Aggreko files for US IPO on $12B–$20B valuation, data center boom
In brief
- Aggreko filed for US IPO with $12–$20 billion valuation guidance
- Data center revenue surged 66% annually since 2021, now 11% of sales
- $3.4 billion 2025 revenue, up 20% YoY; EBITDA reached $1.3 billion
- Goldman Sachs, JPMorgan, and BofA lead the offering
Data Center Demand Reshapes the Energy Sector
Aggreko posted approximately $3.4 billion in revenue for 2025, a 20% increase from the prior year. EBITDA hit around $1.3 billion, growing at a 19% annual rate. The standout driver: data centers. Aggreko's data center segment generated $391 million in revenue in 2025, accounting for 11% of total sales. More striking still, the data center segment has compounded at a 66% annual growth rate since 2021.
This isn't accidental. The company returned to profitability under private equity ownership, fueled largely by an unexpected tailwind: the insatiable electricity appetite of data centers.
At the midpoint valuation of roughly $16 billion, Aggreko would trade at approximately 12 times its 2025 EBITDA — a reasonable multiple for a business riding structural tailwinds in AI infrastructure.
The Core Business and IPO Details
Aggreko provides temporary power generation, cooling systems, and energy services to industries ranging from mining and oil exploration to events and utilities. Before being taken private in 2021, the company was publicly listed on the London Stock Exchange. Goldman Sachs, JPMorgan, and Bank of America are leading the offering.
The competitive landscape includes Ashtead Group, United Rentals, and Caterpillar's energy solutions division. None of those peers have captured the data center tailwind with the same velocity. Aggreko's ability to scale temporary cooling and power infrastructure at speed — a critical bottleneck for hyperscalers — has become a strategic asset.
