Core Insights - QXO, founded by Brad Jacobs, aims to become the largest publicly traded distributor of building products in North America, targeting the $800 billion industry [1] Investment Announcement - Apollo Global is leading a new $1.2 billion investment in QXO, causing the stock to rise by 20.2% [2] - The investment will be made through a fresh issuance of convertible preferred shares with an initial conversion price of $23.25, which is 18% higher than QXO's previous closing price [5] Acquisition Strategy - QXO has set a goal to reach $50 billion in annual revenues within the next decade, primarily through acquisitions, with a notable past acquisition of Beacon Roofing Supply valued at approximately $11 billion [4] - The new investment will fund one or more qualifying acquisitions by July 15, 2026, ensuring continued growth for QXO [6]
Why Did QXO Stock Soar Today?