Data center supplier Accelevation sets IPO at $20 to $24. Most of the shares are being sold by existing owners

Accelevation Holdings, a Miamisburg, Ohio, maker of power distribution and "white space" equipment for data centers, set terms for its initial public offering on Tuesday. It plans to sell 30 million Class A shares at $20 to $24 each on the Nasdaq under the ticker ACCV, according to an amended S-1 filed with the SEC. At the top of the range that is $720 million, the figure Bloomberg reported. Morgan Stanley, J.P. Morgan and Goldman Sachs are listed first among the underwriters.

The growth is real

The company designs, builds and installs the gear that sits between a data center's power supply and its server racks: remote power panels, power distribution units, branch circuit wiring, and modular and cooling systems. Its customers are hyperscale, colocation, AI and cloud operators, and it says substantially all of its revenue comes from data centers.

First-half revenue nearly equalled all of 2025, and the company reports a backlog of about $1.1 billion as of June 30. Its manufacturing space has grown to about 1.1 million square feet across Ohio, Tennessee, Mississippi and Virginia, from under 170,000 at the start of 2025. Gross margin, which we calculated from the filing, has slipped as volume rose: 26.6% in the first half against 32.3% for 2025.

Where the money goes

This is the part a headline number hides. Of the 30 million shares, only 8,635,165 are new shares sold by the company. The other 21,364,835, about 71%, are sold by existing holders, and the company gets nothing from those. At the $22 midpoint, that is roughly $190 million for Accelevation and $470 million for the sellers.

The company's share is largely spoken for. It plans to use about $180 million to repay borrowings under its credit agreement. That debt grew recently: on June 25 the company added $346 million of incremental term loans, and the filing says the proceeds were used primarily to fund a distribution to certain members. Debt stood at $647.8 million on June 30, up from $272.6 million at the end of 2025, while members' equity fell from $301.2 million to $25.5 million. The term loan's weighted average interest rate was about 8.77%.

In plain terms: the owners took a debt-funded payout in June, and IPO buyers' money will pay back part of that debt, while existing holders sell most of the shares on offer.

Who stays in control

Olympus Partners, its principal stockholder, which took control on January 2, 2025, will hold about 85% of the combined voting power after the deal, making Accelevation a "controlled company" under Nasdaq rules. The Up-C structure also comes with a tax receivable agreement that pays existing owners 85% of certain future tax savings. The company says those payments are expected to be substantial.

For traders, the setup is a fast-growing AI infrastructure supplier with thinning margins, meaningful leverage and a controlling seller. A pricing date was not given in the filing. For more on the chip side of the same spending, see our story on AMD's trillion-dollar run.

Sources: Accelevation Holdings Corp. Form S-1/A, Amendment No. 2, filed September 22, 2026; Bloomberg. Gross margins calculated by The Company Chronicle from reported revenue and gross profit. This is market information, not investment advice.