Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 4

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 4
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 the option to purchase, exercisable within 30 days from the date of this prospectus, up to 4,050,000 additional Class A shares from us, at the public offering price less the underwriting discounts. At our request, the underwriters have reserved up to 10% of the Class A shares for sale at the public offering price through a directed share program to certain individuals associated with us. See “Underwriting (Conflicts of Interest)—Directed Share Program.” Certain funds and accounts managed by Horizon Kinetics Asset Management LLC (the “cornerstone investor”), have indicated an interest in purchasing up to an aggregate of $120.0 million of the Class A shares offered hereby at the public offering price and on the same terms as the other Class A shares being offered hereby. The shares to be purchased by the cornerstone investor will not be subject to a lock-up agreement with the underwriters. However, because indications of interest are not binding agreements or commitments to purchase, the cornerstone investor may determine to purchase more, less or no shares in this offering or the underwriters may determine to sell more, less or no shares to the cornerstone investor. The underwriters will receive the same discount on any of our Class A shares purchased by the cornerstone investor as they will from any other shares sold to the public. The underwriters expect to deliver the Class A shares to purchasers on or about , 2025 through the book‑entry facilities of The Depository Trust Company.

| J.P. Morgan              |                           | Barclays                |
| Goldman Sachs & Co. LLC  | Morgan Stanley            | Wells Fargo Securities  |
| Piper Sandler            | Raymond James             | Stifel                  |
| Texas Capital Securities | Pickering Energy Partners | Janney Montgomery Scott |
| Johnson Rice & Company   |                           | Roberts & Ryan          |

Prospectus dated , 2025.

Note: As of August 31, 2025. The Speedway Pipeline project is currently under development and construction is dependent on future commercialization and market viability.

TABLE O F CONTENTS

|                                                                                       | Page |
| SUMMARY                                                                               |    1 |
| RISK FACTORS                                                                          |   42 |
| CAUTIONARY NOTE REGARDING FORWARD‑LOOKING STATEMENTS                                  |   76 |
| USE OF PROCEEDS                                                                       |   78 |
| DIVIDEND POLICY                                                                       |   80 |
| CAPITALIZATION                                                                        |   81 |
| DILUTION                                                                              |   82 |
| MANAGEMENT’S DISCUSSION AND ANAL