ERock, Inc. (NYSE: EROC) has set terms for a $600 million initial public offering, offering 27.9 million shares at a price range of $20 to $23 per share. At the midpoint of the proposed range, the offering implies a fully diluted market capitalization of approximately $5.9 billion. The company plans to list on the New York Stock Exchange under the ticker EROC, with Morgan Stanley, J.P. Morgan, Barclays, and BofA Securities serving as lead underwriters.
Founded in Houston, ERock designs, deploys, operates and maintains modular natural gas power systems that provide bridge power, backup power and dispatchable generation for data centers, utilities and large commercial and industrial customers. The company offers a vertically integrated platform that combines proprietary generator technology, equipment installation, operations and maintenance services, and energy management capabilities designed to deliver reliable electricity where grid access is constrained or delayed.
ERock's investment thesis is closely tied to the rapid growth of artificial intelligence infrastructure and the increasing strain being placed on electric grids across the United States. As hyperscale data centers consume greater amounts of power and utility interconnection timelines continue to extend, ERock's modular systems provide customers with an alternative source of reliable electricity that can often be deployed significantly faster than traditional grid expansion projects.
The company currently operates more than 2,000 deployed generator units across over 400 operating sites, representing an installed base of approximately 1,059 megawatts. ERock serves roughly 50 enterprise customers across the data center, utility and commercial markets, including organizations such as Microsoft, Foxconn, Wistron, Entergy, ComEd, H-E-B and Walmart. As of March 31, 2026, the company reported approximately $1.28 billion of contracted power system sales backlog, providing substantial visibility into future revenue opportunities.
Financial performance reflects a business scaling rapidly to address growing demand. Revenue increased 42.5% to $183.1 million in 2025 from $128.5 million in 2024. Gross profit more than doubled to $38.0 million from $17.2 million during the same period, while gross margin expanded to 20.8% from 13.4%. Operating loss improved to $34.7 million in 2025 from $42.5 million in 2024, demonstrating increasing operating leverage as the company grows its installed base and service platform.
Momentum continued into 2026. First-quarter revenue increased 31.6% year-over-year to $31.7 million, compared with $24.1 million in the prior-year period. The company reported a first-quarter 2026 net loss of $17.2 million, compared with a net loss of $15.9 million during the first quarter of 2025, as ERock continued investing in manufacturing capacity, deployment capabilities and customer support infrastructure.
A major differentiator highlighted in the prospectus is ERock's vertically integrated assembly model. The company currently manufactures and assembles generators at its Houston facilities and expects annual assembly capacity to reach approximately 1.2 gigawatts by the end of 2026. Management believes this approach provides greater supply-chain control, shorter deployment timelines and a lower-cost path to scaling production than many traditional power infrastructure alternatives.
With a contracted backlog of approximately $1.28 billion, an installed base exceeding 1,000 MW, and direct exposure to the accelerating buildout of AI infrastructure, ERock is positioning itself as a provider of rapidly deployable power solutions for customers facing increasingly constrained grid environments. The company enters the public markets as one of the more distinctive energy infrastructure offerings currently on the IPO calendar.
ERock is expected to begin trading on the NYSE under the ticker EROC on June 10, 2026.