• Illumina for single-cell and spatial genomics
• Thermo Fisher Scientific for single-cell and spatial biology

• Chromium Single Cell Systems: Integrated platforms, including instruments and reagents, that enable high-throughput single-cell gene expression analysis.
• Visium Spatial Gene Expression: An integrated platform of instruments and reagents for mapping gene expression while preserving spatial context within tissue samples.
• Xenium In Situ Analysis: A high-resolution platform designed to visualize and quantify gene expression directly within tissue samples at subcellular resolution.
• Genomic Reagents & Consumables: Specialized chemical kits, chips, and other single-use components necessary to run experiments on their instruments.
• Software for Data Analysis: Tools for processing, visualizing, and interpreting the complex genomic data generated by their platforms.

10x Genomics (symbol: TXG) primarily sells its innovative instruments, consumables, and software to other companies and research institutions, rather than directly to individuals. The company serves a broad and diversified customer base globally.

While 10x Genomics does not publicly disclose specific named "major customers" in the traditional sense (i.e., individual companies accounting for a significant portion of revenue) due to its highly fragmented and diversified customer base, its products are widely adopted by and sold to the following categories of organizations:

• Academic Institutions: Leading universities and research centers worldwide that utilize 10x Genomics technology for fundamental scientific discovery across various fields like cancer research, neuroscience, immunology, and developmental biology.
• Government-funded Research Centers: National and international research laboratories supported by government funding (e.g., National Institutes of Health, Wellcome Trust Sanger Institute).
• Biotechnology Companies: A wide array of private and public biotechnology firms leveraging single-cell and spatial analysis for drug discovery, diagnostics, therapeutic development, and other R&D initiatives.
• Pharmaceutical Companies: Major global pharmaceutical companies that integrate 10x Genomics platforms into their drug discovery and development pipelines for applications such as target identification, mechanism of action studies, and biomarker discovery.

Because their customer base is diverse, consisting of thousands of individual labs and companies globally, 10x Genomics does not typically name specific customer companies in their financial disclosures. Therefore, specific customer company names and symbols cannot be provided.

• Thermo Fisher Scientific (TMO)
• Danaher Corporation (DHR)
• Merck KGaA (MRKGY)

Serge Saxonov, Chief Executive Officer, Co-founder

Serge Saxonov co-founded 10x Genomics in 2012 and has served as CEO since its inception, defining the company's vision and strategy and contributing to core inventions. Prior to 10x Genomics, he was Vice President of Applications at QuantaLife, where he was responsible for building content, driving new applications, and identifying key diagnostics opportunities. QuantaLife was acquired by Bio-Rad in 2011. Before QuantaLife, he was the first employee, Founding Architect, and Director of R&D at 23andMe. He received a Ph.D. in biomedical informatics from Stanford University and an A.B. in applied mathematics and biology from Harvard College.

Adam Taich, Chief Financial Officer

Adam Taich was appointed Chief Financial Officer of 10x Genomics, effective August 12, 2024. He is responsible for leading the company's financial team and strategy. Before joining 10x Genomics, Taich served as Chief Strategy Officer at Standard BioTools. He was also the interim Chief Executive Officer of SomaLogic, a proteomics company, and previously held roles as Chief Business Officer and Executive Vice President of Life Sciences at SomaLogic. Earlier in his career, he spent nearly 20 years at Thermo Fisher Scientific in various senior roles spanning finance, strategy, and general management.

Ben Hindson, President, Co-founder, Chief Scientific Officer

Ben Hindson co-founded 10x Genomics in 2012 and has served as Chief Scientific Officer and President since its founding. Before 10x Genomics, he co-founded and was Chief Scientific Officer of QuantaLife, a privately-held life sciences company that developed and commercialized a droplet digital PCR platform, until its acquisition by Bio-Rad Laboratories in 2011. Prior to QuantaLife, Ben held various positions at Lawrence Livermore National Laboratory in the Chemical and Biological Weapons Nonproliferation Program. He holds a B.S. in Chemistry and a Ph.D. in Chemistry from Deakin University, Australia.

Michael Schnall-Levin, Chief Technology Officer, Founding Scientist

Michael Schnall-Levin is the Chief Technology Officer and a Founding Scientist at 10x Genomics. He also serves as the Vice President of Product, R&D, and Strategy.

Mennah Moustafa, Chief Commercial Officer

Mennah Moustafa was appointed Chief Commercial Officer of 10x Genomics, effective August 1, 2024. She oversees commercial strategy, sales, support, and marketing. Moustafa joined 10x Genomics in April 2022 as Senior Vice President of Commercial Operations and served as interim Chief Commercial Officer since January 2024. Before joining 10x Genomics, she was Abcam's Head of Commercial for the Americas and later led Business Development and Customer Experience Journey. She also spent a decade at Sigma-Aldrich.

The key risks to 10x Genomics' (TXG) business are primarily centered around macroeconomic pressures, intense competition, and ongoing intellectual property disputes.

1. Macroeconomic Uncertainty and Tightening Research Budgets: 10x Genomics faces significant pressure from a slowdown in instrument sales and persistent macroeconomic uncertainty, particularly within its key customer base of academic and government institutions. This tightening of research budgets, especially in the Americas, directly impacts capital expenditures and has led to a sharp decline in instrument revenue. The overall uncertain funding environment poses a significant external risk, affecting the company's near-term financial health and overall revenue growth.
2. Intense Competition and Pricing Pressure: The biotechnology tools industry, in which 10x Genomics operates, is highly competitive. The company faces the constant threat of existing competitors and smaller innovative outlets developing superior products or outcompeting on price. 10x Genomics has already proactively lowered prices for some of its assays, such as the Chromium Flex, to drive volume, which can pressure top-line revenue and gross margins until volume sufficiently increases.
3. Intellectual Property (IP) Disputes and Litigation: As a technology-driven company, 10x Genomics is regularly involved in lawsuits and legal proceedings related to intellectual property. These disputes can be a major financial drain, incurring substantial legal costs and diverting resources. The ability to protect and enforce its IP is crucial for maintaining market share and competitive advantage in the high-tech life sciences space.

Disruptive Cost and Throughput in Single-Cell Analysis: Companies such as Parse Biosciences (with its Evercode platform) and Fluent BioSciences (with PIP-seq) are introducing single-cell RNA sequencing technologies that offer significantly higher throughput and lower cost per cell compared to 10x Genomics' widely adopted Chromium platform. These alternative methodologies utilize different approaches, such as combinatorial barcoding or particle-based systems, which can simplify workflows and make large-scale single-cell studies more accessible and economical. This directly threatens 10x Genomics' market dominance in its foundational single-cell analysis segment by offering a potentially more scalable and cost-effective solution, similar to how Netflix offered a more affordable and convenient subscription model that disrupted Blockbuster's traditional rental business.

Advanced High-Resolution Spatial Genomics Platforms: In the rapidly growing spatial genomics market, competitors like BGI (with its Stereo-seq platform) and Resolve Biosciences (with its Molecular Cartography platform) are gaining significant traction. BGI's Stereo-seq offers ultra-high (sub-cellular) resolution and a vast field-of-view, potentially exceeding the capabilities of 10x Genomics' Visium platform and providing a strong alternative to its Xenium platform for detailed in situ analysis. Resolve Biosciences also focuses on highly multiplexed, sub-cellular resolution spatial analysis using a different technology. These platforms directly compete with 10x Genomics' expanding spatial product portfolio by offering potentially superior or differentiated performance metrics critical for cutting-edge spatial biology research. This mirrors how Apple's iPhone introduced a dramatically different and superior user experience and capability that threatened Research in Motion's BlackBerry, which relied on its established but less innovative platform.

10x Genomics (TXG) operates primarily in the fields of single-cell analysis and spatial genomics, with its main products and services encompassing platforms like the Chromium Single Cell system, Visium Spatial platform, and Xenium In Situ for various research applications.

Addressable Markets for 10x Genomics' Main Products and Services:

• Single-Cell Analysis Market (Global): The global single-cell analysis market size was estimated at USD 4.34 billion in 2023 and is projected to reach USD 13.69 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 18.7% from 2024 to 2030. Other estimates indicate the market was valued at USD 5.28 billion in 2025 and is forecast to climb to USD 9.77 billion by 2030, registering a 13.10% CAGR over the period. Another report calculated the market size at USD 4.78 billion in 2025 and forecasts it to reach around USD 18.68 billion by 2034, accelerating at a CAGR of 16.40% from 2025 to 2034. More recent data from 2024 shows the market size at USD 5.19 billion, growing to USD 6.16 billion in 2025, and projected to reach approximately USD 29.15 billion by 2034, expanding at a CAGR of 18.74% between 2025 and 2034.

• Spatial Genomics & Transcriptomics Market (Global): The global spatial genomics and transcriptomics market was estimated at USD 232.5 million in 2022 and is projected to reach USD 574.3 million by 2030, growing at a CAGR of 12.2% from 2023 to 2030. Another assessment valued the market at USD 305.7 million in 2022 and projects it to increase at a CAGR of 15.2% from 2023 to 2032, reaching USD 1.2 billion by 2032. The market was valued at USD 403 million in 2024, with total global revenue expected to grow at a CAGR of 14% from 2025 to 2032, reaching nearly USD 1149.59 million. As of 2025, the spatial genomics and transcriptomics market size stands at USD 673 million and is on track to reach USD 1,207.39 million by 2030, delivering a 12.40% CAGR.

Expected Drivers of Future Revenue Growth for 10x Genomics (TXG)

Share Repurchases

• 10x Genomics had a 5-Year Share Buyback Ratio of -4.40% as of June 2025, suggesting a net issuance of shares rather than repurchases during this period.

Share Issuance

• In August 2025, the acquisition of Scale Biosciences included $13.5 million in Class A common stock (1,099,992 shares) as part of the upfront consideration.
• As part of the ReadCoor acquisition in October 2020, 10x Genomics issued 1,901,382 shares of Class A common stock, valued at $306.0 million.
• The company consistently issues Class A common stock related to equity awards and stock-based compensation as part of its executive and employee compensation programs.

Outbound Investments

• 10x Genomics acquired Scale Biosciences in August 2025 for an upfront consideration of $30 million in cash and stock, plus a contingent consideration of $22.4 million recorded at fair value, to enhance its Chromium platform and single cell analysis capabilities.
• In October 2020, 10x Genomics acquired ReadCoor Inc. for a total consideration of $407.4 million, paid through $101.4 million in cash and $306.0 million in Class A common stock, to develop its in situ analysis technologies.
• In August 2020, 10x Genomics acquired Cartana AB for $41.2 million in cash, which included a $7 million earnout, to expand its expertise in in situ RNA analysis technology.

Capital Expenditures

• Annual capital expenditures were $37 million in 2020, $101 million in 2021, $132 million in 2022, $49 million in 2023, and $12 million in 2024.
• The company anticipated capital expenditures to be between $15 million and $20 million over the next 12 months as of June 2024.
• Capital expenditures are generally focused on strategic investments in innovation and long-term growth, with macroeconomic challenges continuing to influence customer spending patterns in this area.