ERock, previously known as Enchanted Rock, has filed for an initial public offering, positioning itself to tap investor interest as data centers and electrification increase demand for microgrid speed to power.
The on-site energy company, which has been focusing on bridge-to-power, resilience and dispatchable power, disclosed that it submitted an S-1 registration statement to the Securities and Exchange Commission for a proposed offering of Class A common stock.
Terms of the deal, including the number of shares and expected pricing, have not yet been announced. ERock plans to trade on the New York Stock Exchange under the ticker symbol EROC.
ERock’s sales backlog had reached about $1.3 billion as of March 31, 2026, representing 778.6% year-over-year growth, and $1.18 billion as of December 31, 2025, representing 419.7% year-over-year growth, according to the S-1.
Its first-quarter revenue was $31.7 million, with 31.6% year-over-year growth, and $183.1 million for 2025, with 42.5% year-over-year growth. It had a net loss of $17.2 million for the quarter and $59 million for 2025.
The 15-year-old company has installed 1,059 MW of capacity, deploying 2,000 units across about 400 operating sites in nine states, representing $1.5 billion in deployed operating assets.
ERock has built its business around deploying onsite energy systems powered by natural gas generation. The company markets its systems as a way for customers to navigate transmission constraints, lengthy interconnection queues and concerns over grid reliability.
Its customer base spans data centers, utilities and commercial and industrial businesses — markets facing mounting pressure from electrification, AI-related load growth and tightening reserve margins.
ERock makes the case for onsite energy in its S-I, saying that electric demand is growing and “traditional solutions, such as incremental grid expansions and reliance on variable renewables alone, are falling short.”
“To manage grid constraints and ensure reliability, companies are increasingly co-locating
large loads, especially data centers, with onsite or near-site distributed generation,” the company writes.
ERock calls out Texas and California — two markets where it operates — as facing “especially acute reliability risks.”
Texas is seeing rapid load growth because of data centers and industrial expansion, while California faces grid congestion, long interconnection queues and above-average vulnerability to extreme heat and weather-driven outages, ERock says.
Meanwhile, utilities and power developers must grapple with equipment delays that slow conventional supply solutions. Turbine suppliers GE Vernova, Siemens Energy and Mitsubishi Power face backlogs as long as eight years, according to the S-1.
ERock says that it can get its onsite systems up and running in 12 to 18 months.
The company earns revenue through power system sales and services, including equipment sales, site buildout, installations and commissioning and recurring revenue from O&M and asset management services post-commissioning.
Morgan Stanley and J.P. Morgan are leading the offering, joined by Barclays, BofA Securities, Evercore ISI, Guggenheim Securities, Wolfe | Nomura Alliance and BNP Paribas.
The registration statement has been filed but is not yet effective, and the company has not indicated timing for the offering.
