Applied Aerospace & Defense’s revenue soared by 24.8% in 2025, revealed this government subcontractor supported by private funds in its IPO filing in the United States, the latest in a wave of defense technology companies going public in recent weeks.
The Huntsville, Alabama-based space and defense material supplier reported a net loss of $17 million on revenue of $498.8 million for the fiscal year ended December 31, compared to a net loss of $34.8 million on revenue of $399.8 million a year earlier.
IPOs in the defense technology sector are in the spotlight on the American IPO market, with issuers rushing to seize the opportunity created by the American-Israeli war against Iran.
Aerospace parts manufacturer Arxis ARXS.O, drone manufacturer AEVEX AVEX.N, precision components manufacturer Elmet Group ELMT.O, and radio signal analyzers manufacturer HawkEye 360 HAWK.N all made their debut on the New York Stock Exchange in recent weeks.
“The American IPO market is in the best shape I’ve seen since the late 1990s. This is not only due to the warm reception to operations across the risk spectrum, but also to the solid post-IPO returns,” Reuters’ Josef Schuster, general manager of IPOX, stated.
Greenbriar Equity Group, a special purpose acquisition company specializing in mid-sized companies, merged Applied Aerospace, founded in 1954, and PCX Aerosystems, founded in 1900, last year to form Applied Aerospace & Defense.
The company manufactures a wide range of products, including fuselages, flight control surfaces, solid rocket motor cases, and engine shafts for space and defense sector companies. According to its website, its clients include Anduril Industries, Boeing, and GE Aerospace.
Applied Aerospace & Defense plans to sell new shares as part of this offering. Approximately 83% of the company’s revenue came from contracts with the U.S. government in the twelve months ended December 31.
Morgan Stanley and Jefferies are among the lead underwriters of the operation. Applied Aerospace & Defense will be listed on the New York Stock Exchange (NYSE) under the symbol “AADX.”
