12/25/2025
DirectlyListed: This month, BillionToOne, Inc. achieved a successful direct listing on NASDAQ Global Select Market (November 6, 2025), marking a significant step in the evolution of capital markets.
Unlike traditional IPOs, a direct listing allows companies to provide unrestricted liquidity to existing shareholders without lock-up periods or underwriter allocations. BillionToOne’s model demonstrates how innovative companies can leverage this path to the public markets while maintaining control and minimizing dilution.
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