Accelevation and selling shareholders are seeking to raise as much as $720 million in a U.S. initial public offering that values the data center infrastructure company at up to $5.37 billion. The Miamisburg, Ohio-based company plans to offer 30 million shares at $20 to $24 each and list on Nasdaq under the symbol ACCV. Founded in 2017, Accelevation designs, manufactures and installs power distribution, cooling, thermal management, modular and white space infrastructure for hyperscale, colocation, artificial intelligence, cloud and other large-scale data centers. The offering comes as companies expand computing capacity for AI models and as investors weigh a growing pipeline of AI-related listings, including Nscale, Oura and a potential Anthropic offering. IPOX Vice President Kat Liu said investors are likely to focus more closely on companies' positions in the value chain, backlog quality and their ability to convert demand into revenue, margins and cash flow. Morgan Stanley, J.P. Morgan, Goldman Sachs and BofA Securities are among the underwriters.