QXO — a building materials distribution company founded in late 2023 by serial entrepreneur Brad Jacobs — has landed another $620 million in private placement financing.

The company shared July 19 that it has entered into purchase agreements with institutional and accredited investors for an aggregate of 67,833,699 million shares of common stock at $9.14 per share. The new financing round is expected to close on July 25. Following the closing, QXO will have approximately 409.4 million outstanding shares of common stock.

The private placement includes a $150 million investment from Affinity Partners, which was founded by Jared Kushner — former President Donald Trump’s son-in-law. Kushner has also joined the QXO board of directors as the fifth independent director on the seven-member board.

This latest financing round follows the closing of a previously reported $3.5 billion private placement placed on July 19. With the completion of both rounds, including investments from Jacob Private Equity and Sequoia Heritage, QXO said it will have approximately $5 billion in cash and no debt.

The company plans to use the proceeds from these investments to grow its business through acquisitions, according to a July 22 news release.

Goldman Sachs and Morgan Stanley are joint lead placement agents for the private placements, with Paul, Weiss, Rifkin, Wharton & Garrison LLP serving as legal advisors to QXO.

Led by Jacobs as its CEO, QXO announced the rest of its leadership team between late May and early June.