ERock, which produces and deploys natural gas power generation systems for enterprises, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $600 million by offering 27.9 million shares (28% synthetic secondary) at a price range of $20 to $23. At the midpoint of the proposed range, ERock would command a fully diluted market value of $5.9 billion.
ERock is a vertically integrated distributed power company that designs, deploys, operates, and maintains modular natural gas generator systems for data centers, utilities, and large commercial and industrial customers across nine U.S. states. The company deploys its power systems in three configurations: bridge power, which provides prime power ahead of grid interconnection; backup power, which supports continuity during grid disruptions; and dispatchable power, which delivers on-demand flexible capacity for peak load management and grid stability. ERock generates revenue through a combination of upfront power system sales and installation services, and recurring operations and maintenance contracts post-commissioning.
ERock was founded in 2018 and booked $191 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol EROC. Morgan Stanley, J.P. Morgan, Barclays, and BofA Securities are the joint bookrunners on the deal. It is expected to price the week of June 8, 2026.
