ERock Sets IPO Price at $21.50 Per Share, Targets $600 Million in Fresh Capital

Berita Crypto , Wednesday, 10 June 2026

Posted by Rima Dwi Astuti

ERock Prices IPO at $21.50 per Share, Targets $600 Million in Fresh Capital

ERock, Inc. has set the price of its initial public offering (IPO) at $21.50 per share, the midpoint of its previously announced range of $20 to $23 per share. The company is offering approximately 27.91 million Class A common shares, aiming to raise around $600 million in gross proceeds before underwriting fees and expenses.

ERock shares are scheduled to begin trading on the New York Stock Exchange (NYSE) under the ticker EROC on June 10, 2026. Morgan Stanley and J.P. Morgan acted as joint bookrunners for the offering. Underwriters also have a 30-day option to purchase up to 4.19 million additional shares if investor demand remains strong.

Power Infrastructure for the AI Era

Formerly known as Enchanted Rock, ERock develops modular natural gas-powered onsite power systems for data centers, utilities, and large commercial and industrial customers.

As of March 31, 2026, the company had approximately 1,000 megawatts (MW) of installed capacity across roughly 400 sites, primarily located in California and Texas. ERock also reported a contracted backlog of $1.3 billion.

Revenue Growth Continues Despite Losses

ERock generated $31.7 million in revenue during the first quarter of 2026, up 32% from the same period a year earlier.

For the full 2025 fiscal year, revenue reached $183.1 million, representing 42.5% year-over-year growth.

Despite strong top-line growth, the company reported a net loss of $17.2 million in the first quarter of 2026.

Key Takeaways for Investors

The $600 million expected from the IPO is more than three times ERock’s total revenue for 2025. If underwriters fully exercise their option to purchase additional shares, total gross proceeds could increase to nearly $690 million.

For investors evaluating EROC, key metrics include the company’s 1,000 MW installed capacity, $1.3 billion contracted backlog, and ongoing losses despite its rapid revenue growth trajectory.