American LNG giant Venture Global LNG plans to apply for an IPO as soon as this week to raise over $3 billion.

According to sources familiar with the matter, Venture Global LNG Inc. is planning to file for an initial public offering (IPO) as early as this week, with a fundraising target that could exceed $3 billion. The sources revealed that the company is working with Goldman Sachs Group, Inc., JPMorgan, and Bank of America Corp on the listing. They added that the details of the company's plans may still change. Representatives from Venture Global, Goldman Sachs Group, Inc., JPMorgan, and Bank of America Corp declined to comment. Compiled data shows that Venture Global's $3 billion IPO plan would make it one of the largest IPOs globally this year. Data shows that approximately $40 billion was raised through IPOs on U.S. exchanges this year, an increase of about 60% from the same period in 2023, but still below the average levels of the past decade before the COVID-19 pandemic. Headquartered in Arlington, Virginia, Venture Global operates the Calcasieu Pass plant in southwest Louisiana and is in the process of launching its second facility, Plaquemines LNG, located south of New Orleans. Louisiana also has plans for two additional projects, CP2 and Delta LNG, which are still in the permitting stage. The company is one of the largest liquefied natural gas producers in the United States, and once its second facility is fully operational, it will become the second-largest producer after Cheniere Energy Inc. (LNG.US). In 2013, co-founders Mike Sabel and Bob Pender established Venture Global. They were initially seen as outsiders in the Houston energy industry, but are now increasingly viewed by American liquefied natural gas developers as long-term bets. Calcasieu Pass began exporting liquefied natural gas in 2022, but Venture Global has not yet commenced deliveries under long-term contracts to its buyers, which include oil and gas giants Shell, BP, European energy companies Repsol, Galp Energia, and Orlen, as well as China Petroleum & Chemical Corporation. While Venture Global continues to load liquefied natural gas cargo from the facility and sell the fuel at a higher price to the spot market, the company has noted that technical issues at the facility have delayed the commencement of contracts. Venture Global's customers, as well as construction, procurement, and construction company Kiewit Corp., have entered into arbitration over the matter and have appealed to lawmakers and regulators in the United States and Europe. Former employees have also sued the company, alleging that it prevented them from exercising their stock options. The latest lawsuit was filed by former executive Jessica Wickett.