Data center infrastructure company Accelevation is targeting a valuation of up to $5.37 billion in its U.S. initial public offering as investors continue looking for companies supplying the physical infrastructure behind the AI buildout.

The Miamisburg, Ohio-based company and selling shareholders plan to offer 30 million shares priced between $20 and $24, potentially raising as much as $720 million, according to Reuters.

Accelevation sits below the GPU layer of the AI infrastructure stack. Founded in 2017, the company designs, manufactures and installs power distribution, cooling and modular infrastructure for data center customers. Those systems are becoming increasingly important as higher-density AI racks require more electrical capacity and increasingly sophisticated thermal management.

The company reported approximately $448 million in 2025 revenue, up from about $181 million a year earlier, while net income more than doubled to $21.8 million. Its backlog stood at approximately $1.1 billion as of June 30, Reuters reported when Accelevation initially filed for the offering.

The IPO provides another public-market measure of the value investors are assigning to the equipment surrounding AI compute. BitcoinVersus.tech recently examined the same infrastructure layer through NVIDIA’s DSX Ready power and cooling qualification program, which covers battery energy storage and coolant distribution equipment for AI factories.

Accelevation plans to list on the Nasdaq under the ticker ACCV. Morgan Stanley, J.P. Morgan, Goldman Sachs and BofA Securities are among the underwriters.

Read the Reuters report on Accelevation’s IPO for the offering details.

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