ProEnergy, backed by Energy Capital Partners (ECP), is preparing for a potential U.S. initial public offering that could value the power-generation company at $40 billion to $50 billion, Bloomberg reported. Morgan Stanley and JPMorgan Chase are leading the IPO preparations. The plans remain preliminary, and a sale of ProEnergy remains an alternative. ECP acquired a majority stake from affiliates of Eos Partners and ACON Investments in September 2024; earlier reporting put the transaction at about $275 million for roughly 60% of the company. Based in Sedalia, Missouri, ProEnergy builds and tests aeroderivative gas turbines, including its PE6000 model, and operates 2.4 gigawatts of contracted peaking plants in Texas. It also runs a global repair and maintenance business serving turbine fleets including the GE LM6000 and LM2500. ProEnergy is positioning its natural-gas equipment to meet rising electricity demand from data centers and other dispatchable power needs. In April, it announced an agreement with AI infrastructure provider Crusoe covering 13 PE6000 turbines for data-center projects. The potential listing would follow other IPOs linked to AI data-center expansion, although investor reception has been mixed.