EagleRock Files for IPO

EagleRock Land LLC filed for an initial public offering as the Permian Basin landowner and management company seeks to expand holdings and attract power generation, data centers and other industrial developments that could benefit from being near energy sources. 

EagleRock, which was formed last year, reported its predecessor firm had a net loss of $73.1 million on revenue of $72.2 million in the year ended Dec. 31, 2025, compared with a net loss of $1.1 million on revenue of $17.7 million a year earlier, according to a filing Thursday with the US Securities and Exchange Commission. The company said it plans to use proceeds of the sale in part to repay debt and fund operations and land acquisitions.

The Houston-based company owns or controls 236,000 acres across the Permian Basin, the most active oil and gas development and production region in the US, and holds an interest in another 70,000 acres in the Midland sub-basin.

EagleRock generates revenue and royalties from oil and gas companies such as Chevron Corp., ConocoPhillips Co., Devon Energy Corp and Diamondback Energy Inc. that drill on its land or have permits to do so. The company hopes to earn additional lease revenue and royalties from other land uses including data centers, wind and solar farm leases, battery storage, transmission lines and cryptocurrency mining.

The IPO would follow in the footsteps of fellow Permian Basin landowner LandBridge Co., whose shares have tripled since its $283.6 million IPO in mid-2024, and the strong long-term performance of shares of the larger Texas Pacific Land Corp, one of Texas’s biggest property holders. 

EagleRock’s investors include private equity firm EnCap Investments and asset manager TCW Group, the filing states.

The offering is being led by Goldman Sachs Group Inc., Barclays Plc and JPMorgan Chase & Co. The company expects its shares to trade on the New York Stock Exchange and the NYSE Texas under the symbol EROK.