ProEnergy eyes $40 billion to $50 billion valuation in US IPO - Bloomberg

ProEnergy, a power-generation firm backed by Energy Capital Partners, is reportedly targeting a valuation range of $40 billion to $50 billion in a prospective U.S. initial public offering (IPO), according to Bloomberg. The company is collaborating with Morgan Stanley and JPMorgan Chase to prepare for the potential listing.

Sources familiar with the matter indicate that ProEnergy could alternatively consider selling the company outright rather than opting for an IPO, depending on market conditions. ECP has invested approximately $275 million in ProEnergy, acquiring roughly a 60% stake in 2024. However, ECP has not yet commented on the potential IPO or its valuation.

ProEnergy specializes in constructing and testing gas turbines, as well as developing smaller dispatchable power facilities. Its PE6000 aeroderivative gas turbine is capable of generating enough electricity to meet the needs of around 40,000 homes. The company is capitalizing on the increasing demand for electricity fueled by data centers, particularly as artificial intelligence infrastructure continues to expand.

In April, ProEnergy reached an agreement with AI infrastructure provider Crusoe to supply 13 of its PE6000 turbines for powering data center projects. The company is also positioning its natural gas-powered equipment as a viable alternative to electricity generation as coal plants are decommissioned and renewable energy sources are being developed.

The potential IPO would follow several other listings of companies associated with the growth of AI data centers and their rising power requirements. While several of these IPOs have performed well, with five of the 10 largest U.S. IPOs this year involving AI data center-related companies, others have faced challenges since going public.