10x Genomics (TXG): The Substrate for AI-Driven Biology

Spatial Biology is Back

This will be a “best ideas only” bio substack providing actionable, highly digestible and high conviction value to investors focused on quality not quantity. Disclaimer: Nothing in this article (or substack) is considered investment advice and is solely the opinion of the author.

Please refer to the 2026 Genomics Stack which covers TXG, TWST, BLLN and others here.

Please refer to my TWST primer and TWST AI-driven thesis.

The spatial biology category has spent most of the last two years being treated as a cautionary tale, a casualty of the broader life science tools drawdown rather than the foundational platform shift it actually represents. With Atera now launched, the patent overhang largely resolved, and the financial profile improving in a way the tape has not yet fully priced, 10x Genomics looks to me like the cleanest picks-and-shovels exposure to a category that is still in its first inning. This primer is intended to lay out the business, the competitive position, and the reasons I am giving this name serious consideration as the life science sector exits the valley of despair.