Applied Aerospace & Defense began trading on the New York Stock Exchange on Wednesday, offering 32.5 million shares to raise $650 million.
Applied Aerospace & Defense is an aerospace and defense manufacturer created by the merger of two aerospace suppliers — Applied Aerospace and PCX Aerosystems. The companies, which were both privately held by Greenbriar Equity Group, merged into one company in December. Following that merger, the company acquired Vestigo Aerospace.
The company manufacturers systems for aircraft, satellites, launch vehicles, missile systems and other defense platforms, with products advanced composite and metallic structures and flight-critical assemblies to deployable space systems and precision aerospace hardware.The company has production capacity in 11 facilities across six states.
According to its S-1 filing with the Securities and Exchange Commission (SEC), Applied generated $498.8 million in revenue in 2025, representing 24.8% year over year growth over 2024.
The company had a net loss of $17 million in 2025, and Adjusted EBITDA of $117.9 million.
The company is seeing increased demand for advanced manufacturing solutions across the space, aviation, and defense markets, Senior Vice President of Marketing and Strategy Dvid Myers told Via Satellite.
“Becoming a public company is a natural step in our evolution that allows us to pay down debt, while we continue to execute on our growth strategy,” Myers said. This IPO will enable Applied to continue to provide engineering and manufacturing at the scale needed for major programs-of-record and national assets, along with the agility required to support emerging aerospace innovators.”
The offering is expected to close on June 4.
