Black Rock Coffee Bar Raises $294M IPO, Shares Jump Over 30% Nasdaq Debut

Black Rock Coffee Bar, a drive-thru focused coffee chain founded in 2008, raised $294.1 million in its U.S. initial public offering, pricing shares at $20 each, above the marketed range of $16 to $18. The company issued approximately 14.7 million shares, valuing the firm at about $956 million at debut, with its shares jumping over 30% on Nasdaq and reaching a market valuation of $1.27 billion. Operating 158 stores across seven states, Black Rock Coffee Bar reported $179.5 million in revenue over the past year but also posted a net loss of $1.1 million for the quarter ending June 30, 2025. The IPO attracted strong demand, reportedly 20 times the offering size, underscoring investor interest in the consumer sector despite economic challenges like inflation and tariffs. Black Rock Coffee is the first U.S. restaurant to go public since Cava in 2023 and aims to expand its store footprint, intensifying competition with established chains such as Starbucks, Dutch Bros, and Scooter's. Its competitor Dutch Bros has seen its stock more than double since its 2021 IPO, setting a high bar in the sector.