Overview
- Accelevation and selling shareholders raised $540 million by selling 30 million shares at $18 each, a price set below the marketed $20–$24 range.
- The stock began trading on Nasdaq on Wednesday and opened about 2.5% below the offer price at roughly $17.55, valuing the company near $3.9 billion.
- The company reported $447.8 million in revenue for 2025 after rapid growth since 2021 and said it has a $1.1 billion backlog that its prospectus warns could be cut by cancellations or delays.
- Management said it has not seen signs of a slowdown and that product-line momentum continues, but market conditions including rising bond yields have made investors more selective about AI‑infrastructure listings.
- Underwriters led by Morgan Stanley and J.P. Morgan completed the deal and analysts say the debut will be watched as a barometer for demand for so‑called picks‑and‑shovels AI investments and for future private‑equity exits in the sector.