Solv Energy Inc. submitted a registration with the Securities and Exchange Commission on Friday seeking to raise up to $512.5 million in an initial public offering, according to documents filed by the company.
The energy infrastructure services firm plans to offer 20.5 million shares with an indicated price range of $22 to $25 per share. At the high end of that range, the filing values Solv at roughly $5 billion based on the outstanding shares the company reported in the filing.
Solv provides a suite of services to the power sector that spans engineering, procurement, construction, testing and commissioning, as well as operations, maintenance and repowering work. The company says it was founded in 2008 and has since been involved in the construction of more than 500 power plants, representing a combined 20 GWdc of generating capacity.
Operationally, Solv reports long-term agreements to provide operations and maintenance services for 146 operating power plants, together representing in excess of 18 GWdc of generating capacity. The firm is identified by Engineering News Record as the second-largest solar contractor in the United States by 2024 revenues and the seventh-largest contractor in power overall.
In its filing Solv stated its intention to list Class A common stock on the Nasdaq Global Select Market under the ticker symbol "MWH." Following the offering, the company will have two classes of common stock. The filing indicates that the group labeled "Continuing Equity Owners" would retain about 89.7% of the voting power after the IPO.
Headquartered in San Diego, California, Solv operates from 14 additional locations across the United States. The company reported approximately 2,300 employees as of September 30, 2025, and operates as a licensed contractor in 40 states.
Solv frames the offering as a step to serve increasing electricity needs tied to expanding data center infrastructure across the U.S. The filing itself provides the primary detail about the share count, price range, corporate structure and operating footprint but does not specify how proceeds will be allocated beyond general corporate purposes.
Additional financial specifics, including final pricing, exact use of proceeds and timing of the offering, will be determined as the IPO process proceeds and are not disclosed in the filing filed on Friday.