Data center firm Accelevation targets up to $5.4 billion valuation in US IPO

Sept 22 — Accelevation is targeting a valuation of up to $5.37 billion in its ​US initial public offering, the data center infrastructure company said on Tuesday, joining a wave of firms tapping ‌investor demand for AI-related stocks.

The Olympus Partners-backed Accelevation and some selling shareholders are ⁠aiming to raise up to $720 ​million by offering 30 million ⁠shares priced between $20 and $24.

The fall IPO season began tentatively ‌amid worries over surging bond ‌yields and the first US interest-rate hike in three ⁠years, but a pipeline of ⁠big-name issuers points to a pickup in activity.

Nvidia-backed AI cloud firm Nscale and SoftBank-backed data center developer SB Energy filed for their IPOs this month, and AI startup Anthropic is preparing for a potential blockbuster listing later this ‌year.

Founded in 2017, Accelevation designs, makes and ​installs power distribution, cooling and modular infrastructure for data center customers.

Demand for such equipment has surged as tech companies spend heavily to build the computing capacity needed to develop and run AI models. Goldman Sachs Research expects global power demand from data centers to rise 170% by 2030 ​from 2025 levels.

Accelevation plans to use its net proceeds primarily to ‌refinance existing debt.

Private ‌equity ⁠firm Olympus Partners, which bought the company in January 2025, will retain about 85% of its combined voting power after the offering.

Morgan Stanley, J.P. Morgan, Goldman Sachs and BofA Securities, among others, ‌are the underwriters for ​the offering.

The Miamisburg, Ohio-based Accelevation ‌plans to list its ⁠shares on ​Nasdaq under the symbol "ACCV."

(Reporting by Pragyan Kalita in Bengaluru; Editing by ​Sahal Muhammed)

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