EagleRock Land LLC, an owner and manager of oilfield acreage in the Permian Basin, has filed with the U.S. Securities and Exchange Commission to raise $346 million through an initial public offering.
The Houston-headquartered company said in the filing Monday that it intends to market 17.3 million shares at a proposed price of $17 to $20 apiece. Using the highest point of that range, EagleRock would carry a market capitalization of $2.6 billion based on the outstanding shares cited in its filing.
According to the filing, EagleRock generates revenue and royalty income by leasing its acreage to producers. Named lessees include Chevron Corp., ExxonMobil Corp., ConocoPhillips and Diamondback Energy Inc. The company also indicated plans to make its land and water assets available for other industrial and infrastructure uses - including power generation, data centers, wind and solar farms, battery storage, transmission lines and cryptocurrency mining.
Founded in 2023, EagleRock reported a net loss of $73.1 million on revenue of $72.2 million for the year ended Dec. 31, 2025. That compares with a net loss of $1.1 million on revenue of $17.7 million in the prior year, as set out in the filing.
Investors in EagleRock include private equity firm EnCap Investments and asset manager TCW Group, the filing shows. The offering is being led by Goldman Sachs Group Inc., Barclays Plc and JPMorgan Chase & Co.
The company said it expects its shares to trade on the New York Stock Exchange and NYSE Texas under the ticker symbol EROK.
Summary
EagleRock Land has launched an S-1 filing to raise $346 million by offering 17.3 million shares at $17 to $20 each. The business leases Permian Basin land to major oil and gas companies and is positioning its land and water resources for broader energy and infrastructure uses. Financial disclosures show growing revenue but a substantial net loss in the most recent fiscal year.
- Offering details - 17.3 million shares at $17 to $20 per share; $346 million target; implied $2.6 billion market value at the top of the range based on outstanding shares in the filing.
- Operations - Leases acreage to Chevron Corp., ExxonMobil Corp., ConocoPhillips and Diamondback Energy Inc.; plans to support power generation, data centers, renewables, storage, transmission and cryptocurrency mining.
- Financials and backers - Founded in 2023; reported a $73.1 million net loss on $72.2 million revenue for the year ended Dec. 31, 2025; investors include EnCap Investments and TCW Group; offering led by Goldman Sachs, Barclays and JPMorgan.
Key points
- The offering would provide public capital to a Houston-based landowner with existing oil and gas lease income and ambitions to monetize land and water for energy and data infrastructure uses - a crossover of energy real estate and infrastructure sectors.
- Major oil producers are named as tenants, indicating existing commercial relationships that underpin current revenue and royalty streams.
- The filing discloses a sharp increase in revenue year-over-year accompanied by a much larger net loss in the most recent reporting period.
Risks and uncertainties
- Financial performance - The company reported a net loss of $73.1 million for the year ended Dec. 31, 2025, which highlights continued operating losses despite higher revenue; this affects investors evaluating profitability and capital needs.
- Business concentration - Revenue and royalties depend on leasing arrangements with oil and gas companies; shifts in those relationships or in upstream activity could affect cash flow for the company and relevant energy sector participants.
- Execution of diversification plans - EagleRock has stated intentions to make its land and water available for power generation, data centers, renewables, battery storage, transmission and cryptocurrency mining; those plans introduce execution and market risks for sectors including power, data infrastructure and renewables.
The company has indicated it expects to list under the symbol EROK on both the New York Stock Exchange and NYSE Texas.