Enhanced Games, a new competition that allows athletes to use performance-enhancing substances banned by established sports bodies (think: steroids, human growth hormone, peptides) under medical supervision debuts Memorial Day weekend at Resorts World Las Vegas. The event will feature four disciplines —swimming, track & field, weightlifting and strongman— and conclude with closing ceremonies and a concert featuring The Killers on May 24, 2026. 

Enhanced Group, Inc. (NYSE: ENHA), the Games’ parent co., began trading on the New York Stock Exchange earlier this month after completing a SPAC merger that placed a ~$1.3 billion enterprise valuation on the company. Peter Thiel, Prince Khaled bin Alwaleed, Donald Trump, Jr. and the Winklevoss twins are among its backers. 

The emergence of celebrity-backed challenger leagues seeking to differentiate themselves through format, rules, niche, and/or distribution channel(s) has become commonplace. But Enhanced Games has a monetization model that is fundamentally different from other sports properties. 

Rather than chasing traditional revenue streams, like media rights and sponsorship dollars, the multi-day competition exists to serve as a promotional vehicle for the company’s affiliated consumer health optimization business (think: supplements, prescriptions, over-the-counter wellness compounds).

“Think of our revenue model a lot more like Red Bull’s,” Aron D’Souza (co-founder, Enhanced Group, Inc.) said. “Red Bull uses sports to market a performance-enhancing drink.” 

The bet is history will be made at the Games, that those clips will go viral, and they’ll spur consumer —and investor— interest in ENHA’s broader biohacking business. 

The first two legs of that parlay seem certain to hit. Greek swimmer Kristian Gkolomeev swam a world-record 50-meters with a time of 20.89 seconds in February after completing an undisclosed PED regimen overseen by the company. He finished 5th in that same event at the 2024 Olympics. 

“We’ve designed the singular events held, including the 100-meter sprint, [and] the 50-meter freestyle, to be shorter than a minute—[so that it] fits into a TikTok, Instagram Reel, YouTube Short,” Maximilian Martin (co-founder and CEO, Enhanced Group, Inc.) said. “We want to be on as many platforms as we can.” 

ENHA is convinced there is a massive commercial opportunity tied to the growing global demand for personal health optimization products and therapies (think: dietary supplements, hormone replacement). The company told investors in a November ‘25 presentation that the addressable market exceeds $325 billion. 

Enhanced Group is already selling a multitude of products, including GLP-1s, personalized testosterone treatments, and peptides, on its website. That same November presentation projected $26 million in 2026 revenue from prescription and over-the-counter product sales. 

The balance of the ~$57 million expected to be generated this year is to come from the games themselves.  

ENHA expects to lose $37 million (EBITDA) in ’26. Payments to its athletes and prize money are the largest line items. 

But leadership believes it’s a savvy marketing expenditure. 

The company expects revenues to climb 7x to ~$357 million by 2028 ($110 million from prescriptions, $140 million from over-the-counter products, $107 million from sports), with EBITDA reaching $151 million that year. 

“If I want to advertise peptides, the algorithm on Meta will just put me in front of people interested in peptides,” Martin said. “What they will not do is put me in front of a 40-year-old who never had peptides in their lives. How do you reach that person? Through sports.” 

Early social media statistics suggest that logic is sound. ENHA content has tallied ~600 million views over the last ~12 months, a figure that should rise dramatically once the competition actually begins. 

To date, the audience has skewed overwhelmingly male (~95%) with the majority of viewers (~64%) between the ages of 25 and 44 years old. 

Enhanced Games will not have a media rights partner this year. Instead, the challenger property will look to be as widely distributed as possible. 

There won’t be any blue-chip sponsors attached to the inaugural event, either.  

While "I have zero doubt that there will be significant social engagement around the athletic feats of the competitors, I can't imagine a blue-chip brand would want to insert itself into the debate and discourse associated with these accomplishments,” Nick Kelly (CEO, Encore Sports & Entertainment) said.

Particularly, if they are already supporting other properties that celebrate traditional athleticism.

But ENHA will have some sponsors when the Games begin late next week. Social media platform Zoop, cactus water brand Caliwater, and the at-home pilates gear maker Frame Fitness have all signed on in support. 

Martin argues the property isn’t as unconventional as the PED angle makes it seem. Sporting competition has long been a proving ground for future consumer products (see: F1 and NASCAR’s automaker relationships).  

“The marketing strategy is going to be the most efficient we have because it’s authentic and genuine through real athletes,” he said. 

There are plans to stage additional Enhanced Games and include additional disciplines in the years ahead, assuming the company can financially sustain itself. Its SPAC structure remains a dynamic worth monitoring.

Investors are going to expect revenue performance to land reasonably close to stated expectations. And the historical lack of institutional investor support for SPAC-backed companies (DraftKings being a notable exception) will only add to the pressure on ENHA to execute quickly against projections. 

But Martin said being a publicly traded company gives it easier access to capital, enables health-optimization-focused consumers to buy into the business, and brings accountability to him, D’Souza, and the rest of the management team.  

“We’re forced to live by our philosophy, which is being transparent,” he said. 

Whether the controversial premise can sustain its rich valuation will depend on if ENHA can convert social media impressions into paying customers—and prove that spectacle can sell supplements at scale. 

“What helps an athlete break a worlds record is [medically] way too complicated for an average Joe like myself, but the work we do with athletes constantly improves our own product offerings and prescription guidelines around [more mainstream wellness applications] like peptides,” Martin said. 

On the latest episode of JaneWallStreet Presents: At The Table, a bi-weekly podcast exploring the intersection of sports, media, and finance through the lens of (mostly) female decision makers, JaneWallStreet Executive Chair, Deirdre Lester, sits down with the Head of Fubo Studios and Fubo Sports Network, Pamela Duckworth.

Duckworth explains how FAST channels provide media companies with the flexibility needed to launch and iterate with new properties without displacing existing programming. She also discusses Fubo investing in growing leagues, like Bare Knuckle Fighting Championship (BKFC), and how pay-per-view remains a viable distribution tool for tier two and three properties with passionate fan bases.

📺Watch the full episode on JohnWallStreet’s YouTube page.
🎧Listen on Spotify.