Applied Aerospace & Defense’s revenue surged by 24.8% in 2025, as disclosed on Friday by the government-backed 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 supplier of aerospace and defense equipment reported a net loss of $17 million on revenue of $498.8 million for the fiscal year ending on 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 U.S. IPO market, with issuers rushing to seize the opportunity created by the US-Israeli war against Iran.
Companies like aerospace parts manufacturer Arxis, drone maker AEVEX, precision components manufacturer Elmet Group, and radio signal analyzers manufacturer HawkEye 360 have recently gone public in New York.
“The U.S. IPO market is in the best shape I have seen since the late 1990s. This is not only due to the warm reception for deals across the risk spectrum but also due to strong post-IPO returns,” said Reuters Josef Schuster, IPOX’s general manager.
Greenbriar Equity Group, a special acquisition company focused on 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 fuel motor cases, and engine shafts for companies in the space and defense sectors. According to its website, it counts Anduril Industries, Boeing, and GE Aerospace among its clients.
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 ending on December 31.
Morgan Stanley and Jefferies are among the lead managers of the operation. Applied Aerospace & Defense will be listed on the New York Stock Exchange (NYSE) under the symbol “AADX.”
