Black Rock Coffee Bar has confidentially filed for an initial public offering in New York, with a potential valuation exceeding $1 billion, according to four people familiar with the matter.
The privately owned coffee chain has enlisted JPMorgan Chase, Jefferies Financial, and Morgan Stanley to lead the offering, which could take place as soon as later this year, the sources said.
Confidential IPO filings allow companies to begin discussions with regulators and test investor interest without publicly disclosing detailed financial information. The timing and structure of the deal remain fluid and could shift depending on market conditions, the sources added. All spoke on the condition of anonymity.
Representatives for Black Rock Coffee, JPMorgan, Jefferies, and Morgan Stanley declined to comment.
While hopes for a robust U.S. IPO rebound in 2025 were initially high, geopolitical tensions and economic uncertainty—especially around tariffs—have kept markets on edge. Nonetheless, a recent uptick in market stability has prompted several companies to move forward with listing plans.
Investor interest in high-growth companies remains strong. This week, design software firm Figma raised its IPO price range, and AI infrastructure startup CoreWeave has surged nearly 170% since its debut in March.
Smaller regional coffee brands like Black Rock Coffee have been steadily gaining ground on giants such as Starbucks, fueled by loyal customer bases. Earlier this month, Reuters reported that Scooter’s Coffee, another regional chain, is weighing a sale that could value it near $1 billion.
Founded in 2008 by Jeff Hernandez and Daniel Brand, Black Rock Coffee now operates more than 150 locations across seven U.S. states, including Arizona, Oregon, Texas, and California. Based in Scottsdale, Arizona, the chain is known for its drive-through model and offers a menu of hot and iced coffee beverages along with energy drinks.
The move follows in the footsteps of Dutch Bros, a similar drive-through-focused coffee brand that went public in 2021 with a valuation exceeding $5 billion.
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