BillionToOne (BLLN.US), a molecular diagnostics company based in California, has announced the terms of its initial public offering (IPO). The company aims to raise $200 million by issuing 3.8 million shares, with a pricing range set between $49 and $55 per share. At the midpoint of the proposed price range, BillionToOne's fully diluted market capitalization will reach $2.7 billion. BillionToOne is focused on molecular diagnostics, leveraging its single-molecule next-generation sequencing (smNGS) platform to develop products for prenatal testing and oncology, revealing meaningful insights through simple blood draws. In 2019, the company launched its first prenatal product, UNITY, which was the first non-invasive prenatal test using cell-free DNA for assessing the risk of recessive genetic diseases without requiring paternal samples or invasive procedures. In 2023, it introduced two complementary pan-cancer liquid biopsy tests: Northstar Select for guiding treatment choices and Northstar Response, a methylation-based assay that quantifies cancer severity at the single-molecule level without the need for tissue biopsies. Founded in 2016, BillionToOne specializes in prenatal screening and cancer treatment monitoring, with its core Quantitative Counting Templates™ technology detecting DNA molecules with single-base pair precision. For the 12 months ending June 30, 2025, its revenue reached $209 million. The company plans to list on NASDAQ under the ticker symbol BLLN, with Morgan Stanley, Jefferies, Wells Fargo Securities, and BTIG serving as joint bookrunners for the offering.