TLDR
- Applied Aerospace & Defense (AADX) priced its IPO at $20 per share, raising $650 million
- The company is valued at approximately $3.5 billion, around six times its 2025 sales of $604 million
- AADX reported a $57 million operating loss in Q1, but sales grew nearly 40% year over year
- The company makes hardware for space launches, drone components, and solid rocket motor parts
- Customers include Anduril Industries, Boeing, and GE Aerospace
Applied Aerospace & Defense (AADX) began trading on the NYSE Wednesday after pricing its IPO at $20 a share, raising $650 million.
120+ years of heritage. 11 facilities. 1,500 experts. @applied_ad aims to unleash the power of advanced manufacturing at scale to enable mission success for leading and next-generation space and defense technology companies. Welcome to the NYSE Community šļø $AADX pic.twitter.com/LNeVJX6EZm
— NYSE š (@NYSE) June 3, 2026
The Huntsville, Alabama-based company sold 32.5 million shares, pricing within its indicated range of $18 to $21. If underwriters exercise their option for additional shares, total proceeds could reach approximately $750 million.
The IPO values AADX at roughly $3.5 billion ā about six times its 2025 revenue of $604 million.
Profitability isn’t there yet. The company posted a $57 million operating loss in the first quarter and wasn’t in the black for full-year 2025.
Growth is the headline, though. First-quarter sales rose nearly 40% year over year, which is what investors are paying attention to.
AADX makes a broad range of hardware. That includes propellant tanks and other space launch components, aircraft parts for drones, solid rocket motor cases, engine shafts, fuselage structures, and flight control surfaces.
Its client list reads like a who’s who of the defense and aerospace world. Anduril Industries, Boeing, and GE Aerospace are among its customers.
A Company Built Through Acquisitions
AADX didn’t start as one business. Private equity firm Greenbriar Equity Group combined Applied Aerospace ā founded in 1954 ā with PCX Aerosystems, which dates back to 1900, to create the current entity last year.
CEO James “Trip” Ferguson previously ran the Space, Cyber, and Directed Energy division at AeroVironment (AVAV) before taking the top job here.
The timing of the IPO isn’t accidental. Defense tech companies have been rushing to list in New York, with several going public in recent weeks ā including aerospace parts maker Arxis (ARXS), drone maker AEVEX (AVEX), and radio signal analyzer Hawkeye 360 (HAWK).
The Sector Tailwind
Investor appetite for space and defense names has been running hot. Rocket Lab (RKLB) was up more than 55% in the month leading into Wednesday trading, largely driven by excitement ahead of the SpaceX IPO expected to value that company at around $1.8 trillion.
Drone interest has also picked up since the U.S.-Israeli conflict with Iran broke out. The U.S. military’s push for cost-effective counter-drone solutions has kept the sector front of mind for investors.
AADX’s product mix ā space hardware, drone components, missile parts ā lines up neatly with those themes.
Morgan Stanley and Jefferies acted as lead underwriters on the offering. AADX listed on the NYSE on Wednesday under the ticker symbol “AADX.”
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