Accelevation shares opened at $17.55 on Nasdaq, 2.5% below the $18 IPO price, giving the Miamisburg, Ohio-based data center infrastructure company a market capitalization of approximately $3.9 billion. Accelevation issued 10 million Class A shares while sponsor Olympus Partners sold 20 million, with underwriters holding a 30-day option for up to 4.5 million additional shares. Accelevation will use its net proceeds to purchase newly issued units in Accelevation Holdings LLC, which plans to apply the capital to debt repayment, transaction expenses and general corporate purposes; the company receives no proceeds from Olympus Partners' secondary sale. Revenue reached $437.5 million and net income $18.8 million in the six months ended June 30, 2026, compared with a prior-year net loss of $8.7 million on $158.6 million of revenue. The company had a $1.1 billion backlog at midyear, although two customers represented about 61% of direct revenue last year. Morgan Stanley led the offering alongside JPMorgan; its shares traded at $190.765 on Sept. 30, down approximately 1%. Accelevation's $18 pricing was below its initial $20-to-$24 range, with $180 million going to the company before fees and expenses and $360 million to selling shareholders. A GuruFocus valuation graphic placed Morgan Stanley 6.81% above a $178.60 GF Value estimate and identified six warning signs.