally, the shutdown will end by October 23 – strategists at Goldman Sachs have suggested October 15, when the military is due to be paid, as a potential end to the congressional logjam.
“This offering is about more than capital,” BillionToOne co-founder and CEO Oguzhan Atay outlined in a letter to potential shareholders. “It is about setting the stage for our next phase of growth and impact. It is about building a foundation for a company that will stand among the most consequential healthcare innovators of our time.”
JP Morgan, Piper Jaffray, Jefferies and William Blair are joint bookrunners.
BillionToOne has capacity to wait for the government to reopen.
The company had US$189m of cash as of June 30 and has another US$90m available under a US$140m debt financing agreement with Oberland Capital. A portion of that cash came from a US$130m Series D private round in June 2024.
BillionToOne is also profitable, with US$4.7m of adjusted Ebitda generated in the first half of 2025 as revenue grew by 82% to US$126m. The company has FDA-approved Unity prenatal tests and Northstar cancer tests.
BillionToOne currently generates the bulk of revenue from its prenatal Unity tests, though Medicare in April approved its Northstar Select cancer test for reimbursement.
BillionToOne is a direct competitor to one-time serial equity issuer Natera, whose shares trade at US$172.09, versus the US$55 price at which it last sold stock publicly in late 2023.
Caris Life Sciences, which went public in June and is up 56.9% from offer, and Tempus AI (up 179.1% from its IPO in June 2024) are other medical diagnostic comparables.
BillionToOne believes its cancer tests are more sensitive than those of competitors, allowing doctors to determine the best course of treatment from a single blood draw and monitor the patient’s progress over time.