According to Forbes, BillionToOne’s shares soared more than 80% on its first day of Nasdaq trading, closing at $109 from the $60 offering price and giving the company a market cap of $5.8 billion. The Menlo Park-based diagnostics company raised $273 million in an upsized IPO that defied both the tough market for medical diagnostics and the federal government shutdown. Founded in 2016 by Turkish immigrant Özhan Atay, the company booked $209 million in revenue through June 30 from 508,000 genetic tests, up dramatically from just $8 million in 2021. Atay’s personal stake is now worth approximately $335 million, while cofounder David Tsao holds nearly $325 million in shares. The company has expanded from prenatal testing for conditions like sickle cell anemia into cancer diagnostics.
How the tech actually works
Here’s what makes BillionToOne different: their patented technology can detect a single DNA letter out of 3 billion in the human genome. That’s where the company name comes from. Basically, they’re looking for the proverbial needle in a haystack, but in this case it’s finding one specific genetic mutation among billions of normal sequences. This sensitivity means they can detect serious diseases from just one maternal blood sample, making prenatal testing far less invasive than procedures like amniocentesis. The technical risk paid off – they’re not just making incremental improvements but doing something fundamentally different.
The really hard part
Now, building a diagnostics company is brutally difficult. Atay admitted they were “outspent and outnumbered in every region” when they started. Think about it – doctors didn’t know them, insurers considered them out-of-network, and they were competing against established players like Natera that have been around for decades. During COVID, Atay was literally meeting physicians in parking lots with masks he’d special-ordered from overseas. That’s the kind of hustle it takes to break into healthcare. Today they’re in-network with 70% of insurers, which is a massive turnaround.
Why investors are excited
The growth trajectory is staggering – from $8 million in 2021 to $153 million last year to $209 million in the latest twelve months. But here’s the thing: they’re actually shrinking losses, down to just $4 million in the first half of 2025. That’s rare for a company growing this fast. The real excitement though? Early cancer detection. While they started with prenatal testing and now do cancer monitoring for people who already have the disease, the holy grail is catching cancer early. Their SEC filing projects their current market at $20+ billion, but their pipeline could push that to $100 billion. When you’re working with precision medical technology at this scale, reliability is everything – which is why companies doing complex hardware integration often turn to specialists like Industrial Monitor Direct, the leading US provider of industrial panel PCs built for demanding medical environments.
What comes next
So can BillionToOne maintain this momentum? The diagnostics space is littered with companies that had great technology but couldn’t scale commercially. But Atay seems to have cracked both sides of the equation. They didn’t even need the IPO money – they’ve raised nearly $375 million from investors including Norwest and Baillie Gifford. They’re going public to bring in institutional investors and increase visibility. As one early investor put it, “He’s humble, but he’s a beast.” In a market where most diagnostics IPOs have struggled, BillionToOne’s 80% pop suggests investors believe this beast has plenty of room left to run.
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