HawkEye 360 rose 31% in its New York Stock Exchange debut, giving public market investors another defense technology listing to evaluate amid rising demand for national security and space-based intelligence assets. The Herndon, Virginia-based company raised $416 million after pricing 16 million shares at $26, the top of its marketed range, before closing its first trading session at $34. The move valued the company at roughly $3.2 billion and followed a strong April debut from military drone maker Aevex Corp., whose shares climbed 35% after its IPO.
Goldman Sachs and Morgan Stanley led the offering, which gives HawkEye 360 capital to repay debt and fund a deferred payment tied to its December acquisition of Innovative Signal Analysis, a Dallas-based signal-processing technology provider. The company operates more than 30 satellites that detect radio frequency emissions from sources such as radars, jammers, and satellite phones, then applies signal-processing algorithms for government customers.
The listing comes as HawkEye 360 moves closer to sustained profitability. Revenue rose to $117.7 million in 2025 from $67.6 million a year earlier, while net income improved to $48,000 from a net loss of $31.2 million. Its backlog also increased sharply, reaching nearly $303 million from $44 million the prior year. CEO John Serafini pointed to the company’s profitability as a differentiator in defense technology, while CFO Craig Searle said exposure to rising defense budgets outside the U.S. supports revenue diversification.
