Shares of Enhanced Group (ENHA), the company behind the Peter Thiel-backed Enhanced Games, fell by as much as half on Tuesday after a six-hour Las Vegas debut produced only one unofficial world record.
The startup went public this month at a $1.2 billion valuation and has now shed hundreds of millions in market value over the past three weeks.
Vegas Debut Delivers One Record
The Enhanced Games held a single-night competition on May 24 at Resorts World Las Vegas, paying out a $25 million purse.
Roughly 42 athletes competed, with the company’s own monitoring data showing 91% used testosterone, 79% used human growth hormone, and 62% used stimulants like Adderall & modafinil ahead of the event.
“Peter Thiel and Donald Trump Jr. spent millions to create a steroid Olympics. They promised to “redefine human limits” and put up $25M in prize money…the whole pitch was that drugs would shatter the limits of clean sport. Instead, they proved the gap between juiced and clean…the only thing they actually proved was how good the clean athletes already are. You think the Enhanced Games exposed anything or just embarrassed themselves?” one researcher posed.
Only one unofficial world record fell. Greek swimmer Kristian Gkolomeev clocked 20.81 seconds in the men’s 50-meter freestyle, beating Cameron McEvoy’s 20.88-second mark and earning a $1 million bonus.
Sprinter Fred Kerley, who had predicted Usain Bolt’s 9.58-second 100-meter mark would be “destroyed,” won in 9.97 seconds, a time that would not have qualified for the Paris Olympics final.
Clean athletes, including Olympic gold medalist Hunter Armstrong, took three events outright.
A non-enhanced athlete, Hunter Armstrong, won 1st place in the Men’s 50m Backstroke at the Enhanced Games while competing against athletes using testosterone, steroids, and other PEDs. pic.twitter.com/j8pKQdQPLs
— FearBuck (@FearedBuck) May 25, 2026
Silicon Valley Loses to Biology
After closing at $5.36 on Friday, ENHA opened near $2.67 on Tuesday, a roughly 50% intraday slide that wiped out close to $800 million in market value.
Market cap has fallen from $981 million on May 7 to roughly $655 million.
BREAKING: Enhanced Games stock crashed -52% today, two days after holding its first ever event.
The entire company was built on one idea: let athletes use drugs freely and watch them smash world records. It held its first competition on May 24 in Las Vegas.
Only one world… pic.twitter.com/M7Ee6r1SOJ
— Bull Theory (@BullTheoryio) May 26, 2026
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The setup echoes another recent venture-backed spectacle. A week earlier, Figure AI staged a 10-hour “Man vs. Machine” contest in which a human intern beat its F.03 humanoid robot 12,924 packages to 12,732.
Congrats to Aime!! He said his left forearm is basically broken 😂
Final scores:
→ F.03: 12,732 packages (2.83 seconds/package)
→ Aime: 12,924 packages (2.79 seconds/package)This is the last time a human will ever win pic.twitter.com/CalDzPZz4d
— Brett Adcock (@adcock_brett) May 18, 2026
When a single live-streamed proof point misses, the equity story tends to unravel in hours, not quarters.
With backers like tech investor Peter Thiel historically quick to rotate out of stalling bets, ENHA’s path to a second event now depends on public-market patience.
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