AEVEX Corp. has filed to go public on the NYSE under the ticker AVEX, offering 16.0 million shares of Class A common stock at an expected price range of $18.00 to $21.00, implying a deal size of approximately $312 million at the midpoint and an estimated market capitalization of roughly $946 million. That valuation reflects only the publicly traded Class A shares and represents approximately 43% of the company’s economic interest post-offering, with legacy owners retaining the majority through LLC Units paired with Class B shares. Backed by Madison Dearborn Partners, which will maintain voting control following the IPO, the deal is being led by Goldman Sachs, BofA Securities, Jefferies, and J.P. Morgan, alongside a broad syndicate, and is structured as an Up-C.
AEVEX positions itself as a next-generation defense technology prime contractor, focused on autonomous unmanned systems (“UxS”) and AI-enabled mission solutions. The company has delivered more than 10,000 systems globally and is deeply embedded across U.S. Department of Defense, Special Operations Forces, and Intelligence Community programs, with a track record of execution across high-priority programs of record. Its platform spans both hardware and software, with a particular emphasis on autonomy in GPS-denied environments—an increasingly critical capability in modern warfare.
The business is organized into two primary segments: Tactical Systems, which includes unmanned aerial and surface platforms designed for combat and reconnaissance missions, and Global Solutions, which provides end-to-end mission capabilities including ISR, counter-UAS systems, and specialized aircraft engineering. This dual structure allows AEVEX to both manufacture mission-critical hardware and deliver integrated, software-enabled solutions tailored to real-time operational needs.
At the core of the company’s differentiation is its proprietary software stack, particularly the CompassX sensor-fusion engine, which enables onboard autonomy, navigation, and targeting in contested environments where GPS is unavailable or degraded. This capability is paired with a modular open systems architecture (MOSA), allowing rapid integration of new sensors, payloads, and third-party technologies. The result is a flexible, upgradeable platform designed to evolve alongside changing battlefield requirements while maintaining strong interoperability across systems.
AEVEX’s operating model is tightly aligned with its customer base, leveraging continuous “in-theater” feedback loops to inform product development and accelerate innovation cycles. The company highlights its ability to move from concept to deployment in a matter of weeks, supported by vertically integrated engineering and manufacturing capabilities, including deployable additive manufacturing through its ForgeX platform. This capability enables production closer to the point of need, enhancing supply chain resilience and mission responsiveness.
Growth has been driven by both internal R&D investment and customer-funded development programs, with over $100 million invested since 2024. This strategy has translated into meaningful backlog expansion, with funded backlog increasing to over $500 million as of year-end 2025, reflecting strong demand visibility and contract momentum across defense and intelligence channels.
AEVEX’s financial profile reflects a business scaling into its next phase, with steady revenue growth alongside a near-term reset in margins tied to investment and mix. On a pro forma basis, the company generated approximately $432.9 million of revenue in 2025, up from $392.2 million in 2024, driven by continued demand across both product and services segments. Gross profit declined to $94.3 million from $110.3 million, with gross margin compressing to 21.8% from 28.1%, highlighting the impact of production ramp and mix shift toward lower-margin hardware. Operating income similarly stepped down to $1.9 million, implying a 0.4% operating margin, compared to 27.3% in the prior year, reflecting increased R&D investment and scaling costs. Despite this, the company remains near breakeven with a net loss of $2.1 million, and with over $500 million in funded backlog, the setup points to a business transitioning toward operating leverage as higher-margin software and program-of-record revenue scales.
From a comparable perspective, AEVEX enters the public markets alongside a new generation of defense technology and autonomous systems companies, drawing parallels to names such as AeroVironment, Kratos Defense, and emerging private players like Anduril and Shield AI. While traditional primes emphasize large-scale platforms and long-cycle programs, AEVEX’s model is more aligned with the newer defense tech cohort—focused on attritable systems, rapid development cycles, and software-enabled autonomy. Relative to public comps like AeroVironment and Kratos, which trade on established production programs and expanding unmanned and tactical systems portfolios, AEVEX appears earlier in its scaling curve but differentiated by its integrated hardware-software stack, AI-driven autonomy capabilities, and growing exposure to programs of record. The company’s sub-$1 billion implied market cap also positions it at a meaningful discount to larger public peers, suggesting potential valuation upside if it can continue converting backlog into sustained revenue growth and demonstrate operating leverage as production scales.
That said, the structure and ownership dynamics introduce notable considerations for investors. Madison Dearborn Partners is expected to control approximately 79% of the voting power post-IPO, effectively making AEVEX a controlled company. Additionally, the Up-C structure and associated tax receivable agreement (TRA) will require future cash payments tied to tax benefits, which could impact long-term free cash flow generation.
Overall, AEVEX enters the public markets as a scaled, mission-proven defense technology platform with meaningful exposure to one of the fastest-growing segments of global defense spending. The combination of hardware, software, and AI-enabled autonomy—paired with strong customer alignment and backlog visibility—positions the company as a differentiated player in the evolving landscape of modern warfare and defense innovation.
Aevex will launch its IPO on Friday, April 17th, 2026.