What happens in Vega$: steroids, swimmers, and a billion-dollar hustle

I am sitting in the sweltering Nevada heat watching a man struggle to lift a bar over his head. If the man manages to do it, he will win $250,000.

The man is Boady Santavy — a two-time Olympic weight-lifting contestant from Canada — and he has muscles that look culled from the Marvel Cinematic Universe: massive, cartoonish arms that might as well belong to a superhero rather than a real human.

Santavy is attempting to beat the world record for the men’s snatch — a lift of 183 kilograms, or approximately 403 pounds. After a tortured few seconds, Santavy drops the bar — an official “no lift” — and, with a look of animated dismay on his face, hobbles away, visibly cursing.

Santavy is one of a small horde of 42 athletic contestants — weight lifters, swimmers, and track runners — that have gathered in Las Vegas over Memorial Day weekend to compete in the Enhanced Games, a unique (and, by now, quite notorious) athletic competition in which almost all of the participating athletes are on performance enhancing drugs.

Broadly derided by critics as the “steroid Olympics,” the games have taken the deeply unprecedented step of juicing many of their athletes to the gills — anabolics, testosterone, peptides, human growth hormones, and more are all in circulation. All of that chemical enhancement has taken place under the watchful eye of a team of medical professionals. Indeed, the competitors — a hodgepodge of athletes from different ages, skill levels, and backgrounds — spent 12 weeks in the United Arab Emirates at an elite compound, where they trained for the weekend’s event while working closely with doctors who tailored their “protocols” — or drug cocktails — to their individual needs.

The athletes are also being paid “appearance fees” just to participate in the contest and, like Santavy, any competitor who happens to break a world record or place first during their competitive feats will be gifted extra cash — up to $1 million in the case of the 100 meter sprint and 50 meter freestyle.

In other words: Enhanced has taken the rulebook for professional athletic competition and aggressively spiraled it out the window.

Why am I, a technology journalist, covering this event?

Odd as it might seem for a place associated with weak-limbed nerds, Silicon Valley is largely to blame for Enhanced. Indeed, the bizarre spectacle is the work of a former startup that was founded by veterans of crypto, AI, and biotech firms, and that has been backed by the likes of mega-investor Peter Thiel and former Coinbase executive Balaji Srinivasan. The event is also at the forefront of a growing industry that Silicon Valley has embraced with open arms — that of human enhancement, in which injectable drugs and ingestible supplements serve as a source of both physical empowerment and good business.

Traditional athletic health organizations, of course, hate it. The World Anti-Doping Agency — the regulatory body for the Olympics — has called the Enhanced Games “dangerous,” and Travis Tygart, the CEO of the U.S. Anti-Doping Agency, describes it as a “clown show that puts profit over people.”

Steroids have long been viewed warily by the international health community, and even federally approved consumer drugs have stirred some concern among health professionals.

However, Enhanced’s organizers argue that they are actually the good guys — that they are trying to fix a persistent bug in organized sports that has existed since forever. That bug is that a whole lot of athletes are already doping — they’re just doing it secretly. The secrecy increases risk, as there may be limited medical oversight of how the athletes are using them. Conversely, in the Enhanced version of sport, athletes self-admittedly do the drugs under the careful supervision of a team of medical professionals.

If Enhanced were merely trying to improve sports safety, that would be one thing. But the truth is that it isn’t just an athletic competition — it’s also a business. The games are the work of Enhanced Group, Inc., a newly public company that enjoyed an IPO earlier this month at a $1.2 billion valuation. Enhanced sells personalized health treatments, including peptides, GLP-1s for weight loss, testosterone injections, and other physically “enhancing” drugs. The company also recently partnered with an AI company, Rezolve Ai, to launch a digital telehealth platform.

Enhanced wants to take what it’s done in Vegas and transform it into a global business: a distribution network for consumers looking to bulk up and make themselves more youthful. The drugs that Enhanced sells have been cleared by the FDA, but there is some concern that by normalizing steroid use, the company could have a trickle-down effect on the wider culture, leading some consumers (notably young ones) to seek less regulated, more dangerous compounds that could end up having disastrous results. This concern hangs over Enhanced’s athletic competition, which has largely been read as a big advertisement for its own business — as well as the peptide industry itself.

One nation, under peptides

I am one of some 200 journalists from around the world who touch down in Vegas two days prior to the games. Enhanced, which provides us with a dedicated workspace, regular meals, and press time with athletes and Enhanced executives, is exceedingly nice to us but one can’t escape the nagging suspicion that it’s because we are an integral part of their business plan. As the skeptical oglers of this Barnum & Bailey-esque curiosity, our job is to report back to the masses, who will then know of its existence. In other words, we are free marketing for Enhanced’s business.

That business is part of an industry that is due for a gold-rush-like boom later this year, should a certain deregulatory deliverance occur.

In February, U.S. Health Secretary Robert F. Kennedy Jr. went on The Joe Rogan Experience and said he was a “big fan” of peptides. Kennedy (who, himself, can look enhanced at times) also implied that he planned to encourage the FDA to make some peptides more accessible to the public. Kennedy appears to have made good on that promise because, in July, the FDA will convene a pharmaceutical advisory committee that considers whether restrictions on certain previously banned peptides will be loosened.

Since then, the peptide industry has stood at a bizarre crossroads, in which some startups are reportedly conjuring products based on chemicals that currently reside in a legal “gray” zone, in the hopes of being first-to-market if and when the government eases up on them. Others are sticking to only FDA-approved products. A hot spot of this frenzy has been Silicon Valley, where techies are both using and investing in peptides with mutually aggressive gusto. Companies like Superpower, an AI longevity startup that sells FDA-approved peptides, and Noho Labs, a peptide startup backed by Elad Gil, have risen in prominence, while elite clubs like the AGI House have begun hosting peptide injecting “parties” — as personal use among the valley’s elite booms.

But peptides aren’t just gaining steam in the Bay Area; they’re also seeing a groundswell of use throughout the country, as fitness culture sees an aggressive upswing. Recent reports show that teens and twenty-somethings are turning to peptides to “looksmax” — the trendy new term that denotes any extreme effort to beautify one’s self — while the gym is increasingly seen as one of the key hubs of cultural life for young people. This country-wide push for self-improvement has been fueled by a social media landscape that champions the superficial. The progenitor of “looksmaxxing,” the 20-year-old online influencer “Clavicular,” has been a prominent, not to mention controversial, figure in the popularization of peptides. Yet he is only one in a sea of online voices, including podcasters like Joe Rogan and Andrew Huberman, who have recently promoted or platformed the topic.

This is all about “health,” right?

Peptide producers — including the executives at Enhanced — have sworn that their primary concern is consumer “health.” At the same time, they don’t seem to mind admitting that they’re also interested in money.

Maximilian Martin, the 29-year-old CEO and co-founder of Enhanced, is a calm defender of his company’s unconventional practices. Martin, who previously founded a bitcoin mining company and is always impeccably dressed in a suit and has an affable salesman’s smile, meets with journalists for a press conference on Saturday, where he answers questions with an even-keeled good nature, speaking soberly about how his company plans to monetize the creation of a new generation of chemically-altered mutants.

Appropriately, X-Men comes up.

“People have been using performance enhancements for a long time. If you look at, for example, Hollywood, and you look at Marvel superheroes, they’re all enhanced,” Martin offers. “Like Hugh Jackman doesn’t look like he looks at his age because he has such a clean diet and sleeps eight hours a night, right? So that market is already there. The peptide market in the U.S. today is already 85 million people. Most of that market is served by unsupervised, unregulated substances that people are taking. What we’re doing is we’re entering that market with a pathway for people to get to those benefits that they’re looking for in a safe and medically supervised way.”

Christian Angermayer, Enhanced’s billionaire co-founder and executive chairman, is more succinct. “I’m a capitalist,” he tells journalists bluntly. He doesn’t see a disconnect between profits and health. “There is no reason why something that is good should not also be a business.”

Let the games begin

May 24th, the actual day of the games, is a sweltering blur of events — all of which take place inside a miraculous $50 million open-air stadium that has been constructed in a matter of weeks for the express purpose of hosting the games. The complex houses a track, swimming pools, and an expansive pavilion for the weightlifters. Surrounding risers are filled with an audience that cheers enthusiastically despite the hot sun.

Yet while the scene may superficially call to mind the Olympics, the vibe is much less a serious sporting event than it is an uncomfortable cocktail of America’s Got Talent, WWE, and Gladiator. Beautiful influencers fill the stands in youthful, colorful herds, and an announcer narrates the day’s events with a sonorous boom that makes it feel vaguely like we’re all sitting court side at WrestleMania. Later in the evening, The Killers — a staple of Vegas entertainment culture — will play a brief concert to close out the games.

The athletes, meanwhile, stalk the grounds like mythical titans, their bulking, unreal muscles glistening in the sunlight.

Martin is seen throughout the day, walking to and fro in his impeccable suit. This suit becomes progressively more wet throughout the evening, as he keeps rushing down to the pool to hug the swimmers who win their races. Angermayer glides about the event with a breezy energy, a tranquil smile affixed to his face. He drops by the press tent briefly to glad-hand.

Other staples of the tech industry — like Bryan Johnson, the mega-wealthy biohacker who plans to live forever — are also involved. Despite no known professional athletic achievements, Johnson spends the night commentating on the spectacle in a Charles-Barkley-esque, retired athlete kind of way. Later he and his girlfriend (whose vagina Johnson regularly tweets about) are seen walking past the media tent; Johnson is dressed in a bizarre outfit that makes him look a little bit like the Sleepytime Bear from Celestial Seasonings.

The actual competitions are thrilling enough — and, in general, there seem to be a couple categories of athletes that have come to compete.

There are people like James Magnussen, a retired swimmer from Australia who has won Olympic medals in the past and sees the games as an opportunity to get back in on the action. Magnussen, an image of whose massive body spread virally throughout the web earlier this year, has spoken supportively of the peptide industry, and once said that the combination of peptides and testosterone made him feel like he was “18 again.” He will fail to break any records, however, and places last in two races.

Then there are people like Hafthor “Thor” Bjornsson — a massive Nordic body builder and competitive weight-lifter who has self-admittedly done a lot of steroids in the past and sees this competition as an opportunity to do them under closer, safer supervision.

Bjornsson is recognizable to many because he starred in Game of Thrones as Ser Gregor Clegane, the brutal knight who does the dirty work of the Lannister family and whose go-to fight move is to crush his opponents’ skulls with his bare hands. (On press day, a female journalist asks Bjornsson if he will crush her skull, and he politely obliges with a pantomimed head combustion.) During the games, Bjornsson thrillingly attempts a world record deadlift of 1,135.4 pounds, but ultimately fails to muster the strength.

Finally, there are a few competitors like American swimmer Hunter Armstrong, who are abstaining from any supplemental intake altogether. Why is Armstrong even competing? It’s pretty simple: the money, Armstrong tells journalists. That’s the answer that a lot of athletes have given for their participation, in fact. Armstrong has Olympic ambitions and wants to keep himself in the running by not tainting his record. He also has a personal aversion to doping.

“The Olympic movement is something that is very important to me,” Armstrong tells the journalists. “Outside of personal reasons, if I were to go into some kind of protocol I would lose that opportunity.”

Armstrong is one of several competitors who will win their races (in the swimmer’s case, the 50-meter backstroke) despite not being “enhanced.”

The day’s events unfold at a steady pace and, despite organizers’ promise of a titanic extravaganza of unlocked human potential, the event, while entertaining, largely pales in comparison to the Olympics or even, say, a really thrilling football game. The whole thing ends on a weirdly convenient high-point: the competition’s last race of the night — the men’s 50-meter swimming freestyle — culminates with Enhanced’s first and only world-record. Kristian Gkolomeev, a hulking colossus from Greece (he is six feet, eight inches tall), cuts across the pool at a breakneck 20.81 seconds, besting the previous record by 0.07 seconds. The entire crowd erupts in cheers and the venue’s lights blare red in a gameshow-style spasm of celebration. The other swimmers pump their fists in the air victoriously, and Martin again rushes the field in his suit, intent on hugging the dripping Gkolomeev.

The future is enhanced?

The critics of the Enhanced Games say it isn’t really about health, it’s about money. Yet it’s difficult to escape the sense that the games are also about something else, which is vanity — both that of America and the event’s organizers. America has always been the country where fitness culture extends beyond health into the realm of self-aggrandizement, and the Enhanced Games — a showy pageant embodying that principle — fits right in with the next big era of American self-regard. After all, the location of the event — the nation’s hedonism-fueled “Sin City” — hardly screams “health.” Las Vegas is the locale of spectacle and consumption — of barely-remembered nights in which revelers live for the moment, not the long-term. The organizers could have set the games in the symbolically purifying environs of the Swiss countryside or Joshua Tree, but instead they chose to set it in a place where people commonly risk their futures over a game of cards for a fleeting chance at glory.

Similarly, injecting yourself with drugs to make your muscles big doesn’t necessarily seem to be about long-term wellness as much as it’s about looking good in the moment — tomorrow’s potential health consequences be damned.

The glory for the event’s organizers, meanwhile, resides in their ability to usher in a new industry, commemorating it — as they have — with an extravagant ritual that, in their own words, heralds future “scientific breakthroughs” and “human advancement” (not to mention revenue). The gamble for them is on whether this industry does or does not blossom in the coming months, but like the consumers of their supplements, they appear to be living in the moment.

One place where limited glory is felt is the press corps towards the end of Enhanced’s three-day extravaganza. Around midnight, when the games are finally over and the crowd is dispersing, our hot and tired cohort retreats blearily to the media center — a florescent-lit workroom in the nearby Resorts World hotel. As I’m readying to leave, I make a pitstop to the bathroom and, after some necessary relief, turn a corner and run smack into Martin. He appears to be in a brand new suit (or perhaps the one he’s been wearing has simply dried), and he is admiring it in the bathroom mirror. He is undoubtedly preparing for the late-night press conference that’s scheduled to occur soon.

Having not actually spoken to him yet, I am at a bit of a conversational loss. What sort of patter can two men who are essentially strangers offer one another in a public bathroom late at night? How can I sum up the last 72 hours? “Congratulations,” my tired brain lands on, as I head for the door.

“Thank you,” he says, nodding briefly, then turns back to the mirror.