US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Single-Molecule precision enables highly accurate, scalable tests across prenatal and oncology diagnostics, setting BillionToOne apart from traditional sequencing-based competitors.</li>
<li>BillionToOne delivers 100%+ revenue growth, 69% gross margins, and positive EBITDA—rare performance metrics in molecular diagnostics ahead of its $2.3B IPO.</li>
<li>IPO is multiple-times oversubscribed with long-only healthcare anchors and top-tier backers, signaling strong institutional confidence ahead of pricing.</li>
</ul>


Single-Molecule precision enables highly accurate, scalable tests across prenatal and oncology diagnostics, setting BillionToOne apart from traditional sequencing-based competitors.
BillionToOne delivers 100%+ revenue growth, 69% gross margins, and positive EBITDA—rare performance metrics in molecular diagnostics ahead of its $2.3B IPO.
IPO is multiple-times oversubscribed with long-only healthcare anchors and top-tier backers, signaling strong institutional confidence ahead of pricing.


BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest

<ul>
<li>BillionToOne (BLLN US) set terms for its IPO on October 17th by offering 3.846 million shares at $49-$55 and to debut on November 6th.</li>
<li>The underwriters have reserved up to 5% of the shares of Class A common stock through a directed share program. </li>
<li>There is a lot to like about this company including the explosive revenue growth and the narrowing losses.</li>
</ul>


BillionToOne (BLLN US) set terms for its IPO on October 17th by offering 3.846 million shares at $49-$55 and to debut on November 6th.
The underwriters have reserved up to 5% of the shares of Class A common stock through a directed share program. 
There is a lot to like about this company including the explosive revenue growth and the narrowing losses.


BillionToOne, Inc (BLLN): Precision Diagnostics Company Sets Terms, Seeking Up to $2.4b Valuation

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.</li>
<li>The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.</li>
<li>BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.</li>
</ul>


BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.


BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

<ul>
<li>Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.</li>
<li>For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.</li>
<li>BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets. </li>
</ul>


Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.
For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.
BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets. 


BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>As of June 2026, Lila is in talks to raise approximately $2 billion in a Series B at a pre-money valuation of roughly $8.5 billion, implying a post-money valuation of approximately $10.5 billion.</li><li>By the time of its Series A in October 2025, Lila's first AISF had already closed the loop across hundreds of thousands of AI-driven experiments.</li><li>The planned 200,000-square-foot Cambridge AISF, targeted for Q3 2026 opening, is the clearest near-term capacity lever.</li></ul>

As of June 2026, Lila is in talks to raise approximately $2 billion in a Series B at a pre-money valuation of roughly $8.5 billion, implying a post-money valuation of approximately $10.5 billion.By the time of its Series A in October 2025, Lila's first AISF had already closed the loop across hundreds of thousands of AI-driven experiments.The planned 200,000-square-foot Cambridge AISF, targeted for Q3 2026 opening, is the clearest near-term capacity lever.

United States

BillionToOne, Inc. operates as a diagnostics company. The Company provides quantitative counting templates that detects genetic disorders in the developing baby from maternal blood, as well as invents in the patent-pending molecular counter platform, which increases the resolution of cell-free DNA detection. BillionToOne serves customers in the United States.

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BillionToOne (BLLN US)

BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest

BillionToOne's single-molecule precision technology sets them apart in prenatal and oncology diagnostics, leading to impressive revenue growth and...

IPO Boutique

BillionToOne, Inc (BLLN): Precision Diagnostics Company Sets Terms, Seeking Up to $2.4b Valuation

BillionToOne sets terms for IPO, offering 3.846 million shares at $49-$55, with debut on November 6th and underwriters reserving up to 5% of...

IPO Boutique

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company

BillionToOne's smNGS platform detects genetic targets with single-molecule sensitivity, achieving impressive revenue growth and raising...

IPO Boutique

Primer: Lila Sciences - 04 Jun 2026

Autonomous lab system for AI-driven hypothesis generation, experiment design, and execution

Sacra

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52-week Range

Market Cap (USDm)

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BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest

​BillionToOne's single-molecule precision technology sets them apart in prenatal and oncology diagnostics, leading to impressive revenue growth and...

IPO Boutique

BillionToOne, Inc (BLLN): Precision Diagnostics Company Sets Terms, Seeking Up to $2.4b Valuation

​BillionToOne sets terms for IPO, offering 3.846 million shares at $49-$55, with debut on November 6th and underwriters reserving up to 5% of...

IPO Boutique

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

​Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company

​BillionToOne's smNGS platform detects genetic targets with single-molecule sensitivity, achieving impressive revenue growth and raising...

IPO Boutique

Primer: Lila Sciences - 04 Jun 2026

Autonomous lab system for AI-driven hypothesis generation, experiment design, and execution

Sacra

BillionToOne's single-molecule precision technology sets them apart in prenatal and oncology diagnostics, leading to impressive revenue growth and...

BillionToOne sets terms for IPO, offering 3.846 million shares at $49-$55, with debut on November 6th and underwriters reserving up to 5% of...

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

BillionToOne's smNGS platform detects genetic targets with single-molecule sensitivity, achieving impressive revenue growth and raising...