Black Rock Coffee Bar raised $294 million in an initial public offering Friday, with its stock soaring 38% as trading began in New York.
The company priced shares at $20 but they climbed to $27.53 on the first day of trading. That gives Black Rock a market value of about $1.3 billion.
Black Rock founders Daniel Brand and Jeff Hernandez opened their first drive-thru in Washington County in 2008. By June 2025 the chain had 158 locations in seven states, including 52 in Arizona, 42 in Texas and 34 in Oregon. The company also has a roasting facility in Vancouver, Washington, and another in Tempe, Arizona.
Black Rock has moved its headquarters from Oregon to the Phoenix area, closer to its biggest markets. Another big coffee chain that started in Oregon, Dutch Bros, made the same move this past June when it moved its headquarters from Grants Pass to Arizona.
Both Black Rock and Dutch Bros feature sugary, iced energy drinks in addition to standard hot coffee. That’s a fast-growing market, especially among young customers.
Black Rock reported $50.4 million in revenue in its most recent quarter, up 24% from the same period in 2024. It lost $1.1 million last quarter, compared to a $500,000 loss in the same quarter last year.
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