Skip to content
New: more US companies explained, plain-English terms and earnings dates

Industrials · NASDAQ: ACCV

Accelevation: how the business works

Accelevation designs, builds and installs the power and equipment systems around servers in US data centers, with revenue of $447.8 million in FY2025.

By · Checked against filings: . Editorial policy. Corrections

Follow Accelevation

Email me when Accelevation's page is updated after earnings.

We'll send a confirmation email first. See our privacy policy.

Accelevation Holdings Corp. · Miamisburg, Ohio · Founded 2017

Updated for Six months ended Jun 30, 2026 · checked

Revenue, FY2025
$447.8M
Net income to the company, FY2025
$21.7M
Revenue, six months to Jun 30, 2026
$437.5M
Two largest customers' share of FY2025 revenue
61.2%
Olympus funds' share of votes, after Oct 1, 2026
85.4%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Accelevation in 5 points

  1. 1 · What it sells

    Accelevation designs, builds and installs the power and equipment systems around servers in US data centers, earning $447.8 million of revenue in FY2025 and $437.5 million in the six months to Jun 30, 2026.

    More: what it sells

  2. 2 · Who pays it

    Two data center customers, not named in the filing, provided 44.2% and 17.0% of Accelevation's FY2025 revenue, and all others provided 38.8% (Cityfort calculation from the 424B4 filed Oct 1, 2026).

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 of FY2025 revenue, Accelevation kept $4.9 as net income after $4.8 of net interest and other non-operating costs, and its operating income was $44.3 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Accelevation reports one segment, so all its FY2025 operating income of $44.3 million came from gross profit of $144.7 million, after $66.5 million of selling and overhead costs, $1.0 million of related-party fees and $32.8 million of amortization (rounded).

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Accelevation's revenue rose 175.8% in the six months to Jun 30, 2026 from a year earlier, while its gross margin fell to 26.6% from 30.4%, with $17.3 million of negative margin on loss contracts.

    More: the one thing to watch

Sources: From Accelevation's final prospectus (424B4) dated Sep 29, 2026 · checked

See the full receipt and the management scorecard below

Sources (1)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Accelevation's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Accelevation · FY2025

Receipt for every $100

Where $100 of Accelevation's money went in FY2025
Materials$35.7
Labor in plants and on site$24.6
Other cost of goods sold$7.4
Selling and overhead$15.1
Amortization$7.3
Interest and other, net$4.8
Tax$0.2
Kept as net income$4.9
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the 424B4 filed Oct 1, 2026. Of every $100 of FY2025 revenue: each line = line ÷ revenue × 100. Other income is netted in the interest line. Net income here is the total, $21.7 million; the part attributable to the company rounds to $4.8.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

Free, no tips, unsubscribe anytime.

We'll send a confirmation email. See our privacy policy.

02The business in one line

What does Accelevation do?

Data center builders pay Accelevation to design, factory-build and install the power and equipment systems around their servers; materials and labor take most of that money, and $4.9 of every $100 was left as net income in FY2025.

  • Two customers, not named in the filing, provided 61.2% of FY2025 revenue. Revenue in the six months to Jun 30, 2026 was $437.5 million, up 175.8% from a year earlier.
  • Accelevation's Class A shares began trading on the Nasdaq Global Select Market on Sep 30, 2026, after an IPO at $18.00 a share. Olympus Partners' funds hold about 85.4% of the votes.
Next: Who pays it

03Who pays it

Who pays Accelevation?

  • Largest customer (not named)

    44%

    of revenue

    Provided 44.2% of FY2025 revenue. The filing's label is per table, so it may not be the same customer in other periods.

  • Second-largest customer (not named)

    17%

    of revenue

    Provided 17.0% of FY2025 revenue.

  • All other customers

    39%

    of revenue

    The remaining 38.8% of FY2025 revenue (Cityfort calculation from the 424B4 filed Oct 1, 2026). The filing does not split revenue between hyperscale, colocation and other operators.

  • Largest customer (not named)44%
  • Second-largest customer (not named)17%
  • All other customers39%

Customer concentration

Two customers provided 44.2% and 17.0% of FY2025 revenue, 61.2% together (30.2% in FY2024). In the six months to Jun 30, 2026, the four the filing lists provided 35.2%, 11.4%, 9.8% and 0.2%, or 56.6%. Substantially all revenue comes from data center customers, and none is named.

Largest customer
44%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does Accelevation make money?

Profit depends on the gap between a project's price and its materials and labor: gross margin was 26.6% in the first half of 2026.

Customized contracts earn revenue as the work progresses. If a project costs more than planned, the company absorbs it. The first half of 2026 had $17.3 million of negative margin on loss contracts. The filing ties it to higher absorption of indirect costs, plus labor and travel inefficiencies on older projects.

Gross profit per $100 of revenue, six months to Jun 30

$30.4$26.6

2025 to 2026

  1. Win a data center project or a master supply agreement
  2. Design the system with the customer's engineers
  3. Build the frames, panels and cables in its own plants
  4. Install them with its own field crews
  5. Earn revenue as the work progresses, then offer maintenance and later changes

↺ Step 5 feeds back into step 1.

Sources (1)
Next: How has it done

05The numbers · Consolidated · US$

How has Accelevation done?

Accelevation listed on Nasdaq on Sep 30, 2026; its IPO price was $18.00 a share. Its prospectus gives two audited years. No Form 10-Q had been filed by Nov 6, 2026.

Source: Accelevation Holdings Corp. Form 424(b)(4) final prospectus dated Sep 29, 2026, filed Oct 1, 2026 (Registration No. 333-298715); ACCV historical quotes, Nasdaq, Sep 30 to Nov 5, 2026 (first row Sep 30, 2026: open $17.55, close $17.95; Nov 5, 2026 close $9.945)

Revenue

$448MFY2025

Revenue was $181.4 million in FY2024 (Predecessor) and $447.8 million in FY2025 (Successor, after Olympus bought control on Jan 2, 2025); the 424B4 says the two are not comparable, and it gives six-month figures rather than quarters: $437.5 million in the six months to Jun 30, 2026, against $158.6 million a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2024$181M
FY2025$448M

Net profit

$21.7MFY2025

Net income to the company was $9.4 million in FY2024, $21.7 million in FY2025 and $18.8 million in the six months to Jun 30, 2026, against a loss of $8.7 million a year earlier; the 424B4 gives no historical earnings per share.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2024$9.4M–
FY2025$21.7M–

Profit kept per $100 of revenue

$4.8FY2025

Accelevation kept $4.8 of net income per $100 of revenue in FY2025, against $5.2 in FY2024; EBITDA here is a Cityfort calculation from the 424B4 filed Oct 1, 2026: operating income plus depreciation and amortization.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20245.2%14.6%
FY20254.8%17.7%

Free cash flow

−$16.4MFY2025

Operating cash flow was negative $7.2 million in FY2025, and free cash flow, which the 424B4 also states, was negative $16.4 million; it was negative $15.8 million in the six months to Jun 30, 2026.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2024$10.7M$4.3M$6.5M
FY2025−$7.2M$9.2M−$16.4M
See all yearly numbers
Accelevation annual financials, FY2024–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2024$181M$26.4M$9.4M–$10.7M$4.3M$6.5M
FY2025$448M$79.1M$21.7M–−$7.2M$9.2M−$16.4M
See the six-month numbers
Accelevation interim financials from the prospectus, US$
PeriodRevenueEBITDANet profitOperating cashCapexFree cashStock-based pay
Six months ended Jun 30, 2025$159M$19.8M−$8.7M−$4.9M$5.8M−$10.7M$0.2M
Six months ended Jun 30, 2026$438M$54.3M$18.8M−$4.2M$11.5M−$15.8M$1.2M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; the fiscal year is the calendar year. FY2024 is the Predecessor and FY2025 the Successor, which the 424B4 says are not comparable). Net profit is the share belonging to the company's owners.

Download Accelevation's yearly and six-month numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (2)
Next: What they said, and what happened

06Who runs it

Who runs Accelevation, and did they deliver?

  • Michael Rubiera

    Chief Executive Officer and director · since 2017

    Co-founder; CEO since founding Accelevation in 2017. Bought 200,000 Class A shares at $18.00 through the directed share program on Oct 1, 2026 (Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more). May nominate one director while he holds at least 3% of the shares.

  • Kenneth Krause

    Chief Financial Officer · since 2026

    Since Jun 15, 2026; previously Chief Financial Officer of Rollins, Inc. Granted 1,206,272 restricted stock units on Oct 1, 2026 (Form 4).

  • Charles Hillman

    Chief Transformation Officer · since 2026

    In this role since Jun 15, 2026. He was Chief Financial Officer from May 2024 to June 2026.

  • Brent Jewell

    Chief Operating Officer · since 2026

    Since Jun 15, 2026; previously a president at Apogee Enterprises. Granted 301,568 restricted stock units and bought 2,500 Class A shares at $18.00 on Oct 1, 2026 (Form 4).

  • Ericka Harrison

    Senior Vice President of Operations · since 2024

    Joined in September 2023 to run supply chain and procurement.

  • Robert Morris

    Director · since 2026

    Founder, Chairman and CEO of Olympus Partners.

  • Paul Donahue

    Director · since 2026

    Former Chief Executive Officer of Genuine Parts Company. Bought 7,000 Class A shares at $18.00 on Oct 1, 2026 (Form 4).

  • Howard Heckes

    Director · since 2026

    Former Chief Executive Officer of Masonite International. Paid $30,000 a month for consulting through Dihedral from May 2026. Bought 5,000 Class A shares at $18.00 on Oct 1, 2026 (Form 4).

  • Ginger Jones

    Director, audit committee chair · since 2026

    Former Chief Financial Officer of Cooper Tire & Rubber Company. Bought 10,000 Class A shares at $18.00 on Oct 1, 2026 (Form 4).

  • Manu Bettegowda, Matt Boyd, Matt Bujor and Martin Durkin

    Directors

    All four work at Olympus: a managing partner, a partner, a principal and a vice president. Boyd was a director before the offering; the others joined the board on Sep 29, 2026.

What they said, and what happened

1 too early to tell

  1. Said on Sep 29, 2026

    The "Third Flight" site in Miamisburg, about 286,000 sq ft, will be operational in 2027.

    What happened

    Due in 2027; no later filing reports on it as of Nov 6, 2026.

    Too early to tell
Sources (9)
Next: What could go wrong

07What could go wrong

What could go wrong for Accelevation?

  • Concentration

    Two customers bring in most of the revenue

    Two customers provided 61.2% of FY2025 revenue, and the 424B4 expects concentration to persist. Neither is named.

    Watch The largest customers' share of revenue in the first 10-Q.

  • Demand

    Data center demand, and backlog that can be canceled

    Substantially all revenue comes from data center customers, and the 424B4 lists a demand slowdown as a risk. Its $1,111.3 million backlog at Jun 30, 2026 can be canceled, cut or deferred, sometimes without significant penalty.

    Watch Backlog against revenue in the next filing.

  • Execution

    Fixed-price projects can lose money

    Fixed-price or committed-schedule contracts expose it to overruns and penalties. The first half of 2026 had $17.3 million of negative margin on loss contracts and a $9.4 million unfavorable catch-up.

    Watch Gross margin, which fell to 26.6% from 30.4%.

  • Raw-material prices

    Metal prices and tariffs

    The company buys steel, aluminum and copper without hedging, and the 424B4 lists tariffs and trade measures as a risk. Materials rose to $45.0 per $100 of revenue in the first half of 2026. The filing ties higher material costs to revenue growth and a less favorable mix.

    Watch Materials as a share of revenue.

  • Debt

    Debt and loan conditions

    The Oct 9, 2026 agreement drew $400.0 million at closing. From Mar 31, 2027 it caps net leverage at 4.00x and requires fixed charge cover of at least 1.25x.

    Watch Debt and covenant disclosures in the first 10-Q.

  • Governance

    One owner controls the votes

    Olympus funds hold about 85.4% of votes across Class A and Class B and can nominate the whole board while they hold at least 40% of their shares at the offering. The 424B4 says their interests may conflict with other holders'.

    Watch Olympus share sales, reported on Form 4, and the end of the 180-day lock-upA period after an IPO when insiders agree not to sell their shares. Learn more.

  • Governance

    Tax savings mostly go to Olympus entities

    The Tax Receivable Agreement pays Olympus entities 85% of certain tax savings; the company keeps 15%. At $18.00 a share, the 424B4's illustration shows $589.8 million of payments over about 15 years.

    Watch Tax Receivable Agreement liabilities in the first 10-Q.

  • Governance

    Weak internal controls

    The 424B4 reports material weaknesses, including in governance, accounting staff, the financial close and IT controls.

    Watch Progress on the material weaknesses in later filings.

Sources (3)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose 175.8% to $437.5 million in the six months to Jun 30, 2026, per the 424B4.
  • Operating income rose to $35.3 million in the first half of 2026 from $3.5 million a year earlier.
  • The company's own backlog measure reached $1,111.3 million at Jun 30, 2026, from $347.2 million a year earlier.
  • Manufacturing space reached about 1.1 million sq ft, from under 170,000 at the start of 2025.
  • The Oct 9, 2026 agreement starts at SOFR plus 2.25%; the company's press release puts the old rate at SOFR plus 4.50% to 5.25%.

What critics point to

  • Two unnamed customers provided 61.2% of FY2025 revenue.
  • Gross margin fell to 26.6% in the first half of 2026 from 30.4%, with $17.3 million of negative margin on loss contracts.
  • Members received $325.5 million in the first seven months of 2026. June term loans mainly funded a $299.4 million distribution, and the 424B4 says the company's IPO money would repay debt.
  • Olympus funds hold about 85.4% of votes, and Olympus entities receive 85% of certain tax savings under the Tax Receivable Agreement.
  • The 424B4 reports material weaknesses in internal control, and operating cash flow was negative $7.2 million in FY2025.
Next: What to watch next

09What to watch next

What should you watch next at Accelevation?

Next event

Q3 FY2026 results (first Form 10-Q)

Date not announced yet.

  • First results as a public company

    No 10-Q or earnings release was on EDGAR as of Nov 6, 2026, and the company has not announced a date. The last reported period ended Jun 30, 2026.

  • Gross margin on older projects

    Gross margin was 26.6% in the first half of 2026, including $17.3 million of negative margin on loss contracts.

  • Customer shares

    The customers the filing lists provided 56.6% of first-half 2026 revenue, against 74.5% a year earlier.

  • Share count and the underwriters' option

    No filing says whether the option on 4,500,000 shares was exercised. The first 10-Q cover would show the Class A count, 120,022,472 without it.

  • Debt after the refinancing

    $400.0 million was drawn on Oct 9, 2026. Covenant tests start on Mar 31, 2027.

Next: Key dates

10Key dates

What are the key dates for Accelevation?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Accelevation
EventDateSource
First trading day on the Nasdaq Global Select MarketOpen $17.55, close $17.95, against the $18.00 offering price. It is the first row in Nasdaq's price table and the date Nasdaq's IPO calendar lists for the deal; the Form 8-A was filed the same day.ACCV historical quotes, Nasdaq, Sep 30 to Nov 5, 2026 (first row Sep 30, 2026: open $17.55, close $17.95; Nov 5, 2026 close $9.945); Nasdaq IPO calendar, September 2026, priced deals: ACCV, NASDAQ Global Select, priced date 9/30/2026, $18.00, 30,000,000 shares; Accelevation Holdings Corp. Form 8-A12B, filed Sep 30, 2026 (registers Class A common stock on Nasdaq) and 1 more
IPO closedAccelevation Holdings Corp. Form 8-K filed Oct 1, 2026 (underwriting agreement, IPO closing, governance agreements)
New credit agreement signedAccelevation Holdings Corp. Form 8-K filed Oct 13, 2026 (new credit agreement dated Oct 9, 2026)
Underwriters' 30-day option endsThe 424B4 gives 30 days from Sep 29, 2026, not a date. Oct 29, 2026 is a Cityfort calculation from the 424B4 filed Oct 1, 2026. No filing on EDGAR as of Nov 6, 2026 says whether it was exercised.Not yet statedAccelevation Holdings Corp. Form 424(b)(4) final prospectus dated Sep 29, 2026, filed Oct 1, 2026 (Registration No. 333-298715); EDGAR submissions for Accelevation Holdings Corp., CIK 0002141406 (data.sec.gov), read Nov 6, 2026: latest filing Schedule 13G filed Nov 5, 2026; no 10-Q or earnings release
Lock-up ends for the company, officers, directors and selling stockholdersThe 424B4 gives 180 days from Sep 29, 2026, not a date; Mar 28, 2027 is a Cityfort calculation from the 424B4 filed Oct 1, 2026. Morgan Stanley and J.P. Morgan can release holders sooner. 195,000,000 shares are restricted.Not yet statedAccelevation Holdings Corp. Form 424(b)(4) final prospectus dated Sep 29, 2026, filed Oct 1, 2026 (Registration No. 333-298715)
First loan covenant tests under the Oct 9, 2026 credit agreementNet leverage of at most 4.00x and fixed charge cover of at least 1.25x.Accelevation Holdings Corp. Form 8-K filed Oct 13, 2026 (new credit agreement dated Oct 9, 2026)
First quarterly report (Form 10-Q)The company has not stated a date; none was on EDGAR as of Nov 6, 2026.Not yet statedEDGAR submissions for Accelevation Holdings Corp., CIK 0002141406 (data.sec.gov), read Nov 6, 2026: latest filing Schedule 13G filed Nov 5, 2026; no 10-Q or earnings release

Learn: IPO lock-up agreements: what they are and when they end

Sources (7)
Next: Key facts

11Key facts

Key facts about Accelevation

What does Accelevation do?
Accelevation Holdings Corp. (Nasdaq: ACCV), based in Miamisburg, Ohio, designs, manufactures and installs power distribution and equipment systems for the server halls of data centers. Its revenue was $447.8 million in FY2025, all in the US, per its 424B4 dated Sep 29, 2026.
How does Accelevation make money?
Accelevation's business model is selling customized projects and standard products to data center builders. In FY2025, customized solutions recognized over time brought 84.0% of its $447.8 million revenue, and standard products 16.0%, per its 424B4.
What is Accelevation's Infrastructure Solutions line?
Accelevation's Infrastructure Solutions line covers its SkyBridge prefabricated modular platform, TechFrame steel structures, airflow and cooling products, and installation and maintenance crews. Its 424B4 dated Sep 29, 2026 does not give revenue for this line.
What is Accelevation's Power Products line?
Accelevation's Power Products line covers remote power panels rated 225 to 1,200 amps, factory-built power cables called branch circuit whips, and power distribution units. Its 424B4 dated Sep 29, 2026 does not give revenue for this line.
What is Accelevation's revenue by segment?
Accelevation reports one segment, so its 424B4 gives no segment split. Revenue was $437.5 million in the six months to Jun 30, 2026: 83.0% recognized over time and 17.0% at a point in time.
Who are Accelevation's customers?
Accelevation sells to hyperscale, colocation and other large data center operators, and its 424B4 names none. Two customers provided 44.2% and 17.0% of its FY2025 revenue, 61.2% together.
Is Accelevation profitable?
Yes, on the figures in its 424B4. Net income to Accelevation was $21.7 million in FY2025 on revenue of $447.8 million, and $18.8 million in the six months to Jun 30, 2026 on revenue of $437.5 million.
Who owns Accelevation?
Funds of Olympus Partners, a private equity firm, held 87,213,973 Class A and 104,977,528 Class B shares of Accelevation after Oct 1, 2026, about 85.4% of the votes (Cityfort calculation from the 424B4 and a Form 4 filed Oct 5, 2026). FMR LLC reported 5.1% of Class A in a Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filed Nov 5, 2026.
When and where did Accelevation list?
Accelevation's Class A shares (ticker ACCV) began trading on the Nasdaq Global Select Market on Sep 30, 2026, after an IPO priced at $18.00 a share under its 424B4 dated Sep 29, 2026. Nasdaq's price table shows a first-day open of $17.55 and close of $17.95.
Sources (5)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Accelevation sell?

Accelevation sells what goes around the servers in a data center: steel frames, power panels, power cables and airflow barriers. It designs them, builds them in its own plants and installs them with its own crews. The filing calls this area the "white space", meaning the part of the building that holds the computer equipment.

  • SkyBridge modular platform (Infrastructure Solutions)

    A prefabricated, patent-pending unit that combines the frame, power distribution, liquid-cooling pipes and cable paths. The company says it can raise field-installation productivity by up to about 84% for certain jobs.

  • TechFrame steel structures (Infrastructure Solutions)

    Floor-supported steel frames that hold racks and route power, cooling and network lines. The filing says it is in production and an established source of revenue.

  • Airflow and cooling products (Infrastructure Solutions)

    Barriers that separate hot and cold air, plus systems ready for liquid cooling. Liquid-cooling products are an area of active expansion, per the filing.

  • Installation and maintenance (Infrastructure Solutions)

    Its own field crews, about 800 people in June 2026, install, wire, test, maintain and later remove the equipment.

  • Power Products

    Remote power panels rated 225 to 1,200 amps that sit near the racks, factory-built power cables called branch circuit whips, and power distribution units up to 1500 kVA.

Think of it like this

Like a builder of prefabricated rooms: much of the work happens in a factory, then its own crews bolt the sections together on site.

What it does

  • Does: Designs, makes and installs equipment for the server halls of data centers
  • Does: Sells products separately or combined into one factory-built system
  • Does: Sells in the US: all FY2025 revenue and long-lived assets were there

What it does not do

  • Does not: Own or run data centers: it sells to the companies that do
  • Does not: Sell servers or chips: it supplies what surrounds them
  • Does not: Disclose revenue by product line: the 424B4 reports one segment
Sources (1)
13How the money flows

13How the money flows · FY2025

How does money flow through Accelevation?

Money in

  • Revenue (projects, products and installation)$448M

The company

Accelevation

$448M came in

Money out

  • Materials$160M
  • Labor in plants and on site$110M
  • Other cost of goods sold$33.1M
  • Selling and overhead, including related-party fees$67.6M
  • Amortization of intangible assets$32.8M
  • Interest and other non-operating items, net$21.6M
  • Tax$0.9M
  • Net income$21.7M
  1. Customers paid $447.8 million in FY2025. Customized solutions recognized over time were 84.0% of that.
  2. Materials took $159.7 million, labor $110.3 million and other costs of goods $33.1 million. That left gross profit of $144.7 million.
  3. Selling and overhead costs were $66.5 million, related-party fees $1.0 million and amortization $32.8 million. That left operating income of $44.3 million.
  4. Interest and other non-operating items, net, took $21.6 million, and tax $0.9 million. The filing links the low tax to its pass-through structure.
  5. $21.7 million was left as net income. In the six months to Jun 30, 2026, materials rose to $45.0 per $100 of revenue, from $35.7 in FY2025.
Sources (1)
14What it needs to run

14What it needs to run

What does Accelevation need to run?

  • Steel, aluminum, copper and electrical parts

    Materials took $35.7 of every $100 of FY2025 revenue and $45.0 in the first half of 2026. Most are bought on purchase orders, and the company does not hedge commodity prices.

  • Plants

    7 manufacturing sites in Ohio, Tennessee, Mississippi and Virginia, about 1.1 million sq ft, up from under 170,000 at the start of 2025. It owns Memphis and leases the rest.

  • People

    About 1,716 full-time employees in June 2026, including about 800 in the field, 745 in manufacturing and 50+ engineers.

  • Borrowed money

    A $250.0 million term loan and a $400.0 million revolving credit line from Oct 9, 2026, with $150.0 million of the line drawn at closing.

Sources (2)
15Where it sells

15Where it sells · FY2025

Where does Accelevation sell?

  • United States100%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Accelevation compete with?

Accelevation's 424B4 names Vertiv, Schneider Electric, Eaton, Legrand and Tate as competitors, plus smaller regional and niche specialists. It says its rivals include large-scale, global companies, and that some competitors may have greater resources.

  • Vertiv

    Named in the 424B4 in both white space and power distribution. The filing calls it the closest comparable company, with the most overlap.

  • Schneider Electric

    Named in the 424B4 in both white space and power distribution.

  • Eaton

    Named in the 424B4 in white space and, with its PDI business, in power distribution.

  • Legrand

    Named in the 424B4 in power distribution, with its Starline business.

  • Tate

    Named in the 424B4 in white space.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Design, make and install in one company3 of 5

    It runs engineering, 7 plants and about 800 field staff itself, per the 424B4. The speed claims, such as up to about 84% field productivity, are the company's own estimates.

  • Factory capacity3 of 5

    Manufacturing space reached about 1.1 million sq ft by mid-2026, from under 170,000 at the start of 2025. Another site of about 286,000 sq ft is planned for 2027.

  • Customer relationships2 of 5

    Three hyperscalers were engaged at full-platform design level in June 2026, and some customers have master supply agreements. Backlog can be canceled, sometimes without significant penalty.

  • Patents and brands1 of 5

    The 424B4 lists 5 US trademark registrations and calls SkyBridge patent-pending.

Weak spot

Two customers and large-scale rivals

Two customers provided 61.2% of FY2025 revenue, and the 424B4 expects concentration to persist. The filing lists large-scale, global companies and specialists among its rivals, including Vertiv, Schneider Electric and Eaton. It says some competitors may have greater resources.

Sources (1)
17Where growth could come from

17Where growth could come from

Where could Accelevation's growth come from?

Accelevation's 424B4 dated Sep 29, 2026 says its "Third Flight" site in Miamisburg, about 286,000 sq ft, will be operational in 2027. The company has given no revenue or profit outlook in any filing on EDGAR as of Nov 6, 2026.
Management statement, Sep 29, 2026. Reported as a statement, not our forecast.

  • Modular systems (SkyBridge)

    Early

    Modular bookings of about $700.0 million in the nine months since September 2025, as the company states

    The company says in its 424B4 that SkyBridge is its main way to move work from the field to the factory.

    Status: Early, too early to judge.

  • Larger customers

    Working

    Average revenue per customer rose from about $0.7 million in 2023 to about $3.9 million in 2025 (424B4)

    Figures before 2025 come from the Predecessor, which the filing says is not comparable with later periods.

    Status: Working, on track against what the company said.

  • More factory capacity

    Working

    About 1.1 million sq ft of manufacturing space in mid-2026, from under 170,000 at the start of 2025 (424B4)

    The company says its "Third Flight" site in Miamisburg, about 286,000 sq ft, will be operational in 2027.

    Status: Working, on track against what the company said.

  • Buying smaller companies

    Working

    Three deals in 2025: Aura Energy $18.7 million, Earnest Solutions $6.0 million, SteelPro $43.5 million (424B4)

    The 424B4 lists selective acquisitions as a strategy. It also lists liquid cooling, services, retrofits and selective international work.

    Status: Working, on track against what the company said.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (2)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 to Jun 30, 2026 (dated on each item)

What do Accelevation's own measures show?

Accelevation's own measures, as defined in its 424B4. They leave out real costs such as interest and stock-based pay, and backlog is not revenue. Never added to the GAAP figures.

  • Official (GAAP): Total net income, FY2025

    $21.7M

    Company's own measure: Adjusted EBITDA, FY2025

    $90.9M

    The company's measure: net income without interest, tax, depreciation and amortization, stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, public-company readiness costs, acquisition costs, sponsor fees, earnout changes, impairment and certain non-recurring items.

  • Official (GAAP): Total net income, six months to Jun 30, 2026

    $19.3M

    Company's own measure: Adjusted EBITDA, six months to Jun 30, 2026

    $68.4M

    Same definition. It leaves out $8.6 million of public-company readiness costs in the period, among other items.

  • Official (GAAP): Total net income, FY2025

    $21.7M

    Company's own measure: Adjusted Net Income, FY2025

    $64.9M

    The company's measure: net income without amortization of intangibles, stock-based pay, sponsor fees, public-company readiness and acquisition costs, earnout changes, impairment and other non-recurring items, after the tax effect.

  • Official (GAAP): Revenue, six months to Jun 30, 2026

    $438M

    Company's own measure: Backlog, Jun 30, 2026

    $1.1B

    The company's measure: revenue not yet recognized on signed contracts and purchase orders, plus letters of intent and notices to proceed. It was $347.2 million at Jun 30, 2025. Customers may be able to cancel it. The filing does not give remaining performance obligationsSigned contracts with customers that have not been billed yet., so revenue is shown as the nearest GAAP figure.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (1)
19Financial strength and debt

19Financial strength · Jun 30, 2026

How much debt does Accelevation have?

Debt was $647.8 million against $28.3 million of cash at Jun 30, 2026. A new credit agreement on Oct 9, 2026 replaced that loan facility, with $400.0 million drawn at closing.
  • Total debt$648M
  • Cash and investments$28.3M
  • Net debt (debt minus cash)$620M
  • Net worth (shareholders' money)$25.5M
  • Net debt of $619.5 million is a Cityfort calculation from the 424B4 filed Oct 1, 2026: debt minus cash. It leaves out $133.3 million of restricted cash, loan money held in escrow and received in July.
  • Net worth is members' equity. Total equity of $31.3 million also includes $5.8 million of noncontrolling interests.
  • $90.0 million of distributions to members was accrued at Jun 30, 2026 and paid in July.
  • The Oct 9, 2026 agreement is a $250.0 million term loan and a $400.0 million revolving credit line, maturing Oct 9, 2031. With cash on hand, the drawings repaid the old Credit Agreement in full, per the 8-K filed Oct 13, 2026.
  • Interest is Term SOFR (a benchmark rate) plus 2.25% at first. The press release filed Oct 13, 2026 puts the old rate at SOFR plus 4.50% to 5.25%.
  • The 424B4's as-adjusted debt of $479.9 million came before this agreement, so it is not the debt after the Oct 9 refinancing. No filing on EDGAR as of Nov 6, 2026 states a balance after that date.
Sources (4)
20Who owns it

20Who owns it · ownership as of Oct 1, 2026

Who owns Accelevation?

Accelevation has filed no proxy statement yet (EDGAR, Nov 6, 2026), so these rows come from the 424B4, Forms 3 and 4, and a Schedule 13G. Both classes carry one vote per share, and Olympus funds hold about 85.4% of the votes. Officers and directors as a group held 1,571,085 Class A shares after the offering, under 1%, per the 424B4. On Oct 1, 2026 the CEO and three directors bought shares at $18.00 through the directed share program, per Forms 4 filed Oct 5, 2026.
Share classes
Accelevation share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (120,022,472 shares after the offering, per the 424B4, assuming the underwriters' option was not exercised (no 10-Q cover yet); traded on Nasdaq as ACCV. Percentages are a Cityfort calculation from the 424B4 filed Oct 1, 2026.)1201Public investors, Olympus funds and management53.3%53.3%Yes
Class B common stock (104,977,528 shares after the offering, per the 424B4. Class B votes but has no rights to dividends or to assets in a liquidation; each share plus one operating-company unit can be exchanged for one Class A share. Percentages are a Cityfort calculation from the 424B4 filed Oct 1, 2026.)1051Accelevation Investment Holdings LLC, an Olympus entity, which also holds the matching units of the operating company46.7%46.7%No
Holders of 5% or more
Accelevation holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Olympus Partners funds (OGP VIII, LLC and its holding entities)85.4%85.4%Oct 5, 2026S1, S10, S1987,213,973 Class A and 104,977,528 Class B shares after the Oct 1, 2026 transactions; percentages are a Cityfort calculation from the 424B4 and the Form 4 filed Oct 5, 2026, on 225,000,000 shares and assuming no option exercise. Director Robert S. Morris also reports these shares.
FMR LLC (% of Class A only)5.1%–Nov 5, 2026S18Schedule 13G filed Nov 5, 2026: 6,083,600 Class A shares, with sole voting power over all of them. The percentage is the filer's own, of Class A only.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (4)
21What it does with profit

21What it does with profit

What does Accelevation do with its profit?

The 424B4 says Accelevation does not expect to pay dividends, and its credit agreement restricted payments by subsidiaries. Before the IPO, members received $325.5 million of distributions in the first seven months of 2026, mainly funded by June 2026 term loans.

  • Money raised · Oct 1, 2026

    IPO closed: the company sold 10,000,000 new Class A shares at $18.00 (offering price in the 424B4 dated Sep 29, 2026), $180.0 million before costs (Cityfort calculation from the 424B4 filed Oct 1, 2026). After underwriting discounts it received $170.55 million, before about $10.1 million of expenses; the 424B4 says all of it would repay debt. Olympus-controlled sellers sold 20,000,000 more shares, and that money went to them.

    $180M

Sources (2)
22Governance signals

22Governance signals

What do Accelevation's governance filings show?

Auditor
Grant Thornton LLP, since 2026
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Accelevation deals with its controlling owner and executives. It paid Olympus Advisors $250 thousand a quarter under an advisory agreement, about $1.0 million in FY2025, which the 424B4 says is expected to cease upon the offering. It also has a Tax Receivable Agreement with Olympus entities and a plant lease from a company owned by an executive.
Credit rating
Not checked for this page

Flags to know about

  • other

    Material weaknesses in internal control

    The 424B4 reports weaknesses in governance and financial reporting oversight, accounting staff, controls over the financial close and IT general controls. The auditor did not audit internal control.

  • other

    Controlled company

    Olympus funds hold about 85% of votes. The company intends to rely on Nasdaq exemptions from a majority-independent board and from independent compensation and nominating committees.

  • related party

    Pay linked to the owner's share sales

    Executives and employees receive 12% of the selling stockholders' net proceeds, paid by the sellers but expensed by the company. The pro forma expense is $60.9 million for the IPO, and it repeats on later sales until Olympus exits.

  • related party

    Distributions to owners before the IPO

    Members received $325.5 million in the first seven months of 2026, of which $22.1 million is subject to repayment. Series P holders include executives, who received about $2.5 million, $2.3 million and $1.1 million.

  • disclosure

    No quarterly report, proxy or earnings call yet

    As of Nov 6, 2026, Accelevation had filed no 10-Q, earnings release or proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more, and held no earnings call. The 424B4 gives no customer names, no revenue by product line and no remaining performance obligations.

  • disclosure

    Underwriters' option not reported

    The underwriters had 30 days to buy 4,500,000 more shares from the selling stockholders. No filing on EDGAR as of Nov 6, 2026 says whether they did, so this page's share counts assume they did not.

Sources (2)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Accelevation on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Accelevation Class A shares closed at $9.945 on Nasdaq. Market value = $9.945 × 225,000,000 Class A and Class B shares = about $2,237.6 million (Cityfort calculation from Nasdaq's Nov 5, 2026 closing price and the 424B4 filed Oct 1, 2026). Only Class A trades, so this counts Class B, which can be exchanged for Class A, at the Class A price; Class A alone is about $1,193.6 million. P/E (price ÷ earnings per share) is not shown because the 424B4 gives no historical earnings per share. The IPO price was $18.00 (424B4 dated Sep 29, 2026); on Sep 30, 2026, the first trading day, the shares opened at $17.55 and closed at $17.95. The Nov 5 close was 44.8% below $18.00 (Cityfort calculation from the 424B4 and Nasdaq's Nov 5, 2026 closing price). No filing explains the change from a $14.11 close on Nov 3, 2026.

Share price
$9.95
Market value (market cap)
$2.2B

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 225 million ($9.95 × 225 million shares ≈ $2.2B). Source: Accelevation Holdings Corp. Form 424(b)(4) final prospectus dated Sep 29, 2026, filed Oct 1, 2026 (Registration No. 333-298715); Form 4 filed Oct 5, 2026 by OGP VIII, LLC, Accelevation Pubco Holdings LP, Accelevation Investment Holdings LLC and Robert S. Morris (period Oct 1, 2026)

Source: ACCV historical quotes, Nasdaq, Sep 30 to Nov 5, 2026 (first row Sep 30, 2026: open $17.55, close $17.95; Nov 5, 2026 close $9.945); Accelevation Holdings Corp. Form 424(b)(4) final prospectus dated Sep 29, 2026, filed Oct 1, 2026 (Registration No. 333-298715); Nasdaq IPO calendar, September 2026, priced deals: ACCV, NASDAQ Global Select, priced date 9/30/2026, $18.00, 30,000,000 shares

Sources (4)
24How it got here

24How it got here

How did Accelevation get here?

  1. 2017

    Milestone

    Founded

    Michael Rubiera co-founded Accelevation in 2017 and has been CEO since. Revenue was still under $3.0 million in 2021.

  2. 2025

    Business-model change

    Olympus buys control

    Olympus Partners bought control on Jan 2, 2025. The accounting basis changed, so the filing treats earlier results as a separate Predecessor.

  3. 2025

    Milestone

    Three acquisitions

    Aura Energy on Jan 29 for $18.7 million, Earnest Solutions on Apr 28 for $6.0 million and SteelPro on Oct 6 for $43.5 million.

  4. 2026

    Milestone

    Borrowing to pay owners

    A June 2026 amendment added $346.0 million of term loans, mainly to fund a $299.4 million distribution to certain members.

  5. 2026

    Milestone

    Listed on Nasdaq at $18.00

    The 424B4 dated Sep 29, 2026 priced the IPO at $18.00, below the $20.00 to $24.00 range in the Sep 22 S-1/A. Class A shares began trading on the Nasdaq Global Select Market on Sep 30, and the IPO closed on Oct 1.

  6. 2026

    Milestone

    New credit agreement

    On Oct 9, 2026 a $250.0 million term loan and a $400.0 million revolving line replaced the old loans, with Bank of America as agent.

Sources (7)

25Sources and changes

Where every number on this page comes from

Sources (19 documents)
  1. S1Accelevation Holdings Corp. Form 424(b)(4) final prospectus dated Sep 29, 2026, filed Oct 1, 2026 (Registration No. 333-298715) · SEC EDGAR (filed by Accelevation Holdings Corp., CIK 0002141406) · Tier 1: company or exchange filing · Oct 1, 2026
  2. S2Accelevation Holdings Corp. Form S-1/A (Amendment No. 2), filed Sep 22, 2026, stating the expected price range of $20.00 to $24.00 · SEC EDGAR (filed by Accelevation Holdings Corp., CIK 0002141406) · Tier 1: company or exchange filing · Sep 22, 2026
  3. S6Accelevation Holdings Corp. Form 8-K filed Oct 1, 2026 (underwriting agreement, IPO closing, governance agreements) · SEC EDGAR (filed by Accelevation Holdings Corp., CIK 0002141406) · Tier 1: company or exchange filing · Oct 1, 2026
  4. S7Accelevation Holdings Corp. Form 8-K filed Oct 13, 2026 (new credit agreement dated Oct 9, 2026) · SEC EDGAR (filed by Accelevation Holdings Corp., CIK 0002141406) · Tier 1: company or exchange filing · Oct 13, 2026
  5. S8Exhibit 99.1 to Form 8-K filed Oct 13, 2026: press release, Accelevation Announces New Credit Agreement · SEC EDGAR (filed by Accelevation Holdings Corp., CIK 0002141406) · Tier 1: company or exchange filing · Oct 13, 2026
  6. S9Accelevation Holdings Corp. Form 8-A12B, filed Sep 30, 2026 (registers Class A common stock on Nasdaq) · SEC EDGAR (filed by Accelevation Holdings Corp., CIK 0002141406) · Tier 1: company or exchange filing · Sep 30, 2026
  7. S10Form 4 filed Oct 5, 2026 by OGP VIII, LLC, Accelevation Pubco Holdings LP, Accelevation Investment Holdings LLC and Robert S. Morris (period Oct 1, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Oct 5, 2026
  8. S12Nasdaq IPO calendar, September 2026, priced deals: ACCV, NASDAQ Global Select, priced date 9/30/2026, $18.00, 30,000,000 shares · Nasdaq, Inc. · Tier 1: company or exchange filing · Sep 30, 2026
  9. S16EDGAR submissions for Accelevation Holdings Corp., CIK 0002141406 (data.sec.gov), read Nov 6, 2026: latest filing Schedule 13G filed Nov 5, 2026; no 10-Q or earnings release · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
  10. S17ACCV historical quotes, Nasdaq, Sep 30 to Nov 5, 2026 (first row Sep 30, 2026: open $17.55, close $17.95; Nov 5, 2026 close $9.945) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
  11. S18Schedule 13G filed Nov 5, 2026 by FMR LLC and Abigail P. Johnson: 6,083,600 Class A shares, 5.1% of class (event date Sep 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 5, 2026
  12. S19Form 3 filed Sep 30, 2026 by OGP VIII, LLC, Robert S. Morris, Accelevation Pubco Holdings LP and Accelevation Investment Holdings LLC · SEC EDGAR · Tier 1: company or exchange filing · Sep 30, 2026
  13. S20Form 3 filed Sep 30, 2026 by Michael Rubiera (Chief Executive Officer, director) · SEC EDGAR · Tier 1: company or exchange filing · Sep 30, 2026
  14. S21Form 4 filed Oct 5, 2026 by Michael Rubiera (period Oct 1, 2026): 200,000 Class A bought at $18.00 in the directed share program · SEC EDGAR · Tier 1: company or exchange filing · Oct 5, 2026
  15. S22Form 4 filed Oct 5, 2026 by Kenneth D. Krause (Chief Financial Officer; period Oct 1, 2026): 1,206,272 RSUs granted · SEC EDGAR · Tier 1: company or exchange filing · Oct 5, 2026
  16. S23Form 4 filed Oct 5, 2026 by Brent C. Jewell (Chief Operating Officer; period Oct 1, 2026): 301,568 RSUs granted, 2,500 Class A bought at $18.00 · SEC EDGAR · Tier 1: company or exchange filing · Oct 5, 2026
  17. S24Form 4 filed Oct 5, 2026 by Paul D. Donahue (director; period Oct 1, 2026): 7,000 Class A bought at $18.00 · SEC EDGAR · Tier 1: company or exchange filing · Oct 5, 2026
  18. S25Form 4 filed Oct 5, 2026 by Howard C. Heckes (director; period Oct 1, 2026): 5,000 Class A bought at $18.00 · SEC EDGAR · Tier 1: company or exchange filing · Oct 5, 2026
  19. S26Form 4 filed Oct 5, 2026 by Ginger M. Jones (director; period Oct 1, 2026): 10,000 Class A bought at $18.00 · SEC EDGAR · Tier 1: company or exchange filing · Oct 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version of the stock page, from the 424B4 dated Sep 29, 2026, filings through Nov 5, 2026 and Nasdaq prices through Nov 5, 2026. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

Disclaimer

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.

Read the positions policy
Read the full disclaimer

Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.