en.Wedoany.com Reported - Over the past two decades, the U.S. aerospace and defense supply chain has undergone massive consolidation, with numerous well-known companies being acquired or taken private, totaling over $190 billion in transaction value. In the last five years, the trend has reversed, with a wave of companies entering the public market and IPO activity significantly heating up.

This wave of listings is primarily distributed across sectors such as electric vertical takeoff and landing vehicles, space and satellites, defense technology, proprietary aftermarket, and European defense. In 2021, about a dozen private companies transitioned to public entities through special purpose acquisition companies, with Rocket Lab and AST SpaceMobile performing steadily. Subsequently, 11 companies completed traditional IPOs, raising over $10 billion in total with a combined valuation of approximately $77 billion. It is reported that several private equity firms, including Advent, Arcline, and Carlyle, are planning to take their portfolio assets public, and defense tech unicorns such as Anduril, Helsing, and Shield AI may also file prospectuses within the next 12 to 24 months. Anduril completed a $4 billion Series H funding round this year, reaching a $60 billion valuation. Founder Palmer Luckey once stated, "Anduril plans to become a public company."

The most significant development is the anticipated IPO of SpaceX. Reports suggest it is seeking to raise $75 billion at a $1.75 trillion valuation, which would set a new historical record if successful. Based on fiscal year 2025 operating data, this implies a price-to-sales ratio of about 115 times and an EBITDA multiple exceeding 218 times. This valuation surpasses the combined market capitalization of Boeing, Lockheed Martin, Northrop Grumman, RTX, and GE Aerospace, even though the latter group's combined revenue over the same period is 22 times that of SpaceX.

After going public, Elon Musk could become the world's first trillionaire, and hundreds of employees would also join the millionaire ranks. These targets, which might have otherwise been headed for mergers and acquisitions, are choosing to go public independently. Some companies have already expanded aggressively through intensive acquisitions before their listings and, buoyed by high stock prices post-IPO, continue to act as buyers. The industry's high prosperity and active IPO landscape are expected to persist in the short term.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com