Key facts
- Applied Aerospace & Defense priced its IPO at $20 per share.
- The company raised $650 million in its U.S. initial public offering.
- Applied Aerospace & Defense sold 32.5 million shares.
- The firm will list on the New York Stock Exchange (NYSE) under the ticker symbol "AADX."
- Shares opened at $20.75, 3.8% above the IPO price.
Applied Aerospace & Defense Inc. priced its U.S. initial public offering at $20 per share, raising $650 million by selling 32.5 million shares. The defense technology firm, formed by Greenbriar Equity Group by combining Applied Aerospace (founded 1954) and PCX Aerosystems (founded 1900), will list on the New York Stock Exchange (NYSE) under the ticker symbol "AADX." The company, based in Huntsville, Alabama, builds products including propellant tanks, space launch components, aircraft parts for drones, solid rocket motor cases, engine shafts, fuselage structures, and flight control surfaces. Customers include Anduril Industries, Boeing, and GE Aerospace. Morgan Stanley and Jefferies acted as lead underwriters for the offering, which was reportedly ten times oversubscribed. Shares rose 3.8% in their NYSE debut, opening at $20.75 and valuing the firm at $3.54 billion. CEO Trip Ferguson noted that global instability is driving demand for engineered systems in space and defense. The company posted a $57 million operating loss in Q1, but sales grew nearly 40% year over year, reaching $604 million in 2025 revenue estimates. Investor appetite for space and defense names has been strong, with other companies like Rocket Lab and Arxis also seeing interest.