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HawkEye 360 priced its initial public offering at $26 per share Wednesday, raising $416 million after selling 16 million shares at the top of its marketed range, the company said.
At $26 per share, the IPO puts HawkEye 360's total valuation at approximately $2.4 billion, Bloomberg reported. The shares are set to begin trading Thursday on the New York Stock Exchange under the ticker symbol "HAWK."
The company, established in 2015, has built and deployed a fleet of more than 30 satellites capable of detecting and geolocating radio frequency emissions across the globe. The company supplies signals intelligence data and analytics to U.S. defense, intelligence, and national security agencies, as well as allied international governments. U.S. customers accounted for 61% of the company's revenue in 2025, with Japan accounting for 16% and other international customers making up the remainder, according to its regulatory filings.
According to its regulatory filings, HawkEye 360 brought in $117.7 million in revenue last year, nearly doubling the $67.6 million recorded in 2024, and posted net income of $48,000 after losing $31.2 million the year before. The company's funded backlog ended 2025 at $302.7 million, a sharp increase from $44.1 million twelve months prior.
Among the planned uses of the offering proceeds, HawkEye 360 said it will retire roughly $49.8 million in debt and cover a $7.5 million deferred obligation stemming from its purchase of Innovative Signal Analysis last December, a firm specializing in signal-processing technology. The remainder is earmarked for working capital and general corporate purposes.
Goldman Sachs and Morgan Stanley are serving as lead book-running managers for the offering, with RBC Capital Markets, Jefferies, and BofA Securities as additional book-running managers, the company said.
HawkEye 360 has also granted underwriters a 30-day option to purchase up to an additional 2.4 million shares at the IPO price, which would bring total gross proceeds to about $478.4 million if exercised in full.
The listing arrives during a stretch of activity in the defense technology sector. Elsewhere in the sector, Bloomberg noted that Arxis Inc., which supplies electronic components to aerospace and defense customers, saw its stock jump 38% when it began trading after an upsized $1.3 billion IPO this month. Aevex Corp., a maker of military drones, also posted a strong opening, with its shares rising 35% on the first day of trading after a $368 million IPO in April.
As Quartz reported when HawkEye 360 filed its S-1 last month, the company targets a price range that could generate up to $416 million, with Goldman Sachs and Morgan Stanley leading the deal. The listing also comes as Elon Musk's SpaceX has confidentially filed for a U.S. IPO, a development that Renaissance Capital senior strategist Matt Kennedy said could encourage other space-technology companies to pursue listings, according to Reuters.