ERock, Inc. has priced its initial public offering at $21.50 per share, landing squarely at the midpoint of its $20 to $23 expected range. The company, formerly known as Enchanted Rock, is offering roughly 27.91 million Class A common shares, a deal that should generate approximately $600 million in gross proceeds before underwriter discounts.

Shares are set to begin trading on the New York Stock Exchange under the ticker EROC on June 10, 2026. Morgan Stanley and J.P. Morgan served as joint bookrunners on the deal, and underwriters hold a 30-day option to scoop up an additional 4.19 million shares if demand warrants it.

A power play for the AI era

ERock builds modular natural gas-powered onsite power systems, primarily for data centers, utilities, and large commercial and industrial customers.

As of March 31, 2026, the company reported roughly 1,000 megawatts of installed capacity spread across around 400 sites, with operations concentrated in California and Texas. ERock reported $1.3 billion in contracted backlog as of the same date.

Growth is real, but so are the losses

First quarter 2026 revenue came in at $31.7 million, a 32% increase compared to the same period a year earlier. For the full fiscal year 2025, the company posted $183.1 million in revenue, representing 42.5% year-over-year growth.

The company also reported a net loss of $17.2 million for Q1 2026.

The $600 million from this IPO represents more than three times the company’s full-year 2025 revenue.

What this means for investors

The underwriter greenshoe option of 4.19 million additional shares, if exercised, would push total gross proceeds closer to $690 million.

For investors evaluating EROC, the company is burning $17.2 million per quarter, and as of March 31, 2026, installed capacity stands at roughly 1,000 MW with a $1.3 billion contracted backlog.