Accelevation IPO: Data center infrastructure company debuts on the Nasdaq

Early trading in shares of Accelevation Holdings Corp., a mid-cap maker of power distribution systems and other data center infrastructure, has started on Freedom’s client trading platform. The stock will debut during the Nasdaq regular session later on Wednesday under the ticker symbol ACCV.

Accelevation raised $180 million in its Nasdaq IPO. It sold 10 million shares at $18 apiece, below the initially marketed range of $20-24. Accelevation’s principal shareholder, investment firm Olympus Partners, raised another $360 million from the sale of 20 million shares. The company and its shareholders thus raised a combined $540 million. Based on the IPO pricing, Accelevation has a market value of $4 billion, Bloomberg calculates.

The IPO’s underwriters were Morgan Stanley, JPMorgan, Goldman Sachs, Barclays, BofA Securities, Houlihan Lokey, Baird, William Blair, Piper Sandler, and Wolfe Nomura Alliance. The selling shareholders granted them a 30-day option to purchase up to an additional 4.5 million shares.

Accelevation plans to use the IPO proceeds, among other things, to repay a portion of its debt, according to its prospectus. As of June 30, it had approximately $651.5 million outstanding under its credit facility.

Accelevation was founded in 2017 by husband-and-wife team Michael and Shawn Rubiera. In 2018, they acquired two small tool-and-die manufacturing companies that primarily served the automotive and defense industries.

The pandemic changed everything. In March 2020, Ohio issued an order shutting down all nonessential businesses. “As small business owners who had personally guaranteed all loans, the news was devastating and meant everything we owned both personally and professionally was at risk,” the Accelevation founders wrote in a letter included in the prospectus. “In under 48 hours, we designed a platform of solutions out of our garage to help hospitals and schools open safely.” The pivot allowed the company to stay in business and keep every employee on its payroll.

As the situation stabilized, the couple began exploring other industries where similar solutions might be useful. “Data center air flow containment was a natural progression and in January 2021, we launched that new business line,” the letter states. Within the first 30 days, the company landed a major order from a “well-known hyperscaler,” though the prospectus does not disclose the name. The customer had an urgent need because an Accelevation competitor had been unable to meet its deadline.

Accelevation needed capital to continue expanding. In 2022, Accelevation secured an investment from LFM Capital. The terms were not disclosed. The following year, Accelevation completed several acquisitions, the most notable of which was data center infrastructure integrator Instor. In 2025, LFM Capital sold Accelevation to investment firm Olympus Partners. The value of that transaction was also not disclosed.

Accelevation’s pivot during the pandemic and its acquisitions helped revenue grow from less than $3 million in 2021 to $447.8 million in 2025. Its customers include tech giants Google, Amazon, Microsoft, and Meta, the owner of Facebook and Instagram, according to the company’s site.

Its order book runs to $1.1 billion. This points to real operating scale and demonstrates the company’s growth trajectory, venture-capital intelligence platform Value Add VC writes.

Demand for data center equipment has surged as tech companies spend heavily to build the computing capacity needed to develop and run AI models, Reuters notes. As a comparison, Reuters points to the performance of Accelevation competitor Forgent Power Solutions, whose stock has gained around 40% since the company went public in February.

Freedom analyst Alem Bektemirov also sees potential for Accelevation in adjacent industries that need power solutions, such as energy and manufacturing. Freedom has set a target price of $30.40 per share for Accelevation, implying almost 69% upside from the IPO price.

However, investors should consider that Accelevation faces larger competitors in the data center power market, including Vertiv and Eaton, as Value Add VC cautions. The start-up’s margins are lower than those of some competitors, despite its faster revenue growth, IPO expert Donovan Jones notes in a Seeking Alpha column on the IPO. Freedom's Bektemirov thinks Accelevation’s valuation could fall substantially if revenue growth slows.

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Freedom clients can trade Accelevation shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. To start trading, select the symbol ACCV on the Freedom trading platform.