Sections
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
Investment Snapshot
Thesis
Valuation & Price Target
Business & Product Moat
People & Governance
Market & Macro
Financial Quality
Risk Register
Prediction Market
𝕏 Posts
Discussion
Applied Aerospace & Defense, Inc.
Investment Snapshot
Symbol
AADX
Offer Range
$20.00
Shares Offered
—
Total Shares Post-IPO
170.7M
Market Cap
—
Target Price
$00.00Implied Upside vs Midpoint
$00.00Use of Proceeds
Primarily to delever — repay revolving credit facility (~$56.1M) and repay term loans (~$532.8M); remainder for general corporate purposes including working capital, operating expenses and capital expenditures.
Applied Aerospace & Defense, Inc. (AADX) launched a $650 million IPO priced at $20 per share, offering 32.5 million shares with a strong institutional syndicate led by Morgan Stanley, Jefferies, BofA, and RBC. The firm provides vertically integrated aerospace and defense subsystems for mission-critical applications across space, defense aviation, and C5ISR segments. Revenues grew 24.8% to $498.8 million in FY2025, with a $1.06 billion backlog representing near-term contracted work. Proceeds primarily address high leverage by repaying over $588 million of debt. The leadership team comprises experienced aerospace defense executives with recent CEO and CFO appointments focused on execution and financial discipline.
Strengths
+
FY2025 revenue of $498.8M, +24.8 YoY growth+
X Twitter sentiment: Neutral — Applied Aerospace & Defense priced its IPO at $20 per share within range, raising $650M and drawing moderate attention for its strong sole-source aerospace and defense contracts, resulting in neutral market sentiment.Observations
○
Primary use of proceeds is debt repayment (~$589M)○
Backlog of $1.06B (~2.1x FY2025 revenue) serving as SOM proxy○
Institutional underwriters: Morgan Stanley, Jefferies, BofA, RBCThesis
Valuation Verdict: At the filing midpoint ($19.50) the company implied an approximate $3.33B pro forma market capitalization; the IPO proceeds principally address debt, not growth, so valuation will hinge on successful deleveraging and conversion of backlog into free cash flow rather than near-term organic expansion. Given improved FY2025 margins but persistent net losses driven by material interest expense, public investors will likely apply a discount relative to higher-margin aerospace peers until leverage falls.
Catalyst Timeline: Near-term catalysts include IPO-driven debt repayment (reducing interest expense within 12 months) and scheduled production scale-ups tied to recent program awards that should manifest in revenue and margin expansion over the next 12–24 months. Secondary catalysts include further program wins, successful integration of acquisitions, and any demonstration of recurring aftermarket revenue converting backlog to visible cash flow.
Growth & Margin Trajectory: Revenue growth accelerated to ~25 YoY in FY2025 and Q1 2026 driven by program ramps and backlog conversion (backlog ≈ $1.06B, ~2.1x FY2025 revenue); gross and operating margins improved to ~28 and ~11.8 in FY2025 respectively, suggesting operational leverage as production scales. However, sustained net profitability depends on materially lowering interest expense and avoiding margin dilution from fixed-cost absorption or program execution issues.
Governance & Operational Risk: Management includes sector-experienced executives (new CEO and CFO brought in 2025) and long-tenured operational leadership, which supports integration and production reliability, but the company faces concentrated customer exposure with many sole- or single-source positions and a sponsor-backed ownership transition. FINRA-disclosed lending relationships between lead bookrunners and company lenders create related-party dynamics during the distribution and may affect allocation and aftermarket selling pressure.
Scenario Targets: Base case: successful debt paydown and modest margin improvement leads to stabilization of net results and trading in line with mid-cap manufacturing peers (implied market cap near $3–3.5B). Bull case: faster backlog conversion, additional program awards and further cost discipline drive 1-2 turn multiple expansion vs peers. Bear case: program cancellations, goodwill impairments, or sustained high interest burden push multiple compression and downside to materially below IPO valuation.
Growth accelerating with 24.8% YoY revenue increase; valuation premised on backlog conversion and leverage reduction
AADX operates at the intersection of aerospace and defense manufacturing with a focus on mission-critical subsystems that supply growing defense and space programs. The company benefits from accelerating revenue growth driven by program wins and production scale, improving margins, and a meaningful backlog. The primary investment appeal lies in its positioning as a sole single-source supplier to top-tier primes and the U.S. government, enabling strong customer integration and recurring aftermarket revenue streams. Key risks include high interest expense due to leverage and the uncertain conversion of cancellable backlog into cash flow. Valuation context is constrained by lack of explicit multiples, but the company’s implied market cap (~$3.3B) and revenue scale position it as a mid-cap aerospace defense industrial play.
Strengths
+
Revenue growth accelerating +25% YoY in FY2025Observations
○
Sole/single-source supplier with embedded customer relationships○
Meaningful backlog (~2.1x revenue) supports near-term revenue visibility○
Recurring aftermarket sustainment revenue adds stability○
Debt reduction post-IPO critical to improve net income profileValuation & Price Target
████████████████████
Valuation premised on ~3.3B market cap with growth and leverage reduction potential; peer multiples not disclosed
The company commands an implied pro forma market capitalization near $3.3 billion at the $19.50 to $20.00 IPO price midpoint, positioning it as a mid-cap aerospace and defense industrial supplier. Valuation hinges on execution risk in converting sizeable but cancellable backlog into cash flows, margin sustainability, and debt reduction. Precise peer multiples are unavailable from the filing, precluding definitive premium or discount statements. Comparable aerospace defense manufacturers typically trade in single-digit EV Revenue multiples; absent explicit multiples, investors must evaluate the company’s high growth, leverage reduction potential, and backlog conversion visibility to contextualize valuation.
Risks
−
Sustainability of margin improvements and acquisition integration risk factor inObservations
○
Implied post-IPO market cap approximately $3.3 billion○
No explicit peer multiples disclosed in filing for direct comparison○
Valuation drivers: backlog conversion reliability and interest burden reduction○
Peers such as Spirit AeroSystems, TransDigm, Kratos serve as qualitative benchmarksBusiness & Product Moat
████████████████████
Company Description (Source)
We are a premier provider of advanced design, engineering, and vertically
integrated manufacturing solutions for leading and next-generation space and
defense technology companies. We build complex, mission-critical subsystems for
extreme operating environments serving three core markets: Space and Launch
Systems; Defense Aviation and Airborne Systems; and Command, Control,
Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance
(“C5ISR”) and Precision Strike Systems. With decades of space and defense
manufacturing heritage, we combine material science and intellectual property
(“IP”)-enabled process expertise with the ability to enable rapid prototyping,
enhance new product development, and responsively scale production. Across our
nationwide network of advanced manufacturing facilities, we continuously support
a balanced mix of next-generation technology and platform development, large
scale production programs, and aftermarket sustainment for enduring platforms.
The increasing complexity of next-generation space and defense platforms,
combined with decades of underinvestment in scaled, technically differentiated
mid-tier manufacturing companies, has created a structural need for
engineering-integrated advanced manufacturing partners capable of delivering
mission-critical systems at production scale. As a record number of new space
and defense programs are accelerating from development into sustained production
and long-duration aftermarket support, suppliers with deep process expertise,
lifecycle embeddedness, and the capacity to industrialize rapidly are becoming
increasingly attractive to the U.S. and allied industrial base.
We are purpose-built to scale with the nation’s accelerating space and defense
demands, and we believe the breadth and depth of our manufacturing competencies
are essential to the design, production and support of next-generation
platforms. We maintain decades-long relationships with both blue-chip aerospace
and defense prime contractors and next-generation technology innovators as a
critical supply chain partner. These customers depend on us to supply
highly-engineered systems to enable their most important platforms. Our track
record underlies our sole- or single-source positions that represent
approximately 87% of our revenue and approximately 86% of our pro forma revenue
for the fiscal year ended December 31, 2025. We believe our full lifecycle,
diversified, and IP-enabled capabilities provide outsized value to our customers
by delivering uncompromising performance, improving cost efficiencies, and
accelerating production.
We are innovators and critical enablers in our three large and growing end
markets. Rapid expansion across the commercial, civil, and national security
space sectors is accelerating demand in Space and Launch Systems, supported by
industry growth where reusable launch architectures have underpinned
cost-effective access to space and opened new markets including proliferated
satellite constellations. At the same time, an increasingly complex and dynamic
global threat environment is driving robust investment in next-generation
airborne capabilities and modernization of enduring platforms. This supports
significant, broad-based growth in Defense Aviation and Airborne Systems as
autonomy, stealth, and high-performance aircraft become strategic priorities.
Demand is also rising across C5ISR and Precision Strike Systems as the United
States and allies prioritize networked battlefield capabilities, layered missile
defense, and large-scale missile and munitions rearmament, positioning these
areas for strong, visible, multi-year demand. In each of our end markets, we
build mission-critical, high-consequence subsystems and assemblies for marquee
platforms which we believe are strategically aligned with the most important
U.S. and allied defense priorities.
---
Our markets are experiencing strong, sustained growth, but the ability of the
space and defense supply chain to manufacture mission-critical subsystems at
production scale remains constrained. Over the past several decades,
consolidation, offshoring, and underinvestment have reduced the number of
scaled, technically differentiated mid-tier manufacturing platforms within the
U.S. industrial base. As production requirements increase and next-generation
systems move from prototype to full-rate manufacturing, our customers are
prioritizing partners with ready capacity, proven process expertise, accelerated
qualification capabilities, and repeatable throughput that can responsively
scale. We believe that our years of investment in talent, facilities, capacity,
and capabilities equip us to successfully service our customers during their
next phases of growth.
We enable critical space and defense platforms through high-consequence
subsystems engineered for the edge enabling mission-critical functions such as
power and propulsion, battlefield connectivity, and survivability in extreme
environments. Examples of our systems include reusable landing systems for
launch vehicles, control surfaces for next-generation fixed wing platforms, and
solid rocket motor cases for missile platforms. Our systems are proven in the
most demanding environments, including in the vacuum of space, through
atmospheric reentry, and on the battlefield, enabling high-consequence
capabilities such as supersonic flight, orbital delivery, and advanced sensing.
Our decades of proven performance underpin our ability to scale and adapt to the
evolving needs of the U.S. space and defense industrial base across the full
platform lifecycle, from design and prototyping through production, aftermarket,
and sustainment. Approximately 33% of our revenue and 27% of our pro forma
revenue for the fiscal year ended December 31, 2025 is tied to systems for
aftermarket and sustainment, providing long-term revenue visibility due to
long-duration platform service lives.
---
Our purpose-built platform has been developed through disciplined strategic
acquisitions and platform investments that have further strengthened our
capabilities to meet the growing demands of the space and defense industrial
base. Our national manufacturing footprint supports scaled production of
American-made critical systems for leading space and defense platforms. We
operate eleven state-of-the-art facilities in the United States with
approximately 1.5 million square feet of manufacturing space in total. Our
facilities enable our breadth of capabilities across systems and material types
and include differentiated and hard-to-replicate resources and capabilities such
as flow forming facilities, complex composite tube manufacturing, radio
frequency (“RF”) transparent composite manufacturing, spin forming for
propulsion tanks, near-net shape forming, deep hole boring, and large-scale
clean room capacity. Our footprint is designed to scale with our customers and
is growing today, with a number of expansion opportunities both in process and
identified, and is intended to support the demand to come from next-generation
platform production ramps.
---
Applied Aerospace & Defense, Inc. was incorporated as a Delaware corporation on
October 7, 2022 under the name GB Eagle Topco, Inc. and subsequently changed its
name to Applied Aerospace & Defense, Inc. on November 14, 2025. Our principal
executive offices are located at 335 Quality Circle NW, Huntsville, AL 35806.
Our telephone number is (202) 983-3291. Our website address
is https://appliedaero.space/.
Competitor Set
████████████████████People & Governance
James William (Trip) Ferguson, III
Chief Executive Officer & Director
As CEO since November 2025, Ferguson is the primary execution credibility lever for integration of acquisitions, program delivery and commercial relationships with primes and government customers; his track record in sector operating roles is directly valuation‑relevant to de‑risking execution risk.
Strengths
+
Prior roles include President, Space, Cyber & Directed Energy at AeroVironment and COO roles at Blue Halo and Dynetics; U.S. Marine Corps veteran; B.S., U.S. Naval Academy; MBA. Demonstrated operating leadership across space and defense programs supports credibility on program delivery and integration.Weaknesses
−
Targeted public searches did not surface adverse items.Kevin Bidlack
Chief Operating Officer
Long tenure with Applied (with the company since 1991) signals operational institutional knowledge and materially reduces key‑person risk at the shop‑floor and manufacturing scale‑up levels, which is important for production ramps and quality control.
Strengths
+
Progressive roles at Applied since 1991; B.S. in Industrial Engineering; MBA. Deep company‑specific manufacturing experience and continuity in operations are positives for execution on backlog conversion and production scale‑ups.Weaknesses
−
Targeted public searches did not surface adverse items.Jeff McRae
Chief Financial Officer
As a new CFO (since November 2025), McRae is central to executing the post‑IPO capital allocation plan and the debt reduction strategy; his prior CFO experience will be a key investor credibility consideration.
Strengths
+
Served as CFO for PCX Aerostructures (Feb 2018–Nov 2025) and held prior financial management roles in aerospace manufacturing. Relevant finance leadership experience aligns with responsibilities for debt reduction, reporting and investor communication.Weaknesses
−
Targeted public searches did not surface adverse items.Christopher Rogers
Chief Growth Officer
As Chief Growth Officer, Rogers is a valuation‑relevant driver for M&A, program wins and market access; his investment‑banking and M&A background supports deal origination and strategic growth execution.
Strengths
+
Prior role as Managing Director and Head of Aerospace, Defense & Government Services at Harris Williams (2005–2025); U.S. Marine Corps veteran; Harvard MBA. Strong M&A, capital markets and sector network experience that can accelerate inorganic growth and customer introductions.Weaknesses
−
Targeted public searches did not surface adverse items.David King
Chairman
As Chairman, King’s oversight is valuation‑relevant for governance during the IPO transition and the company’s debt reduction and integration agenda.
Strengths
+
No background disclosed in the filing.Weaknesses
−
Targeted public searches did not surface adverse items.Noah Blitzer
Director
As a director, Blitzer contributes to board governance and strategic oversight, which are relevant to investor confidence during the company’s deleveraging and growth phases.
Strengths
+
No background disclosed in the filing.Weaknesses
−
Targeted public searches did not surface adverse items.Scott Goldstein
Director
Goldstein’s role as a director provides independent oversight that can affect governance and strategic decisions important to the investment case.
Strengths
+
No background disclosed in the filing.Weaknesses
−
Targeted public searches did not surface adverse items.James Katzman
Director
Katzman’s board role is relevant to corporate governance and strategic review during the IPO and post‑IPO period.
Strengths
+
No background disclosed in the filing.Weaknesses
−
Targeted public searches did not surface adverse items.Susan Lynch
Director
Lynch’s presence on the board contributes to governance and oversight which supports investor scrutiny over execution and capital allocation.
Strengths
+
No background disclosed in the filing.Weaknesses
−
Targeted public searches did not surface adverse items.Jack Morris
Director
Morris serves as a director, providing governance oversight relevant to risk management and strategic execution during the company’s transition to public ownership.
Strengths
+
No background disclosed in the filing.Weaknesses
−
Targeted public searches did not surface adverse items.Noah Roy
Director
Roy’s director role supports board oversight and strategic guidance, which matter for post‑IPO governance and execution credibility.
Strengths
+
No background disclosed in the filing.Weaknesses
−
Targeted public searches did not surface adverse items.The leadership team features seasoned aerospace and defense executives with relevant sector experience. The CEO, appointed November 2025, brings operational and integration expertise from prior defense roles. The COO's long tenure reduces operational risk through manufacturing knowledge. The recently appointed CFO is positioned to manage post-IPO capital allocation and leverage reduction. The Chief Growth Officer’s M&A and aerospace investment banking background supports growth initiatives. The board composition is largely undisclosed but includes a chairman overseeing governance during the IPO transition.
Strengths
+
COO Kevin Bidlack: with company since 1991, deep operational experience+
CGO Christopher Rogers: investment banking background for growth and M&AObservations
○
CEO Trip Ferguson: aerospace defense veteran with leadership at AeroVironment and Dynetics○
CFO Jeff McRae: financial leadership focused on capital allocation and debt reduction○
Board includes Chair David King with IPO governance focusMarket & Macro
AADX addresses large and growing aerospace and defense markets that include Space & Launch Systems, Defense Aviation & Airborne Systems, and C5ISR & Precision Strike Systems. While the filing does not disclose TAM or CAGR, the company’s backlog of $1.06 billion serves as a proxy for near-term SOM. The sector benefits from tailwinds such as defense modernization, rising missile and space launch demand, and reshoring of supply chains. Headwinds include sensitivity to government procurement cycles, high customer concentration, and the company’s own leverage constraining reinvestment.
Risks
−
Risks include program cancellation risk and high customer concentrationObservations
○
TAM not disclosed in filing; backlog ($1.06B) used as SOM proxy○
Sector is supported by defense modernization and reusable launch adoption○
Recurring aftermarket sustainment linked to long program life cycles○
Industry CAGR figures not disclosed in filing; external research absentFinancial Quality
Strong margin improvement but net losses persist due to high interest costs; leverage reduction critical
Applied Aerospace & Defense demonstrates robust revenue growth accelerating to +24.8 in FY2025, driven by program wins and production scale-up. Margins improved materially with gross margin rising to ~28 and operating margin near 12%. Despite operating improvements, net loss persists primarily due to substantial interest expense reflecting high leverage. Balance-sheet leverage remains elevated, with debt exceeding $800 million. Cash levels declined in Q1 2026 amidst investment and operational costs. Backlog at 2.1x revenue offers revenue visibility, but its cancellability tempers confidence. The company’s financial trajectory hinges on successful debt reduction and maintaining margin improvements.
Strengths
+
Revenue growth acceleration: FY2025 +24.8% YoY; Q1 2026 +21% YoYRisks
−
Net loss continuing due to high interest expense ($72.8M in FY2025)−
High leverage with liabilities at $839.8M and goodwill $583.4M (impairment risk)Observations
○
Gross margin improved to ~28%; operating margin to ~11.8% in FY2025○
Backlog at $1.06B (~2.1x revenue) underpins near-term revenue outlookRisk Register
High leverage & interest burden: Large interest expense (~$72.8M in FY2025) and elevated liabilities create near-term profitability and cash-flow vulnerability until debt is materially reduced.
Backlog cancellability & customer concentration: A meaningful portion of revenue is tied to cancellable terminable contracts and sole- or single-source program positions, risking abrupt revenue disruption if programs are delayed or canceled.
Acquisition-related goodwill & impairment risk: Substantial goodwill ( ~$583M as of 3/31/2026) following acquisitions elevates the risk of material impairment charges if forecasted synergies or cash flows do not materialize.
Investors face idiosyncratic risks including AADX’s high leverage and substantial interest expense that have contributed to continued net losses. The company’s backlog, while sizable, is cancellable and not guaranteed to convert to revenue. The recent acquisitions causing goodwill and intangible asset increases introduce impairment risk. Customer concentration is high with sole-source contracts, exposing revenues to program cancellations and procurement cycles. Use of IPO proceeds focuses on deleveraging rather than growth, limiting near-term reinvestment. Execution risks include integration of acquired businesses and sustaining margin improvements amid competitive pressures.
Strengths
+
IPO proceeds allocated to debt repayment, limiting growth capitalRisks
−
Goodwill and intangibles increased materially post-acquisitions — impairment risk−
High customer concentration and sole-source supplier riskObservations
○
High leverage and interest expense driving net losses○
Backlog cancellability limits certainty of revenue conversionPrediction Markets
Market Cap Probabilities (Report)
Sum: 95%
Peak:
$20.50($3.5B)Mean:
$20.24($3.5B)Median:
$20.50($3.5B)Offer Range:$20.00
R²=0.98
Resolution Details
This market will resolve based on Applied Aerospace & Defense's market capitalization at the closing price on its first day of trading.
As of market creation, the IPO is scheduled for June 3 (ET). If no such IPO occurs by July 31, 2026, 11:59 PM ET, the market will resolve to "No IPO before August 2026".
Market capitalization expresses the monetary value of a company's outstanding shares, stated in its pricing currency.
It is calculated as the total number of outstanding shares, multiplied by the official closing share price of the publicly traded class on the first trading day.
If necessary, to accurately capture the company's total market capitalization, rather than a stock-class-specific market capitalization, the calculation will include all outstanding share classes and apply any stated conversion ratios to the publicly traded class. Where no conversion right exists, such shares will be counted at their stated outstanding amount without discount, unless official filings explicitly specify differently.
The number of outstanding shares will be determined from official company filings or disclosures (e.g., SEC filings). The closing share price on the first trading day will be determined from the primary exchange's official listing page.
If the relevant value falls exactly between two brackets, this market will resolve to the higher range bracket.
The primary resolution source for this market will be official company filings and the primary exchange's official listing page. The market capitalization will be determined through appropriate calculation using the total outstanding shares and the closing price from the first day of trading.
In the event of an interruption in the normal trading session on the specified company's first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that day as the first day of trading for the purposes of this market.
𝕏 Posts
X/Twitter sentiment
Neutral
Score 6
13 posts
Applied Aerospace & Defense priced its IPO at $20 per share within range, raising $650M and drawing moderate attention for its strong sole-source aerospace and defense contracts, resulting in neutral market sentiment.
AI per-post analysis: 2 positive, 0 negative, 11 neutral (engagement-weighted aggregate).AADX LMT RTX NOC BA GE AVAV KTOS
Applied Aerospace & Defense is preparing to go public.
The Huntsville-based space and defense supplier launched its IPO roadshow, offering 32.5M shares at $18-$21.
At the top end, the IPO could raise up to ~$682M and value the company around $3.6B.
Why this matters:
AADX is not trying to sell a pure “defense tech” story.
It is selling the picks-and-shovels layer behind space and defense platforms.
The company operates across:
Space and launch systems
Defense aviation
Airborne systems
C5ISR
Precision strike systems
Products include mission-critical aerospace and defense components such as fuselage structures, flight control surfaces and rocket motor cases.
The financial profile:
2025 revenue: ~$499M
Revenue growth: +25 YoY
Net loss: ~$17M, improved from ~$35M
The customer base reportedly includes major aerospace and defense names such as Boeing, GE Aerospace and Anduril.
The bigger thesis:
Defense supply chains are becoming strategically valuable again.
Missiles, drones, launch vehicles, satellites, C5ISR and precision strike systems all need specialized manufacturing capacity.
That creates demand for companies that can build complex, certified components at scale.
Bull case:
AADX benefits from rising defense budgets, missile demand, space launch growth and supply-chain reshoring.
If public investors keep rewarding aerospace and defense IPOs, this could price well.
Bear case:
The IPO proceeds are partly going toward debt repayment, which means this is not a pure growth-capital story.
Also, defense suppliers can face program concentration, margin pressure, certification delays and long procurement cycles.
Takeaway:
AADX is a defense infrastructure IPO.
Not flashy software.
Not a drone pure-play.
But potentially a supplier to the systems everyone is trying to build more of:
space
missiles
aircraft
ISR
precision strike
The market is increasingly paying attention to the industrial base behind the defense boom.
♥ 1⟲ 0💬 0👁 431
Jun 1, 2026𝗔𝗣𝗣𝗟𝗜𝗘𝗗 𝗔𝗘𝗥𝗢𝗦𝗣𝗔𝗖𝗘 + 𝗗𝗘𝗙𝗘𝗡𝗦𝗘 𝗣𝗥𝗜𝗖𝗘𝗦 𝗜𝗣𝗢 𝗜𝗡𝗦𝗜𝗗𝗘 𝗥𝗔𝗡𝗚𝗘 AADX @applied_ad
$650.0M raised • 32.50M shares
Priced at $20.00 (within $18–$21 range)
NYSE (Ticker AADX) debut set for June 3
A large aerospace and defense offering getting done near the upper end of the range — a sign that institutional demand remains healthy for defense, national security, and government-focused issuers despite a growing IPO calendar.
#IPO #EquityCapitalMarkets #NYSE #Aerospace #Defense #IPOs #IPOProphet
♥ 0⟲ 0💬 0👁 260
Jun 3, 2026AADX (NYSE) priced, IPO today
32.5mln shares at $20
underwriters: Morgan Stanley Jefferies BofA Securities RBC Capital Markets Guggenheim Securities Baird Stifel WR Securities Nomura Securities
Applied Aerospace & Defense, Inc. is an aerospace and defense equipment manufacturer with $522.09M in TTM revenue and 24.8% revenue growth YoY
The company was formed by combining Applied Aerospace and PCX Aerosystems and manufactures aerospace and defense structures, rocket motor cases, flight-control surfaces, engine shafts, and other mission-critical components.
Customers include:
Anduril Industries
Boeing
Northrop Grumman
RTX
U.S. Government
#ipo
♥ 1⟲ 0💬 0👁 159
Jun 3, 2026IPO: AADX – Applied Aerospace & Defense
Provides engineering and manufacturing for aerospace, defense, space and C5ISR systems. A key advantage is deep customer integration, with roughly 87% of revenue coming from sole- or single-source programs.
Price: $20
Raised: $650M
Revenue: $498.8M
Net Income: −$17M
Peers: HWM TDG HEI RTX KTOS
#IPO #Defense #Aerospace
♥ 2⟲ 0💬 0👁 11
Jun 3, 2026🛡️ Applied Aerospace & Defense Inc. AADX recaudó $650M en su salida a bolsa en Estados Unidos tras fijar el precio de 32,5 millones de acciones en $20 por título. La compañía, especializada en componentes aeroespaciales y de defensa, comenzará a cotizar en la Bolsa de Nueva York bajo el ticker AADX.
🚀 La operación refleja el fuerte apetito de los inversores por el sector defensa, impulsado por el aumento del gasto militar y las tensiones geopolíticas globales. Applied Aerospace suministra componentes críticos para empresas como Boeing Co. BA, GE Aerospace GE y Anduril Industries, posicionándose en mercados de alto crecimiento vinculados a defensa, espacio y sistemas avanzados. La IPO se suma a la reciente ola de salidas a bolsa de compañías de tecnología militar y aeroespacial en EE.UU. #Defensa #IPO #Aeroespacial
♥ 3⟲ 0💬 0👁 433
Jun 3, 2026Upcoming IPO Watch: Quantum, Power, Defense & AI Ad Tech Lead The Week
• INIO INNIO Holding, $1.91B deal, natural gas engines & power generation systems
• QNT Quantinuum, $1.43B deal, Honeywell quantum computing carve-out
• AADX Applied Aerospace & Defense, $634M deal, aerospace & defense components
• LFTO Liftoff Mobile, $399M deal, AI-powered mobile app advertising software
• SSMR Sunshine Silver, $300M deal, Idaho silver mining & refining project
• SFPT Safepoint, $267M deal, coastal property insurer
• WHK WhiteHawk Minerals, $180M deal, U.S. natural gas royalties
♥ 5⟲ 0💬 1👁 775
Jun 1, 2026