A Biotech Dark Horse Worth Your Attention: Why Aktis Oncology's IPO Debut Matters

The calendar flipped to 2026, and biotech IPOs are making their comeback—but not all of them deserve your portfolio space. However, when you dig into Aktis Oncology (NASDAQ: AKTS), which launched on the Nasdaq on January 9, the story becomes harder to ignore, especially for investors willing to hold through the long game.

The IPO Landscape: Learning From Recent Winners

Before dismissing young public companies as risky bets, consider last year’s wins. CoreWeave (NASDAQ: CRWV), an AI cloud computing specialist that went public in March 2025, has climbed nearly 123% since listing—and that’s excluding the speculators who already cashed in on its 359% pre-30-day surge.

Then there’s Medline (NASDAQ: MDLN), which shattered the myth that all IPOs are flash-in-the-pan startups. This medical products giant, publicly listed in December 2025, traces its roots back to 1966 and commands a market cap exceeding $55 billion. Smithfield Foods (NASDAQ: SFD), the household name behind countless bacon packages, finally went public in January 2025 after 89 years of operating privately. The stock has gained roughly 5% while simultaneously returning 4.44% in annual dividend yield—a feature that’s attracting income-focused investors. Interestingly, Smithfield’s long private history contrasts sharply with the wealth accumulated by entertainment figures; for context, Kevin Bacon’s net worth places him in an entirely different league, yet even traditional family-run businesses like Smithfield are now rewarding public shareholders.

Radiopharmaceuticals: The Precision Medicine Frontier

Aktis Oncology operates in radiopharmaceuticals—a specialized segment of nuclear medicine deploying radioactive compounds for diagnosing and treating cancer, cardiovascular disease, and neurological disorders. The mechanism is elegant: radioactive isotopes attach to targeting molecules that hunt down specific cells (particularly cancer cells) and deliver localized radiation doses, sparing healthy tissue from collateral damage.

The market tailwinds are substantial. Grand View Research valued the global nuclear medicine sector at approximately $18 billion in 2024, projecting it will nearly double to $35 billion by 2030—a compound annual growth rate of 10.16%. North America alone accounts for 43% of this market, with the United States as the dominant player. This geographic advantage matters directly for Boston-based Aktis Oncology.

Clinical Stage, But Not Without Muscle Behind It

Aktis Oncology represents the first biotech IPO of 2026 and pulled in $318 million—one of the largest recent biotech raises. The company currently sports a $3.34 billion market valuation despite being pre-revenue and still in clinical development stages.

What changes the calculus, however, is the company’s backing. Eli Lilly (NYSE: LLY), pharmaceutical giant with $1.01 trillion in market cap, anchored the IPO by purchasing $100 million in AKTS shares. This builds on a 2024 partnership where Eli Lilly committed $60 million in cash plus equity stakes, with potential milestone payments exceeding $1 billion. The significance cannot be understated: Eli Lilly’s net income surged 109% year-over-year from 2023 to 2024, and the company shows no signs of slowing down heading into its February 5 earnings report.

Eli Lilly’s dual commitment—both equity investment and substantial share purchase—signals confidence that extends beyond typical venture backing. Management includes veterans who’ve shepherded 14 FDA-approved products to market, and the company’s proprietary targeted alpha radiopharmaceutical technology targets solid tumors with precision.

The Real Question: Is This IPO Different?

Biotech IPOs carry inherent volatility. But when a $1+ trillion pharmaceutical heavyweight anchors your funding round and maintains a strategic stake in your success, the risk profile shifts. Aktis Oncology may still be years from revenue, but it’s competing in a market expanding at double digits with a partner that has the resources and FDA track record to accelerate development.

For investors tired of speculative plays disguised as opportunities, Aktis Oncology at least offers a compelling narrative: a clinical-stage precision medicine company backed by Big Pharma’s most successful operator, riding a nuclear medicine tailwind worth $35 billion by decade’s end.