Venture Global is seeking up to $110.38 billion valuation in its New York initial public offering, the second-largest U.S. liquefied natural gas producer said on Monday, setting the stage for the first blockbuster stock market flotation in 2025.

The IPO documents show Venture Global has raised about $54bn to build its terminals and pay operating expenses since it was founded 11 years ago. It has earned nearly $20bn in gross proceeds over that time, while long-term contracts are expected to generate revenues of $107bn in coming years.

US-based Venture Global LNG is set to formally engage investors for its initial public offering (IPO), targeting a valuation of $110bn, reported Reuters, citing a document and a person familiar with the matter.

In March, Venture Global detailed that it had locked in a fleet of nine LNG carrier newbuildings — six 174,000-cbm and three 200,000-cbm vessels. The company is listed on databases as having ordered five of these directly at Hanwha Ocean.

At that range, Venture Global would seek a valuation of anywhere between about $96 billion and $110.38 billion. That total comes from Venture Global’s calculation of outstanding shares after the IPO: roughly 430 million outstanding Class A shares and nearly 2 billion Class B shares.

Venture Global is targeting up to $110.38 billion valuation in its U.S. initial public offering, the liquefied natural gas exporter said on Monday, setting the stage for 2025's first blockbuster stock market flotation.

The Arlington, Virginia-based company is seeking to raise up to $2.30 billion by offering 50 million shares priced between $40 and $46 each