Black Rock Coffee Bar was valued at $1.27 billion after its shares rose 32.5% above the IPO price in their Nasdaq debut, marking the first U.S. restaurant IPO since 2023 and highlighting investor demand for consumer-facing brands.
Key facts:
- Shares opened at about $26.50 versus the $20 offer price.
- The company raised $294.1 million by selling 14.7 million shares.
- Same-store sales rose 10.9% in Q2 2025, compared with 3.9% a year earlier.
- Founded in 2008, Black Rock operates 158 stores across seven U.S. states and targets 1,000 stores by 2035.
- The IPO follows Cava’s 2023 listing and comes amid a rebound in U.S. public offerings.
Relevant Companies
- Starbucks ($SBUX): Competitor in the U.S. coffee market with global scale.
- Dutch Bros ($BROS): Peer quick-service coffee chain, also a recent IPO with growth focus.
- Wendy’s ($WEN): Expanding into beverage offerings, competing in the quick-service segment.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
