Building materials distributor QXO is raising yet more funds via a new stock offering aimed to provide it with another $750 million for acquisitive growth.

The company also shared two pieces of its preliminary 4Q25 financial results on Jan. 15,

Meanwhile, the company has issued $750 million worth of shares in a new common stock offering, which QXO plans to use to fund general corporate purposes, which may include future acquisitions. Each share of common stock is sold at a price of $23.80, and the offer is set to close on Jan. 20. Bank of America, the underwriter for the offering, can also buy an additional $113 million of stock.

It follows QXO announcing that it has raised $3 billion in new private placement funding between two rounds ($1.2B and $1.8B) in consecutive weeks, led by Apollo Global Management, Tamesek and other investors. That new funding is contingent upon QXO signing a definitive acquisition agreement by July 15. A person familiar with the matter told MDM that QXO is in advanced discussions with seven different acquisition targets that would represent a mix of mid-sized deals ($1B to $5B in revenue) and “transformational” deals (more than $5B). Several of those targets are private, family-owned companies, and are in both the U.S. and Europe.

That’s at least $3.75 billion in new funding QXO will have raised in less than three weeks of 2026.

A person with knowledge of the QXO stock offering told MDM that there was an influx of inbound interest from other investors after the $3 billion raised in the aforementioned two rounds earlier this month, prompting the new stock offering as a response to that demand.

4Q25 Preliminary Figures

The Greenwich, CT-based company — which acquired Beacon in mid-2025 for $11 billion for its first platform acquisition — said its 4Q sales totaled approximately $2.19 billion, while adjusted EBITDA was $150 million.

While not completely comparable given the steps QXO is taking to transform Beacon, it’s worth noting that Beacon’s 4Q24 sales totaled $2.4 billion while adjusted EBITDA was $222.5 million.

QXO noted that the preliminary results don’t represent all the information necessary for a complete understanding of its financial performance.

RBC Capital shared the following in an analyst note: “Our view remains that investors see NT (near-term) earnings as less of a meaningful catalyst with focus remaining on M&A and ’26 improvement.”