Black Rock Coffee Bar has confidentially filed for an initial public offering (IPO) in New York, which could see the chain valued at over $1 billion, according to Reuters. 

JPMorgan Chase, Jefferies Financial and Morgan Stanley have been tapped to work on the listing, which could take place as early as this year. 

Reuters’ sources – four people familiar with the matter – said that the plans could change, depending on market conditions.

Geopolitical stressors, such as tariffs, have dampened the expectation of increased US IPOs this year, but recent market stabilization has encouraged listings. 

The confidential filing will allow Black Rock Coffee to keep financial and strategic information private as it assesses investor appetite before the launch.

Black Rock Coffee, launched in Oregon in 2008 by co-founders Jeff Hernandez and Daniel Brand, has over 150 locations across Oregon, California, Arizona, Idaho, Colorado, Washington and Texas.