ERock

Last updated: June 1, 2026
Ticker
EROK
Exchange
NYSE
IPO Date
Pending
Price Range
$20.00 - $23.00
Deal Size
$600 million
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Company Snapshot

EagleRock Land is a holding company focused on monetizing land, resources, and water infrastructure assets through surface use agreements (SUAs) and a royalty-based strategy. The company minimizes its exposure to operating costs and risks by having customers and operating partners assume most operating and capital expenditures. This structure supports the generation of significant and sustainable free cash flow.

Founded
2025
Key Investors
Lea & Eddy Holdings, LLC (21.3%), Double Eagle IV Midco, LLC (35.3%), TCW Entities (9.9%)

Per S-1 disclosure; % may not sum to 100% when ownership is nested, multi-class, or reported on different bases.

Key Financials

Metric202520242023
Revenue$72.2M$17.7MNot provided
YoY Growth+307.9%--
Adjusted Net Loss-$73.1M-$1.1MNot provided
Margin %-101.2%-6.2%-

Implied Valuation at Midpoint

Market Cap
$2.8B
P/S Ratio
38.7x

Based on price range midpoint and most recent fiscal year data.

S-1 Highlights

Market & Competition

EagleRock Land operates in the oil and gas development sector, particularly in the Permian Basin, which is known for its vast hydrocarbon resources. The company competes with other land and resource management firms, although specific competitor names were not mentioned in the filing.

Use of Proceeds

Proceeds from the IPO are expected to be used to support the company's growth strategy and operational activities, although specific allocations were not detailed.

Key Risk Factors

  • EagleRock Land may not be successful in pursuing additional commercial opportunities on their land from non-traditional energy production and other users.
  • The company faces risks related to the reliance on a limited number of customers and the potential for fluctuations in demand for their land and resource services.

Deal Structure

Primary Shares
17,300,000 shares
Shares Outstanding
130,124,999 shares
Post-IPO Float
21.4%
Lock-up
No Lock-up Agreement
Lead Underwriters
Goldman Sachs, Barclays, J.P. Morgan, Piper Sandler, Raymond James, Pickering Energy Partners, Stephens Inc., Texas Capital Securities

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