Riding the wave of the AI data center boom! Gas engine manufacturer Innio (INIO.US) makes a sprint for Nasdaq seeking a valuation of $15 billion.

The gas engine manufacturer Innio Holding GmbH (INIO.US), supported by private equity giant Advent and the Abu Dhabi Investment Authority (ADIA), has officially submitted an initial public offering (IPO) application to the US stock market, joining a group of industrial companies targeting the data center construction boom and seeking public financing. According to the prospectus filed by Innio with the US Securities and Exchange Commission on Monday, in the first quarter of 2026, the company achieved revenue of $668.6 million and a net loss of $7.2 million; while in the same period last year, revenue was $494 million, with a net profit of $35 million, resulting in a year-on-year performance decline from profit to loss. Sources revealed that based on the valuation multiples of listed companies in the same industry, Advent is seeking a total valuation of approximately $15 billion for Innio. Based in Munich, Germany, Innio is one of the industrial companies currently seeking to go public in the artificial intelligence (AI) industry. Compiled data shows that ventilation and filtration system supplier Madison Air Solutions Corp. (MAIR.US) raised $2.57 billion, setting a record for the largest IPO in the US industrial sector since 1999. Listed companies in the same industry have also seen a significant increase in stock prices: power equipment provider Forgent Power Solutions Inc. (FPS.US) has seen its stock price rise by nearly 60% since its IPO in February; engineering company Legence Corp. (LGN.US) has seen its stock price surge by over 250% since its debut on the capital market in September last year. According to the company's official website and prospectus, Innio owns the two engine brands Jenbacher and Waukesha, and has launched the intelligent power plant AI software platform Myplant; the company has production facilities in Austria, Canada, and the United States. In the first quarter of 2026, the company's top five customers accounted for approximately 39% of revenue, indicating a relatively high customer concentration. Innio was previously the distributed power business division of GE Aerospace, which was acquired by Advent for $3.25 billion in 2018. In 2023, ADIA announced its investment in Innio, with Advent retaining its controlling stake. The prospectus also disclosed that after the IPO, Innio will still be majority owned by Advent and ADIA. The IPO is jointly underwritten by Goldman Sachs Group, Inc., J.P. Morgan, and Morgan Stanley, and the company's stock is expected to be listed on the Nasdaq Global Select Market under the ticker symbol INIO.