(Bloomberg) — Hawkeye 360 Inc. soared 30% after the provider of satellite-based signals intelligence for US government agencies raised $416 million in a US initial public offering priced at the top of a marketed range.
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Shares of the Herndon, Virginia-based company opened at $33.80 each on Thursday in New York, versus its IPO price of $26 apiece. The offering of 16 million shares was marketed in a range of $24 to $26 each.
The trading gives the company a market value of $3.1 billion, based on the outstanding shares listed in its filings.
Founded in 2015, Hawkeye 360 makes, owns and operates a constellation of more than 30 satellites that listen for radio signals from emitters such as radars, jammers and satellite phones and uses its own signal-processing algorithms to process classified data for the US government.
Proceeds of the IPO are expected to be used to repay debt and help fund a deferred payment related to its December acquisition of Innovative Signal Analysis, a Dallas-based provider of signal-processing technology.
The offering coincides with a burst of IPO activity in the defense technology sector as global conflicts drive up military spending. Arxis Inc., a provider of electronic parts for aerospace and defense firms, surged 38% in the company’s trading debut after it raised $1.3 billion in an upsized IPO this month. Shares of military drone manufacturer Aevex Corp. climbed 35% in its first day following its $368 million IPO in April.
“Given all the geopolitical volatility in the world, we consider ourselves an exemplar of defense technology done right in that we are profitable,” John Serafini, chief executive officer of Hawkeye 360, said in an interview.
Hawkeye 360’s revenue jumped to $117.7 million in 2025, up from $67.6 million a year earlier, while net income rose to $48,000 from a net loss of $31.2 million, according to its regulatory filings.
The exposure to rising defense budgets in Europe and elsewhere, not just the US, strengthens the diversification of the business and its revenues, Chief Financial Officer Craig Searle said.
The company was valued at nearly $2 billion in a recent $173 million Series E funding round led by NightDragon, according to data provider PitchBook. NightDragon is one of the shareholders with stakes of more than 5% expected to see a drop after the offering.
