A new breed of athletic competition is set to debut in Las Vegas, challenging conventional notions of human performance and igniting fervent debate. The upcoming Enhanced Games, branded by some as the “Steroid Olympics,” will feature 42 elite athletes across swimming, track and field, and weightlifting. The provocative premise? Competitors will be permitted to use performance-enhancing drugs.
While the World Anti-Doping Agency (WADA) and the International Olympic Committee have voiced strong criticism since the games were announced in 2023, a segment of the investment community sees significant opportunity. Notably, Donald Trump Jr.’s investment firm, 1789 Capital, has joined Peter Thiel on the cap table of Enhanced Group, the company spearheading this venture, leading its Series B funding round in 2025. Trading under the ticker ENHA, the company’s stock has seen a notable surge of approximately 35% in the past week leading up to the inaugural event. However, it’s important to note that the stock has experienced a decline of around 40% since its public debut on the New York Stock Exchange earlier this month via a Special Purpose Acquisition Company (SPAC).
“The Enhanced Games represent the future—real competition, real freedom, and real records being smashed,” stated Donald Trump Jr. upon announcing his firm’s involvement, signaling a belief in a paradigm shift within elite sports.
**A New Frontier in Athleticism**
The Enhanced Games will unfold in a custom-built arena designed to host 2,500 spectators, who will not only witness the athletic feats but also enjoy a post-event performance by the renowned rock band The Killers. Beyond the rigorous training regimens expected of any professional athlete, participants will be under medical supervision while utilizing a range of performance-enhancing substances.
Organizers have specified that only substances approved by the U.S. Food and Drug Administration (FDA) can be administered. While individual substance protocols remain confidential, Enhanced Group has indicated that competitors may use substances such as testosterone and its esters, human growth hormones, stimulants like Adderall, metabolic modulators, erythropoietin, and anabolic steroid agents—all of which are explicitly banned by WADA.
This novel approach has successfully attracted a roster of accomplished athletes. Among them is American sprinter Fred Kerley, the 2022 100m world champion and a medalist at the 2020 and 2024 Olympic Games. He will be competing on the track. Australian swimmer James Magnussen, an Olympic silver and two-time bronze medalist, will also participate. Furthermore, U.S. Olympic gold medalist swimmer Cody Miller is slated to compete.
**Expanding the Enhancement Ecosystem**
The vision for Enhanced Group extends far beyond the confines of the athletic arena. The company has ambitious plans to capitalize on the burgeoning market for performance-enhancing substances. In March, Enhanced Group unveiled a line of supplements, alongside performance and longevity products, including hormone replacement therapy for both men and women.
“This marks the first step in the company’s plan to become the leading provider of personalized enhancement products that improve health, performance, and recovery,” a company statement read.
Moreover, Enhanced Group intends to offer access to peptides, a class of compounds that has witnessed a significant surge in popularity. The widespread adoption of GLP-1 drugs for weight loss, such as Wegovy, underscores the growing demand for peptide-based treatments.
“Understanding how popular peptide usage has become globally, we intend to invest heavily in this space,” stated CEO Maximilian Martin earlier this year, highlighting the strategic importance of this market segment.
The Enhanced Games, therefore, represent more than just a sporting event; they are a bold proposition at the intersection of sports science, biohacking, and a burgeoning wellness industry, challenging regulatory frameworks and potentially reshaping the future of human performance. The success of this venture will likely hinge on its ability to navigate ethical concerns, regulatory scrutiny, and public perception while delivering on its promise of pushing the boundaries of human capability.
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