Accelevation

Data Center Infrastructure · AI Infrastructure · Manufacturing

IPO

Dayton data center maker Accelevation lists on Nasdaq at $3.92B valuation

The debut arrives as AI-infrastructure IPOs cool, testing investor appetite after a volatile fall listing season.

• Accelevation Holdings Corp. began trading on Nasdaq as "ACCV" on Sept. 30, 2026, after it and selling shareholders raised $540 million by pricing 30 million shares at $18 apiece, below the marketed $20-$24 range.
• Founded in 2017 by Michael and Shawn Rubiera, the Miamisburg, Ohio manufacturer designs, builds and installs power distribution, cooling and structural systems for data centers.
• Private equity firm Olympus Partners, which bought Accelevation from LFM Capital in early 2025, sold 20 million of the 30 million shares offered and retains roughly 85% of voting power after the listing.
• Revenue surged from under $3 million in 2021 to $447.8 million in 2025, and the company posted $18.8 million in net income on $437.5 million in revenue for the first half of 2026 against a $1.1 billion contract backlog.
• Two customers accounted for about 61% of Accelevation's direct revenue last year, a concentration risk flagged in its IPO filings even as data center demand booms.
• The listing is the first time a Dayton-area company has gone public in more than two decades, according to the Dayton Business Journal.
• Shares opened at $17.55, 2.5% below the offer price, valuing Accelevation at $3.92 billion as the AI-infrastructure IPO market cooled following the delayed SB Energy listing and an Oracle-Blue Owl dispute over a New Mexico data center project.
• The muted debut shows investors are growing more selective about AI-infrastructure IPOs after months of hot demand, even as backlog and margins signal the underlying data center buildout remains strong.