Funding profile · Molecular diagnostics
BillionToOne
About $400 million of private capital raised with no Form D of its own on EDGAR, then a $314.0 million IPO in November 2025.
$305.1M2025 revenue, up 100% on 2024
$314.0MIPO gross proceeds, Nov 2025, after the full underwriters’ option
$422.5MAggregate liquidation preference of preferred stock at Dec 31, 2024
$1.0MThe only Form D naming the company, a single investor vehicle
Data as of September 23, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Before 2022 | Series A-1 through A-6 | $17.5M aggregate liquidation preference | Y Combinator, NeoTribe Ventures, Norwest Venture Partners, Four Rivers Group, Fifty Years, HOF Capital | S-1 and press |
| Before 2022 | Series B-1 and B-2 | $71.0M aggregate liquidation preference | Not itemized in the prospectus | S-1 |
| Mar to Sep 2022 | Series C, $25.4937 per share | $143.5M | Not itemized; Adams Street and Libertus Capital hold more than 5% | S-1 |
| Sep 2022 | Convertible notes, 8% per year | $30.0M principal | Libertus Capital $15.0M, Adams Street Partners $3.0M, others unnamed | S-1 |
| May 2024 | Series D, $28.0204 per share | $130.5M | Premji Invest $50.5M, Adams Street $15.0M, Hummingbird $12.5M, Libertus Capital I $7.0M; also Neuberger Berman, Baillie Gifford, Fifty Years | S-1 and release |
| Nov 2025 | IPO at $60 per share, Nasdaq BLLN | $273.1M at pricing; $314.0M after the option | J.P. Morgan, Piper Sandler, Jefferies, William Blair and four others | Company release |
| Mar 2021 | Fifty Years BillionToOne, a Series of Fifty Years Special LLC | $1.0M | 1 investor | Form D |
| FY2018 | NIH SBIR Phase I, NHLBI | $224,227 | Principal investigator David Tsao | NIH RePORTER |
What the filings show
Fifty Years BillionToOne, a Series of Fifty Years Special LLC · Form D · filed May 18, 2022
- First sale
- Mar 1, 2021
- Type
- Pooled investment fund, single company vehicle
- Offered
- $1,000,000
- Sold
- $1,000,000 · $0 remaining
- Investors
- 1 · average $1,000,000
- Use of proceeds
- $8,000 stated as a one time cost for fund organizational and operating expenses
- Exemptions
- Rule 506(b); Investment Company Act 3(c)(1)
- Related persons
- Assure Fund Management II (issuer’s manager); Richard Thoms and Jeremy Neilson (officers of the manager)
- Filing
- SEC EDGAR, CIK 0001849113
BillionToOne, Inc. · Form S-1 · filed Oct 7, 2025
- Preferred outstanding
- 29,084,235 shares at Dec 31, 2024, carrying value $419.4M
- Liquidation preference
- $422.5M
- Accumulated deficit
- $286.4M at Jun 30, 2025
- Voting
- Class B carries 15 votes per share, held by the two founders
- Regulatory
- All tests are laboratory developed tests under CLIA with CAP accreditation, not subject to FDA approval requirements
- Patents
- 9 US issued, 45 foreign, 14 pending US applications, 31 foreign applications at Jun 30, 2025
- Filing
- SEC EDGAR, CIK 0002070849
Reading the filings
- The company filed no Form D at all.Press accounts put lifetime private fundraising near $400 million, and the prospectus documents $17.5M, $71.0M, $143.5M, $30.0M and $130.5M across the preferred and note financings. EDGAR carries no Form D under BillionToOne’s own name. An issuer selling under Section 4(a)(2) rather than Regulation D files none, so the silence is a choice of exemption, not an absence of money.
- The one Form D that names the company is small and late.A Fifty Years vehicle sold $1,000,000 to a single investor with a first sale date of March 1, 2021. The notice was signed May 16, 2022 and filed May 18, 2022, about 14 months later. A Form D is due within 15 days of the first sale. The filing also discloses $8,000 of the proceeds as a one time organizational and operating charge, or 0.8 percent of the vehicle.
- The note holders got a 23 percent discount.Series C priced at $25.4937 per share in 2022. The $30.0 million of notes issued that September converted at $19.6143, or 76.9 percent of the Series C price. Series D then priced at $28.0204 in May 2024, 9.9 percent above Series C two years later.
- Announced and filed do not match on Series C.Fierce Biotech reported a $125 million Series C in March 2022. The prospectus reports 5,628,825 shares sold from March through September 2022 for approximately $143.5 million. The difference is the six month tail that the press release did not cover.
- The IPO figure depends on the date.Reuters reported $273.1 million raised at pricing on November 5, 2025, from 4.55 million shares at $60. The company closed on 5,233,765 shares on November 7 after the underwriters exercised their option in full, which at $60 is $314,025,900 gross.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Regulatory | No FDA 510(k) or PMA. Every product is a laboratory developed test run under CLIA, with voluntary CAP accreditation. | Public record |
| Reimbursement | Payor contracts covering about 225 million lives at Dec 31, 2024, and 300 million contracted lives reported in Q1 2026. Medicare coverage for Northstar Select effective Feb 14, 2025 through MolDX. | S-1 and company |
| Volume and price | 188,000 tests delivered in Q1 2026 and 196,000 in Q2 2026. Overall average selling price $571 in Q1 2026 against $445 a year earlier. | Company-stated |
| Profitability | Operating income $17.8M in Q1 2026 and $5.5M in Q2 2026, against operating losses in both 2025 quarters. Gross margin 70% to 73%. | Company-stated |
| Guidance | 2026 revenue of $450M to $465M, raised in May 2026 and reiterated on Aug 5, 2026. | Company-stated |
| Litigation | Natera sued a former oncology salesperson in 2026, alleging hundreds of confidential files were taken days before a move to a competitor. | Independent |
| Market value | About $5.5 billion in September 2026, against a $2.64 billion implied value at the $60 IPO price. | Market data |
What to watch
- Oncology as a share of revenue. It was 8 percent of 2025 and has the least published outside validation.
- Any professional society position on single gene cell free DNA screening, which would move coverage before it moves volume.
- Whether operating income holds. It fell from $17.8M in Q1 2026 to $5.5M in Q2 2026 on flat revenue.
The BillionToOne story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordBillionToOne, Inc. Form S-1 registration statement
- Public recordForm D, Fifty Years BillionToOne, a Series of Fifty Years Special LLC
- Public recordNIH RePORTER 1R43HL144322-01
- IndependentMolecular diagnostics firm BillionToOne raises $273 million in US IPO
- IndependentDNA testmaker BillionToOne claims billion-dollar valuation with $130M funding round
- IndependentNatera targets ex-employee over mass file download before rival move
- Market dataBillionToOne (BLLN) stock price and overview
- CompanyBillionToOne Announces Closing of Upsized Initial Public Offering and Full Exercise of Underwriters’ Option
- CompanyBillionToOne Reports Fourth Quarter and Full Year 2025 Results
- CompanyBillionToOne Reports Second Quarter 2026 Results and Reiterates 2026 Revenue Guidance
Compiled from SEC, NIH and other public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in BillionToOne. This page is not an offer to sell or a recommendation to buy any security.