Billionaire-Backed Steroid Olympics Muscles Into Markets With Controversial SPAC Merger
Performance-enhancing drugs just got Wall Street’s stamp of approval (sort of). The Enhanced Games, a controversial athletic competition that encourages steroid use, is going public via a $1.2B merger with A Paradise Acquisition Corp. Despite criticism, the group plans to launch its first event this May in Las Vegas, featuring swimming, track and field, and weightlifting.
- Backed by Peter Thiel and Donald Trump Jr., the deal brings in up to $200M in cash, plus $40M from a private placement led by existing investors like the Winklevoss twins.
- Enhanced projects a $37M loss on $52M in 2026 revenue but expects to triple sales and turn a profit by 2027 — while also warning of ongoing reputational risks.
Enhanced showdown: World Athletics president Sebastian Coe dismissed the concept as “nonsense,” while WADA chief Witold Bańka said it should be blocked, warning it could prove “embarrassing” for the US as a major sports event host. Yet, Enhanced CEO Maximilian Martin insists the games will prove that performance enhancements “under the right clinical and medical supervision” deliver “long-term health and longevity benefits.” The SPAC merger wraps in the first half of 2026 — shortly after the debut event tests whether audiences will embrace athletic records with an asterisk.