Houston-based land acquirer LandBridge launched its initial public offering (IPO) on Monday, positioning itself as an indirect play on the crypto-mining sector. The company plans to sell 14.5 million shares priced between $19 and $22, potentially giving it a market cap of $1.5 billion.
LandBridge owns 220,000 surface acres and 4,180 gross mineral acres in the Delaware sub-basin of the Permian Basin region, which it believes can support operations like crypto mining with necessary infrastructure. The company has already entered into one crypto mining facility deal and is pursuing contracts with solar power, power storage, data management, and crypto mining businesses.The company generated approximately $102 million in revenue for the 12 months ending in March, with its non-oil and gas royalty segment, including crypto mining, contributing $52 million—a 56% increase from the previous year.LandBridge’s IPO will test market and regulatory interest in crypto-adjacent deals, especially as Texas faces power grid capacity challenges due to high demand from AI and crypto sectors. The shares are expected to price next week, with Goldman Sachs leading the offering, and the company plans to list on the NYSE under the symbol LB.
