SOLV Energy (MWH.O) experienced a strong debut on the New York Stock Exchange, with shares rising 20% on Wednesday. This surge has given the solar and battery storage firm a valuation of $5.98 billion, highlighting a significant rebound in initial public offering (IPO) activity during 2026. The shares opened at $30, surpassing the initial public offering price of $25, at which the company sold 20.5 million shares on Tuesday, raising $512.5 million. SOLV Energy provides construction, operation and maintenance services for large-scale solar and battery storage projects. Founded in 2008, it was initially a division of Swinerton Builders before being acquired by American Securities in 2021.
According to Reuters, improved pricing conditions, buoyed by the U.S. Federal Reserve’s rate cuts towards the end of 2025, have bolstered equity markets and encouraged more companies to pursue public listings. The previous year’s slowdown, attributed to market volatility stemming from former U.S. President Donald Trump’s shifting tariffs and a government shutdown, had created pent-up demand among issuers. SOLV Energy’s CEO, George Hershman, told Reuters that the company intends to deleverage its balance sheet, pay off a term loan, and emerge from the IPO debt-free.
SOLV Energy had a backlog of approximately $8 billion as of December 2025, primarily driven by engineering and construction contracts. Hershman noted that this backlog provides significant visibility into the business’s performance over the next 24 to 36 months. Jefferies and J.P. Morgan served as the joint lead book-running managers for the offering. Later this week, Wall Street firm Clear Street is expected to go public, seeking a valuation of nearly $12 billion, marking the biggest IPO of the year.
