BillionToOne (BLLN) upsized its IPO at pricing to 4.55 million shares – up from 3.85 million shares in the prospectus – and priced the deal at $60.00 – $5.00 above the top of its $49.00-to-$55.00 price range – to raise $273.06 million on Wednesday night, Nov. 5, 2025. The IPO’s upsized terms gave BillionToOne (BLLN) – a pioneer in prenatal testing for sickle cell disease and cystic fibrosis – a market cap of about $2.68 billion at pricing.
J.P. Morgan, Piper Sandler and Jefferies led the IPO’s joint book-running team. William Blair, Stifel, Wells Fargo Securities and BTIG also served as joint book-runners.
A JUMP & A MOONSHOT
Shares of BillionToOne (BLLN) surged to open at $100.00 today – Thursday, Nov. 6, 2025 – up $40.00 from their IPO price – in their NASDAQ debut at 12:39 p.m. EST on volume of about 252,752 shares.
By 1:02 p.m. EST, BillionToOne (BLLN) had climbed to $114.93 – its intraday high so far for the day – up $54.93 from its $60.00 IPO price for a gain of 91.5 percent on NASDAQ volume of 626,006 shares.
About an hour and 15 minutes later, BillionToOne (BLLN) touched $120.00 – doubling its $60.00 IPO price and scoring a moonshot on its first day of NASDAQ trading. olume was about 1..4 million shares.
At the closing bell, BillionToOne (BLLN) ended at $108.94 – up $48.94 from its IPO price – for a whopping gain of 81.57 percent on Thursday, Nov. 6, 2025 – its first day as a publicly traded company. Volume was about 1.4 million shares.
PRENATAL TESTING PIONEER
BillionToOne (BLLN), founded in 2016 and based in Menlo Park, California, developed the first non-invasive prenatal test that uses cfDNA to provide fetal risk assessment for recessive conditions such as sickle cell disease and cystic fibrosis without requiring a paternal sample or invasive procedures such as amniocentesis. That test, called UNITY, was launched in 2019.
Fast forward to 2023, when BillionToOne introduced two pan-cancer liquid biopsy tests – Northstar Select, used to guide therapy selection, and Northstar Response, used to monitor patient response to therapy, according to the prospectus.
BillionToOne (BLLN) is not profitable, according to financial statements in the prospectus: Net loss of $31 million on revenue of $209 million for the 12 months that ended on June 30, 2025.
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