Miamisburg data center manufacturer Accelevation debuts on Nasdaq at $3.9 billion valuation
Revenue grew from less than $3 million in 2021 to $447.8 million in 2025 as hyperscale customers bought its power and modular systems. The initial public offering raised $540 million.
Accelevation, a Miamisburg company that designs, manufactures and installs power and structural systems for data centers, began trading on the Nasdaq Global Select Market on Sept. 30 under the ticker ACCV.
The initial public offering (IPO) priced at $18 per share, below the $20 to $24 range the company had marketed. Shares opened at $17.55, down 2.5%, which valued the company at about $3.9 billion, according to Reuters.
By the numbers
- $540 million raised from the sale of 30 million shares
- $180 million of that went to Accelevation, which sold 10 million shares; affiliates of Olympus Partners sold the other 20 million
- $447.8 million in 2025 revenue, up 147% from 2024
- Less than $3 million in revenue in 2021
- $1.1 billion in backlog as of June 30, 2026
- 625,000 square feet of manufacturing space in southwest Ohio, out of about 1.1 million nationwide
From tool and die to data centers
Co-founders Michael and Shawn Rubiera started the company in 2017. In 2018 they bought two small tool and die manufacturers that together employed about 25 people, according to the prospectus. When the pandemic hit in 2020, the company shifted to safety products for hospitals and schools. It launched a data center product line in January 2021.
The company now sells mainly to hyperscale data center operators. Its products include the SkyBridge modular platform, steel structures, remote power panels and power distribution units, and its own crews install them. That field services team grew from about 140 employees at the end of 2024 to more than 800 by mid-2026, the filing shows.
"Accelevation is not a conventional manufacturing company, nor do we intend to become one," the founders said in a letter included in the prospectus.
Ohio footprint
Accelevation is headquartered on North Springboro Pike in Miamisburg. In April 2025 it opened a 264,000-square-foot plant at First Flight Commerce Center, a $50 million investment, the Dayton Daily News reported. The company also has plants in Memphis, Tennessee; Houston, Mississippi; and Richmond, Virginia.
Ownership and proceeds
Private equity firm Olympus Partners acquired control of Accelevation on Jan. 2, 2025, and keeps a majority of the voting power after the offering. Accelevation plans to use its share of the proceeds for debt repayment, offering expenses and general corporate purposes, the company noted in its pricing announcement. Morgan Stanley and J.P. Morgan led the offering.
A cautious market
The debut came as investors grow more selective about companies tied to data center spending, Matthew Kennedy of Renaissance Capital told Reuters.
Rubiera told Reuters the company has seen no slowdown. "We're seeing continued momentum across all of our product lines, across all parts of our company to this day," he said.
