SOLV Energy raises $512.5 Million in US IPO

The U.S. IPO of SOLV Energy, a solar and battery storage company, was priced at $25 per share - within the range indicated.

San Diego-based company, SOLV, sold 20.5 millions shares at $25 each, as opposed to its advertised range of $22 - $25 per share. SOLV was valued at $5 billion in the IPO.

Twelve companies have raised $5 billion through IPOs in 2026. However, a recent sharp drop in U.S. data-services and software stocks has made investors more selective when it comes to new offerings.

SOLV will join a set of publicly traded renewable-infrastructure companies, including First Solar , Quanta Services and MasTec, which also operate across solar construction, engineering, procurement and construction.

SOLV Energy, founded in 2008, provides services such as construction, operation, and maintenance for large-scale solar and battery storage projects.

As of December 2025 it had a total?backlog? of approximately $8 billion, primarily due to?engineering contracts and construction contracts.

Jefferies and J.P. Morgan are the joint book-running managers of the offering. ?SOLV will list on the Nasdaq with the symbol "MWH."

(source: Reuters)