Data center power infrastructure company ERock (EROC.US) has initiated an IPO on the US stock market, aiming to raise up to $642 million.

US distributed power system supplier ERock Inc. has officially launched its initial public offering (IPO) plan, intending to raise up to $642 million. Market participants believe that with large tech companies accelerating the construction of AI data centers, power security and energy infrastructure are becoming new hotspots of capital market attention. According to documents submitted to the US Securities and Exchange Commission (SEC) by the company, ERock, headquartered in Houston, Texas, plans to issue 27.91 million shares of stock at a price range of $20 to $23 per share. Based on the upper limit of the offering range, the company could raise up to approximately $642 million. Management roadshow materials indicate that the IPO is expected to be priced after the close of the US stock market on June 9. The timing of ERock's listing comes as the US IPO market heats up. It is expected that several companies will debut on the capital market in the coming weeks to raise funds before the highly anticipated potential IPO of SpaceX. It is understood that SpaceX could be valued as high as $75 billion, and related issuing work could begin market promotion as early as this week and pricing completed next week. As a result, many companies are speeding up their listing pace, hoping to complete their financing before market attention is drawn to SpaceX. ERock primarily provides distributed power system solutions to data centers, utility companies, and large commercial and industrial customers. Currently, the company operates in nine states in the US, offering bridging power, backup power, and flexible power services. Its core product, RockBlock, is a modular distributed power generation system that can utilize locally sourced natural gas from underground pipelines for fuel to generate power, ensuring continuous and stable operation. The company states that this system can provide customers with high reliability power support during grid failures, power shortages, or peak load periods. As of now, ERock has serviced approximately 400 project sites, with its business concentrated in California and Texas, two of the most active markets for data center construction in the US. As AI training clusters and high-density computing centers continue to expand, power supply has become one of the key bottlenecks hindering industry development. Industry analysts believe that distributed energy systems with independent power supply capabilities and rapid deployment advantages are expected to receive more market demand in the future. Financial data shows that ERock's predecessor company, Enchanted Rock, achieved revenue of $31.7 million in the first quarter ending March 31, 2026, an increase of approximately 31.5% compared to the same period last year; revenue in the same period last year was $24.1 million. However, the company has not yet achieved profitability. Net losses for the reporting period amounted to $18 million, higher than the $16.7 million in losses for the same period last year. Market analysts point out that the company is still in the stage of business expansion, continuously investing in equipment construction, technological research and development, and market expansion, leading to pressure on short-term profitability. However, with the rapid growth in demand for AI infrastructure construction, investors are more focused on its potential for future revenue growth and market share expansion. In terms of equity structure, energy tech investment firm Energy Impact Partners will retain approximately 45.3% of voting rights post-IPO through ownership of Class A and B shares, maintaining its controlling shareholder status. Former CEO Thomas McAndrew will become the second largest shareholder, holding about 10.2% of voting rights. The IPO underwriting team is strong, with Morgan Stanley, JPMorgan, Barclays Bank, and Bank of America jointly serving as lead underwriters. According to the plan, the company's stock will be listed on the New York Stock Exchange under the symbol "EROC".