EagleRock Land, LLC has filed to go public in a deal that could raise approximately $320 million at the midpoint of the proposed range. The company is offering 17.3 million Class A shares at a price range of $17.00 to $20.00 per share, implying a midpoint deal size of approximately $320.1 million and an estimated post-offering market capitalization of roughly $2.4 billion. EagleRock has applied to list on both the NYSE and NYSE Texas under the ticker “EROK.” The offering is being led by Goldman Sachs, Barclays, and J.P. Morgan, alongside Piper Sandler, Raymond James, Pickering Energy Partners, Stephens, and Texas Capital Securities.
EagleRock is not a traditional upstream oil and gas producer. Instead, the company operates as a land management and infrastructure monetization platform focused on the Permian Basin. EagleRock owns or controls approximately 236,000 surface acres across the Delaware and Midland sub-basins, with an additional interest tied to approximately 70,000 dedicated acres through its Midland Basin water infrastructure arrangements. Its strategy centers around monetizing land access, water resources, pore space, rights-of-way, disposal capacity, and infrastructure utilization tied to energy production and industrial development.
The company’s acreage sits directly in some of the most active oil and gas development corridors in North America. EagleRock’s land position supports operations by major Permian producers including Chevron, ConocoPhillips, Devon Energy, Diamondback Energy, Double Eagle, EOG Resources, ExxonMobil, Matador Resources, Occidental Petroleum, and Permian Resources. Rather than drilling wells itself, EagleRock generates recurring revenues through long-term surface use agreements, water supply agreements, disposal royalties, infrastructure easements, and commercial resource sales tied to customer activity occurring on its acreage.
A central component of the EagleRock investment thesis is water infrastructure and produced water handling. The company controls one of the larger integrated produced water systems in the Midland Basin through the DE Flow System, which is capable of handling approximately 400 MBbls/d of produced water under long-term contracts. EagleRock has also entered into strategic arrangements with Hydrosource and DEF Operating designed to monetize water recycling, disposal, transportation, and beneficial reuse activities. These agreements are structured with long-duration terms, minimum commitments, inflation-linked escalators, and royalty frameworks that shift much of the operational and capital burden to counterparties while allowing EagleRock to collect high-margin fee and royalty streams.
Management believes the platform is positioned to benefit from long-term structural growth in Permian Basin activity. Produced water handling capacity has become an increasingly important bottleneck across the basin as drilling intensity and water production volumes continue to expand. EagleRock’s acreage and infrastructure footprint provide customers with critical access to disposal capacity, water sourcing, recycling infrastructure, easements, and commercial land access in strategically important development corridors. The company also believes its pore space assets may become increasingly valuable for sour gas injection and carbon sequestration projects over time.
In addition to its energy infrastructure exposure, EagleRock is positioning itself as a broader industrial land platform tied to the growing power and infrastructure needs of West Texas and New Mexico. The company highlights potential future opportunities involving data centers, transmission infrastructure, behind-the-meter power generation, solar, wind, battery storage, cryptocurrency mining, and carbon sequestration. While many of these opportunities remain conceptual, management believes its large contiguous acreage footprint and existing infrastructure network could become increasingly valuable as energy-intensive industries continue expanding deeper into the Permian Basin.
Financially, EagleRock showed substantial growth during 2025 following acquisitions and infrastructure expansion. Total revenue increased to $72.2 million in 2025 from $17.7 million in 2024, while Adjusted EBITDA increased to $35.5 million from $7.4 million. On a pro forma adjusted basis, which incorporates acquisitions, contributions, and IPO-related restructuring transactions, revenue would have been approximately $141.4 million with Adjusted EBITDA of approximately $118.6 million.
EagleRock also included preliminary first quarter 2026 financial results in the filing, signaling continued momentum heading into the IPO. On a pro forma adjusted basis, the company estimated first quarter 2026 revenue between approximately $29.6 million and $36.1 million, net income between approximately $13.3 million and $16.2 million, and Adjusted EBITDA between approximately $25.7 million and $31.5 million. At the midpoint of guidance, EagleRock generated an Adjusted EBITDA margin of approximately 87%, highlighting the highly scalable and royalty-oriented nature of the company’s business model.
The dramatic increase in pro forma EBITDA reflects the inclusion of the DE Flow and Shallow Valley transactions as well as the company’s growing royalty-based infrastructure model. EagleRock’s structure is designed to generate significant free cash flow with relatively limited direct capital expenditures, since customers and operating partners generally fund the underlying development occurring on the land.
The IPO will utilize an Up-C structure with dual-class voting rights. Following the offering, existing owners are expected to control approximately 80.8% of the voting power through Class B shares, while public investors will hold approximately 19.2% through the Class A shares being sold in the offering. As a result, EagleRock is expected to qualify as a “controlled company” under NYSE corporate governance rules.
From a comparable company perspective, investors may look toward Texas Pacific Land Corporation, Viper Energy, and other royalty-oriented land and infrastructure monetization businesses tied to the Permian Basin. However, EagleRock’s emphasis on surface rights, produced water handling infrastructure, pore space utilization, and industrial land development differentiates it from traditional mineral royalty or exploration and production companies.
The EagleRock offering also arrives during a period when investors are increasingly focused on infrastructure bottlenecks within the Permian Basin, particularly surrounding produced water handling, disposal capacity, power demand growth, and industrial buildout. Rather than taking direct commodity price exposure through drilling activity, EagleRock is attempting to position itself as a long-duration “toll-road” style infrastructure and land monetization platform tied to decades of anticipated Permian development activity.
EagleRock will makes its NYSE debut on Thursday, May 14th, 2026.