Tennessee's ITG opens Nasdaq at $18 amid AI infrastructure demand
ITG, a digital infrastructure company from Tennessee, kicked off its Nasdaq journey with a bang.
Shares opened at $18, jumping 12.5% above the IPO price and valuing the company at $2.18 billion.
Its big boost comes from providing network services to broadband, fiber, and wireless companies right when tech giants are pouring money into AI-powered infrastructure.
Revenue concentrated with Comcast and Charter
For the three months ended March 31, 2026, ITG reported $333.9 million in revenue.
About 60% of ITG's revenue last year (2025) came from Comcast and Charter Communications, a detail investors are watching closely.
Analysts say ITG's strong IPO shows how much excitement there is for companies riding the wave of AI investment.
The US IPO market also seems to be waking up again, with software firm Bending Spoons and Uber-backed Lime making their own debuts on the same day, hinting at new energy in high-growth sectors thanks to all this AI buzz.