EquipmentShare debuts on Nasdaq with $6.2B valuation
Missouri-based construction tech company combines equipment rental with proprietary T3 operating system
EquipmentShare, the Missouri-based construction technology company, began trading on the Nasdaq Global Select Market on Friday under the ticker symbol "EQPT," marking one of the most significant initial public offerings in the construction equipment sector this year.
The company priced its IPO at $24.50 per share, placing it at the midpoint of its expected range of $23.50 to $25.50. The offering of 30.5 million shares raised approximately $747.3 million, with underwriters including Goldman Sachs, Wells Fargo, UBS, Citigroup, and Guggenheim Securities leading the deal.
The pricing values EquipmentShare at roughly $6.2 billion, a remarkable increase from its $1.5 billion valuation in 2019, reflecting the company's rapid expansion and the market's appetite for technology-enabled industrial services.
"The construction industry is fragmented and underserved," said Jabbok Schlacks, co-founder and CEO of EquipmentShare, in the company's announcement. "The substantial investment in infrastructure, energy, and industrial projects in the coming decade requires a new, data-driven, connected, and scalable approach."
EquipmentShare's business model distinguishes it from traditional equipment rental companies by integrating a modern rental fleet with its proprietary T3® operating system. This technology platform provides real-time tracking, predictive maintenance, and unified management capabilities for construction contractors. The company operates 373 locations across the United States, with approximately two-thirds of its revenue generated from rentals and the remaining third from equipment sales.
Financial data shows the company reported $4.4 billion in revenue for the year ending September 30, 2025, positioning it as the third-largest player in the North American equipment rental market, behind United Rentals and Sunbelt Rentals. However, the company remains unprofitable, posting a net loss of $51.2 million in 2025, a factor some analysts have cited as a concern relative to its valuation.
The global construction equipment rental market presents significant growth opportunities, estimated at $160.4 billion in 2026 and projected to reach $233.3 billion by 2033, expanding at a compound annual growth rate of 5.5%. This expansion is driven by increasing infrastructure development, rising equipment ownership costs, and a growing preference among contractors for rental solutions that preserve capital and reduce maintenance responsibilities.
EquipmentShare faces competition from United Rentals, the market leader with approximately 16% of the North American market and $15.345 billion in revenue for 2024. While United Rentals maintains a larger fleet with an original equipment cost exceeding $20.56 billion, EquipmentShare's technology-focused approach and innovative financing model—known as "OWN," where the company sells equipment to third-party investors and then leases it back—has enabled it to expand its fleet without heavily burdening its balance sheet.
Willy Schlacks, co-founder and president, emphasized that the T3 technology platform connects assets, materials, and people, supporting expansion into new verticals and sectors both within and beyond construction. "We aim to bring visibility and control to the construction industry by combining physical distribution with a transition from analog processes to a digital reality," he stated.
The company, founded in 2015 and headquartered in Columbia, Missouri, has grown rapidly by focusing on digitizing construction operations. Its comprehensive suite of solutions includes fleet management software, telematics devices, and an equipment rental marketplace that together aim to drive productivity, efficiency, and collaboration across the construction sector.
Underwriters have been granted a 30-day option to purchase up to an additional 4.575 million shares to cover over-allotments, which could increase the total offering size to approximately $859 million if fully exercised.
The successful debut of EquipmentShare reflects continued investor interest in technology companies addressing legacy industrial markets. As infrastructure spending accelerates in the United States and globally, the company's dual focus on equipment rental and digital technology positions it to capture share in a market undergoing significant transformation.