Aevex Corp. began trading on the New York Stock Exchange on April 17 after pricing its US initial public offering at $20 per share. The defense drone maker sold 16 million shares and raised $320 million, while the stock opened at $23.01 and finished the session at $26.93. The first-day move lifted the company’s market value to about $3 billion based on outstanding shares listed in its filings.
Aevex priced its IPO near the top of its marketed range of $18 to $21 per share. The listing came as defense-linked companies continued to attract investor demand in US equity markets, especially as interest in drone and unmanned systems remained firm. Goldman Sachs, Bank of America, and Jefferies led the offering.
The stock opened 15% above the offer price at $23.01 and later closed at $26.93, up about 35% from the IPO price.
Reportedly, the opening price gave the company a valuation of about $2.57 billion, while the closing level implied a market value of roughly $3 billion. The company trades under the ticker AVEX.
Aevex is based in Solana Beach, California, and provides airborne intelligence, surveillance, and reconnaissance services to the US government and allied forces. Its tactical systems unit builds autonomous defense technology and contributes about 75% of total revenue, while its global solutions unit handles aircraft modification and engineering support across manned and unmanned platforms.
The company’s exposure to current defense programs has drawn attention. Reportedly, 78% of Aevex revenue in 2025 came from the US government. The company also said two key unmanned systems programs tied to Ukraine had delivered or committed to deliver thousands of systems through the end of 2026.
Chief executive Roger Wells told Reuters, “Over $50 billion was requested for unmanned autonomous systems (in the Department of Defense’s FY2027 spending proposal), and that’s absolutely in the sweet spot of the systems and capabilities we provide.”
Aevex entered the market with rising revenue but remained loss-making in 2025. Reportedly, the company posted a net loss of about $16.8 million on revenue of $432.9 million for the year, compared with revenue of $392.2 million a year earlier. The filing also showed a funded backlog of $503 million as of December 31, which gives investors another measure of contracted business.
Madison Dearborn Partners backs Aevex and remains the controlling shareholder after the IPO. Before the listing, Madison Dearborn and CoVant Management bought the company in 2020.
The public debut places Aevex among listed defense and unmanned system names such as Kratos Defense & Security Solutions and AeroVironment, while it also competes with private firms including Anduril and Shield AI. For now, Wells said the company will stay focused on its defense business while looking at selective adjacent opportunities over time.
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