Innio targets $20.25 billion valuation in AI infrastructure IPO

Innio is aiming for a valuation of up to $20.25 billion in its U.S. initial public offering, betting that investors still want exposure to the hardware and power systems behind the AI buildout. The Munich-based gas engine maker sits far from software and semiconductors, but its pitch is the same one animating much of the AI trade: data centers need reliable electricity, backup capacity and industrial-scale equipment.

The company filed its registration statement on Form S-1 with the SEC on May 11, 2026 and said it had applied to list on the Nasdaq Global Select Market under the ticker INIO. Innio plans to sell 75 million shares at $24 to $27 apiece, which would raise as much as $2.03 billion, and the deal is structured as a 100% secondary offering by AI Alpine, the shareholder vehicle backed by Advent International and the Abu Dhabi Investment Authority. Goldman Sachs, J.P. Morgan and Morgan Stanley are serving as joint lead book-running managers.

The offering gives public investors a look at a business whose fortunes have become increasingly tied to AI infrastructure spending. Innio’s Jenbacher and Waukesha engines serve critical infrastructure, including data centers, and annual data-center equipment orders grew roughly 16-fold between 2020 and 2025. S&P Global Ratings said 47% of the company’s new-equipment order intake in the first quarter of 2025 came from data centers, up from 3% in 2023 and 24% in 2024. That surge underscores how quickly AI-related electricity demand has become central to Innio’s growth story, even as it raises questions about the climate cost of financing fossil-fuel-adjacent equipment.

The company’s recent contract wins show the scale of that demand. On October 21, 2025, Innio said it landed its largest order ever, a 2.3 GW project with VoltaGrid for one of the world’s largest data centers. On April 9, 2026, it announced a framework agreement with Rehlko for 1.25 GW of gas-engine capacity. Innio also said in April that it completed a world-first 3 MW demonstration of 100% hydrogen-fueled backup power for data centers with the Net Zero Innovation Hub for Data Centers, with technical experts from Microsoft, Google and Data4 watching the test.

Innio posted a $7.2 million net loss on revenue of $668.6 million in the first quarter of 2026, compared with net income of $35 million on revenue of $494 million a year earlier. Advent carved the company out of General Electric’s distributed power business in 2018 in a $3.25 billion deal, and the Abu Dhabi Investment Authority agreed to become a significant shareholder in 2023. Innio says it has primary operations in Jenbach, Austria; Welland, Ontario; and Waukesha, Wisconsin, and a service network spanning about 100 countries, with an installed base of about 44 GW.