Signals intelligence company HawkEye 360 looks to go public this year, announcing the start of a road show for an initial public offering (IPO) on Monday.
The IPO could raise up to $416 million for the company, which is offering 16 million shares, with an expected price between $24.00 and $26.00 per share. HawkEye will offer an additional 2.4 million shares for the deal underwriters to purchase.
HawkEye 360, founded in 2015, operates a radio frequency (RF) sensing constellation of more than 30 satellites on orbit. It also has proprietary ground and airborne-based sensors, as well as third party data to provide signal processing data and intelligence.
According to a prospectus filed with the Securities and Exchange Commission, its customers are U.S. and allied international governments. U.S. customers — primarily the U.S. government — accounted for 61% of the company’s revenue in 2025. Japan accounted for 16% of its revenue, and other non-U.S. customers were 23% of its revenue.
The company earned a net income for the first time since it was founded in 2019.
HawkEye reported $98.7 million in revenue in 2025 — with nearly 100% growth between 2024 and 2025. Net income in 2025 was $2.7 million — compared to a net loss of $29 million in 2024.
Its funded backlog at the end of the year was $302.7 million.
HawkEye estimates the current total addressable market (TAM) for global RF spectrum exploitation is approximately $24 billion, and it expects that to increase by 2030. The TAM does not include commercial opportunities.
“We expect our TAM to reach approximately $34 billion by 2030, driven by the expansion in the number of sensors across domains, growth in support services, and increasing government demand for contractor-sourced RF data,” HawkEye said in the prospectus.
As of December 31, 2025, the company had $48.6 million in debt.
HawkEye 360 expects to use proceeds from the IPO to pay down its debt, make a deferred payment on the Innovative Signals Analysis (ISA) acquisition from December 2025, and for working capital and corporate purposes.
When HawkEye 360 acquired ISA in December, the company raised a mix of debt and equity financing valued at $150 million. In March, it raised a further $23 million.
There’s been an uptick in space companies going public in the past year. Voyager Space and Firefly Aerospace went public last year, and York Space Systems went public in January. Canadian startup NorthStar Earth & Space recently announced a special purpose acquisition company (SPAC) merger to go public. And SpaceX is expected to go public this year in what could be the largest IPO in history.
