EquipmentShare prices IPO at $24.50, raises $747M
Construction technology and equipment rental company begins trading on NASDAQ with $6.7bn market cap
EquipmentShare.com Inc. priced its initial public offering at $24.50 per share on Thursday, raising approximately $747 million as the construction technology company joins the NASDAQ Global Select Market under the ticker symbol EQPT.
The Missouri-based company, which has grown rapidly since its founding in 2014, sold 30.5 million shares of Class A common stock in the offering. Underwriters including Goldman Sachs & Co. LLC, Wells Fargo Securities, UBS Investment Bank, Citigroup, and Guggenheim Securities have a 30-day option to purchase up to an additional 4.575 million shares to cover over-allotments, which could boost total proceeds to roughly $860 million. The offering is expected to close on January 26, 2026, according to the company's regulatory filing.
At the IPO price, EquipmentShare achieves a fully diluted market capitalization exceeding $6.7 billion, making it one of the largest public offerings in the construction sector in recent years. The valuation reflects the company's rapid growth trajectory and its positioning as a technology-driven player in the traditional equipment rental market.
Founded by brothers Jabbok and Willy Schlacks, EquipmentShare has evolved from a Y Combinator startup into the fourth-largest equipment rental provider in the United States. The company operates over 373 rental, retail, and service locations across 45 states, according to its corporate profile. The brothers founded the company with a mission to increase productivity in the construction industry through data-driven insights and innovative tools.
At the core of EquipmentShare's offering is its proprietary T3 technology platform, which the company calls the "Operating System for Construction." The platform streams over 6 billion data points daily, providing construction teams with real-time visibility into their fleets, assets, and personnel. This technology helps jobsites operate more safely and efficiently, enabling contractors to track equipment utilization, schedule maintenance, and optimize their operations.
The company reported full-year 2024 revenue of $3.76 billion, representing a 47% increase from the prior year. For the nine months ending September 30, 2025, revenue reached $2.81 billion, though the company posted a net loss of $25.2 million during that period, according to IPO market data. The company has not yet disclosed how it plans to use the IPO proceeds.
EquipmentShare's business model combines traditional equipment rental with technology services and a capital-light funding model called OWN. The company offers equipment rental, sales of new and used equipment, service, and parts, supported by a network of locations that aim to keep construction projects on schedule. The company has been recognized by Forbes as one of America's Best Startup Employers and has received accolades from The Software Report and AutoTech Breakthrough Awards for its technology platform.
The construction technology sector has attracted increasing investor attention as digitization trends reshape traditionally conservative industries. EquipmentShare's hybrid approach—combining physical assets with software and data analytics—positions it to compete against established players like United Rentals and Sunbelt Rentals while offering differentiated value through its T3 platform.
The IPO comes during a relatively active period for public offerings, with investors showing renewed appetite for growth companies with clear paths to profitability. EquipmentShare's strong revenue growth and established market presence may help it attract institutional investors despite the company's net losses in recent periods.
Shares are expected to begin trading on January 23, 2026, giving public investors their first opportunity to participate in the company's growth story. The success of the offering will likely be watched closely by other construction technology companies considering public markets as an avenue for capital.