Solv Energy Inc. made a resounding debut on the Nasdaq Global Select Market on Wednesday, with shares surging 23% above their initial public offering price. The San Diego-based energy infrastructure firm raised $512.5 million in its U.S. listing, signaling robust investor appetite for companies positioned at the nexus of renewable energy and the burgeoning artificial intelligence sector.

Shares of the company, which trades under the ticker MWH, closed at $30.67 in New York, a sharp increase from the IPO price of $25. The offering was priced at the top of its marketed range and was reportedly 10 times oversubscribed, according to sources familiar with the matter. The trading performance gives Solv Energy a market valuation of approximately $6.1 billion.

The company specializes in engineering, procurement, and construction (EPC), as well as operations and maintenance for solar and battery storage projects. Formerly a subsidiary of Swinerton Builders, Solv was acquired by the private equity firm American Securities in 2021. Following the IPO, American Securities is expected to retain approximately 75% of the company’s voting power.

The timing of the listing coincides with a pivot in the energy market, driven largely by the massive power requirements of data centers hosting AI and high-performance computing workloads.

“Data center demand doesn’t look like it’s slowing down anytime soon,” Chief Executive Officer George Hershman stated in an interview. “Even if the projections were down from 28% or 25%, there’s still a massive amount of market.”

Beyond the tech sector, Hershman identified the onshoring of U.S. manufacturing as a secondary catalyst for growth. Solv Energy currently provides operations and maintenance services for 146 power plants across North America, positioning it as a primary beneficiary of the transition toward domestic industrial capacity and decarbonized grids.

Financial filings reveal a significant turnaround in the company’s profitability. Solv reported net income of $114 million on revenue of $1.7 billion for the first nine months of 2025, a stark contrast to the $139,000 net income on $1.4 billion in revenue recorded during the same period the previous year. As of September 30, the firm maintained a project backlog valued at approximately $6.7 billion.

The offering was led by Jefferies Financial Group Inc. and JPMorgan Chase & Co. The success of the IPO underscores a broader trend of institutional capital flowing into infrastructure providers capable of bridging the gap between climate goals and the escalating energy needs of the digital economy.

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