Key facts
- ERock raised $600 million in its U.S. initial public offering.
- The company's shares fell 6.5% in their NYSE debut.
- ERock's stock opened at $20.10, below its IPO price of $21.50.
- The company's contracted power system sales backlog surged nearly nine-fold year-over-year to $1.28 billion as of March 31.
- About $1.1 billion of the backlog is linked to AI data center projects.
Gas generator maker ERock's shares fell 6.5% in their New York Stock Exchange debut on Wednesday, opening below the IPO price of $21.50 and valuing the firm at $5.49 billion on a fully diluted basis. The company had raised $600 million in its U.S. initial public offering on Tuesday.
ERock's debut comes amid a revival in the U.S. IPO market, but its performance contrasted with the strong reception for peer Innio's listing last week. The company's contracted power system sales backlog surged nearly nine-fold year-over-year to $1.28 billion as of March 31, with about $1.1 billion linked to AI data center projects. CEO John Carrington highlighted the company's growing exposure to the sector, noting that changing large language models at data centers causes significant power demand spikes that ERock's systems can manage.
ERock is also working with El Paso Electric to provide 366 megawatts of onsite power generation for Meta's $10 billion AI data center in El Paso.