QXO, a startup with intentions of becoming a technology-forward player in the building products distribution industry, will transfer the listing of its common stock to the New York Stock Exchange (NYSE) from the Nasdaq Stock Market. As part of the move, the company will retain its stock ticker, QXO.
QXO expects to begin trading on the NYSE on Jan. 17, when chairman and CEO Brad Jacobs will ring the Opening Bell. In the interim, the company’s stock will continue to trade on Nasdaq. At the opening of the market on Jan. 7, QXO’s stock began trading at $16.03 on Nasdaq.
“We’re excited to list QXO’s shares on the Big Board,” says Jacobs. “The public companies I founded prior to QXO and listed on the NYSE have all delivered outsized shareholder value. We intend to replicate that success by creating a tech-forward leader in the $800 billion building products distribution industry.”
Jacbos founded QXO in 2023 with the intention to create a market leader in building products distribution.
“The building products distribution industry’s nascent use of technology, particularly AI and B2B e-commerce, represents a compelling opportunity for QXO as a tech-forward entrant,” the company’s strategy reads. “QXO’s combination of scale and innovation should elevate the customer experience, increase sales force effectiveness, and enable margin expansion.”
Throughout 2024, the company secured financing and appointed its leadership team. By June 2024, QXO raised approximately $5.0 billion in cash, reflecting private placements of $3.5 billion and $620 million as well as investments of $900 million from Jacobs Private Equity and $100 million from Sequoia Heritage and other co-investors. The company said it intends to use the proceeds of its investments to grow its business through acquisitions.
QXO’s most recent leadership appointment was naming Ashwin Rao as the company’s chief artificial intelligence officer, tapping the former Target Corporation AI head as the “principal AI architect” for QXO. At the time of Rao’s appointment, Jacobs said AI will “permeate everything we do at QXO,” including demand forecasting, inventory management, and e-commerce. Rao’s work will span the entire company, from route optimization in transportation to robotics and automation in warehouses to supply chain optimization.
