João Fernando
Venture Global Inc., one of the United States’ largest liquefied natural gas (LNG) producers, has filed for what could be among the largest initial public offerings (IPO) of 2025, based on filings with the U.S. Securities and Exchange Commission (SEC). The company plans to list its Class A common shares on the New York Stock Exchange under the symbol “VG,” with leading financial institutions such as Goldman Sachs, JPMorgan Chase, and Bank of America overseeing the offering. Reuters report suggests the company aims to raise over $3 billion to fund its operations and business expansion.
Founded in 2013 by Mike Sabel and Bob Pender, Venture Global has grown into a dominant LNG exporter, competing with industry giants like Cheniere Energy and Freeport LNG. According to an article published by Bloomberg, initially considered outsiders in the Houston energy sector, Sabel and Pender secured long-term contracts with major energy companies like Shell and BP, enabling them to raise $7.1 billion to build their first terminal, Calcasieu Pass. Since commencing operations in 2022, however, the company has faced criticism for selling LNG on the lucrative spot market rather than fulfilling its long-term contracts, which remain in a “commissioning phase.”
The Arlington, Virginia-based company operates two LNG plants in Louisiana: Calcasieu Pass and Plaquemines LNG. Plaquemines recently produced its first LNG, marking a significant milestone for Venture Global. The company is also planning three additional projects — CP2, CP3, and Delta LNG — which together represent over $100 billion in estimated costs. Once completed, these expansions are expected to solidify Venture Global’s position as the second-largest LNG producer in the U.S., trailing only Cheniere Energy. To support these projects, the company intends to build pipelines connecting its facilities to major gas basins like Permian, Haynesville, and Eagle Ford.
Venture Global’s rise coincides with growing global demand for LNG as countries transition from coal and oil to cleaner energy sources. The U.S., now the world’s largest LNG exporter, benefits from abundant natural gas reserves and advanced liquefaction infrastructure. Despite reporting a revenue decline from $6.3 billion to $3.4 billion for the nine months ending September 30, the company achieved a net income of $756 million during the same period, indicating robust profitability amid operational challenges.
Sabel and Pender will retain control of the company post-IPO, holding more than 50% of voting power through their entity Venture Global Partners II, LLC. The upcoming IPO reflects the company’s ambition to leverage Wall Street to fuel its ambitious projects and meet the surging demand for LNG globally.
