Construction Materials 'M&A Machine' Stock Plummets... Over 1 Trillion Won in Market Value Vanished in a Day

Shares of QXO (QXO INC: QXO) closed at $18.95 on the New York Stock Exchange on March 20, down 6.56%. About 5.91 million shares changed hands, and the company’s market capitalization stood at roughly $13.4 billion (approximately KRW 18.1 trillion), erasing about $827 million (around KRW 1.1 trillion) in value in a single day.

In January, QXO raised substantial capital by offering roughly 31.65 million common shares at $23.80 each, with proceeds intended for general corporate purposes, including future acquisitions. On February 11, the company agreed to acquire building materials distributor Kodiak Building Partners for about $2.25 billion (approximately KRW 3.0 trillion). Subject to customary approvals, the deal is expected to close in early Q2 2026.

Having completed the $11 billion (around KRW 15 trillion) acquisition of Beacon Roofing Supply in 2025, QXO has transformed into one of North America’s largest distributors of roofing, waterproofing and construction materials. Led by CEO Brad Jacobs, the company has outlined a long-term plan to build a building-materials distribution platform generating $50 billion (about KRW 67 trillion) in annual revenue through large-scale acquisitions and integration.