Largest-Capitalized IPO Of 2026 Approaches Buy Point

EquipmentShare.com (EQPT), which went public just two weeks ago, has already grown into this year’s largest IPO by market cap. The stock is forming its first base pattern and is about 6% from a potential buy point.

The company made its debut Jan. 23, when the stock opened trading at 28.50 after pricing its initial public offering at 27, in the middle of the expected range. Today, shares are trading above 33, giving the company a market capitalization of more than $8 billion. That makes it the largest market cap among this year’s IPOs, according to IBD MarketSurge.

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The $747 million offering was the second largest this year after Forgent Power Solutions (FPS), a maker of electrical distribution equipment for data centers and industrial plants. Its IPO on Feb. 4 raised $1.512 billion, according to IPO analysis firm Renaissance Capital. Shares are trading around 33 after debuting at 27.

EquipmentShare.com stock is now forming an IPO base with a potential buy point at 35.50.

Columbia, Mo.-based EquipmentShare.com operates 373 locations across the U.S. and through its mobile app. The company’s T3 platform uses sensors and tracking hardware to manage backhoes, bulldozers and other rentals in an integrated job site platform, which provides greater efficiency.

The company’s strategy is to open new sites in high-potential markets, and its locations are close to megaprojects, it added in its prospectus.

EquipmentShare.com Growing Fast

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EquipmentShare says it is one of the fastest-growing rental companies. Revenue increased from $1.73 billion in 2022 to $2.56 billion in 2023 and $3.76 billion in 2024. For the first nine months of 2025, sales were $2.81 billion, above the year-ago comparison.

Net income went from $49.6 million in 2022 to $17.4 million and $2.4 million the next two years, according to the company’s prospectus. It had a loss of $25.2 million in the first nine months of 2025, narrowing from $47.2 million in the year-ago period.

As of Sept. 30, EquipmentShare had $401.8 million in cash and $3.7 billion in long-term debt.

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The company says its main rivals are United Rentals (URI), the Sunbelt Rentals unit of London-based Ashtead Group, and Herc Holdings (HRI). Those companies make up about 40% of the construction equipment rental market in the U.S., and the rest of the industry is fragmented.

United Rentals has a 72 Composite Rating and Herc a 76 rating.

EquipmentShare.com has a 57 Composite Rating.

Heavy-construction companies are among the best-performing as data-center construction and reshoring of factories and supply chains on U.S. soil drives building activity.

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