QXO Inc. has priced a $750 million common stock offering, adding fresh capital to fuel its acquisition strategy as investors remain focused on dealmaking rather than near-term earnings performance.

The Greenwich, Conn.–based building products distributor said it will sell 31,645,570 shares at $23.80 per share, with the offering expected to close Jan. 20, subject to customary conditions. Bank of America Securities is acting as sole underwriter and has an option to purchase up to an additional 4,746,835 shares, which would raise roughly $113 million before underwriting discounts and commissions if fully exercised.

The offering brings the total capital QXO has raised since the beginning of the year to about $3.75 billion. Earlier this month, the company secured $3 billion across two equity rounds led by Apollo Global Management, with participation from Temasek.

According to people familiar with the matter, the public stock offering followed strong inbound interest from additional investors after those private capital raises. The company opted to tap public markets to meet that demand while further strengthening its balance sheet.

QXO remains in active discussions with seven potential acquisition targets, a majority of which are privately held distributors, the people said. The company has said it is targeting $50 billion in annual revenue within the next decade through a combination of accretive acquisitions and organic growth.

Proceeds from the offering will be used for general corporate purposes, including funding future acquisitions, QXO said.

Related: QXO in Advanced Acquisition Talks After Apollo’s $1.2B Investment

Preliminary 4Q 2025 Results

Alongside the offering announcement, QXO released summarized preliminary, unaudited financial information for the fourth quarter of 2025 and said it expects to file its annual report on Form 10-K for the year ended Dec. 31, 2025, on Feb. 26, 2026.

For the fourth quarter, the company reported net sales of approximately $2.19 billion and adjusted EBITDA of approximately $150 million. Analysts at RBC Capital Markets said the figures were broadly in line with expectations.

Analysts continue to frame the equity raise as part of a broader M&A push. RBC Capital Markets said the new common stock offering further bolsters QXO’s “war chest” and reiterated its view that investors are treating near-term earnings as less of a catalyst, keeping focus on acquisitions and anticipated improvement in 2026.