SOLV Energy (MWH Proposed) launched its $481.75 million IPO early today – Monday, Feb. 2, 2026 – to price next week. The IPO consists of 20.5 million shares at a price range of $22.00 to $25.00 to raise $481.75 million – if priced at the $23.50 mid-point of its range.
At pricing, the San Diego-based solar power plant and battery storage company would have a market cap of about $4.69 billion, if the IPO is priced at its $23.50 mid-point.
Jefferies and J.P. Morgan are the lead joint book-runners. The joint book-running team includes KeyBanc Capital Markets, TD Cowen, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, the Wolfe Nomura Alliance, CIBC Capital Markets and Roth Capital Partners.
SOLV Energy’s IPO is set for pricing next Tuesday night – Feb. 10, 2026 – to trade Wednesday, Feb. 11, 2026 – on the NASDAQ.
“We have constructed more than 500 power plants representing 20 GWdc of generating capacity since we were founded in 2008, and we currently provide O&M (operations and maintenance) services under long-term agreements to 146 operating power plants representing over 18 GWdc of generating capacity,” SOLV Energy said in the prospectus. (Note: GWdc refers to Gigawatts direct current and MWdc refers to Megawatts direct current.)
“Engineering News Record ranks us the second-largest solar contractor in the United States based on 2024 revenues and the seventh-largest contractor in power overall,” SOLV Energy said in the prospectus. “ We also believe we are a leading builder of high-voltage substations in the Southwestern United States.”
SOLV Energy (MWH Proposed) is profitable, according to the financial statements in the prospectus: Net income of $124.02 million on revenue of $2.14 billion for the 12 months that ended Sept. 30, 2025.
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