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the-axios-show

Molecular diagnostics company BillionToOne launched an IPO roadshow Wednesday, aiming to raise $211 million, at a $2.2 billion valuation.

Why it matters: BillionToOne is the latest life sciences company to test the public markets as biotech investors' anxieties ease.

Driving the news: BillionToOne announced it set IPO terms on Wednesday, and is looking to sell 3.85 million shares for $49 to $55 each, per an S-1 filing.

The company, based in Menlo Park, California, also intends to grant underwriters a 30-day option to purchase an additional 576,900 shares.

Zoom in: BillionToOne would trade on the Nasdaq under BLLN. JPMorgan, Piper Sandler, Jefferies and William Blair are leading the offering.

By the numbers: Company revenue grew 82% year-over-year to $125.5 million in the first half of this year, per the filing.

Its net loss shrunk to $4.2 million in the same period, down from $15.2 million the year before.

How it works: BillionToOne develops molecular diagnostic tests, including prenatal screening and liquid biopsies.

Catch up quick: Founded in 2016, the company last raised a $130 million Series D last year at a valuation north of $1 billion, bringing its total funding to nearly $400 million.

Investors include Premji Invest, Adam Street Partners, Baillie Gifford, Hummingbird Ventures, Civilization Ventures, Libertus Capital and Fifty Years.

BillionToOne targeting around $211M in IPO

BillionToOne is the latest life sciences company to test the public markets as biotech investors' anxieties ease.

Illustration of hydrogen molecules surrounded by dollar elements and abstract shapes

Molecular diagnostics company BillionToOne launched an IPO roadshow Wednesday, aiming to raise $211 million, at a $2.2 billion valuation.Why it matters: BillionToOne is the <a class="gtmContentClick" data-vars-link-text="latest life sciences company" data-vars-click-url="https://www.axios.com/pro/biotech-deals/2025/10/27/maplight-258m-ipo-private-placement" data-vars-content-id="a849c518-4ed9-48ad-ae83-effb2ad50590" data-vars-headline="BillionToOne targeting around $211M in IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/biotech-deals/2025/10/27/maplight-258m-ipo-private-placement" target="_self">latest life sciences company</a> to test the public markets as biotech investors&#x27; anxieties ease.

BillionToOne targeting around $211M in IPO

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