Story perspectives

Applied Aerospace IPO Raises $650M, Posts Net Loss

6/4/2026

Summary

AADX IPO

Applied Aerospace & Defense (AADX) began trading on the NYSE on June 3, 2026.
It sold 32.5 million shares at $20 each, raising $650 million in gross proceeds.
2025 revenue reached $498.8 million, up 24.8% YoY, while the company recorded a $17 million net loss and a $57 million Q1 operating deficit.
Shares opened at $20.75, closed at $19.01, a 4.95% drop, with Morgan Stanley and Jefferies as underwriters and CEO James “Trip” Ferguson leading the company.

Summary

Applied Aerospace IPO

Applied Aerospace & Defense debuted its IPO during a week that tied the busiest U.S. IPO period since 2021.
CEO Trip Ferguson said the Middle East conflict fuels demand for advanced space and defense hardware.
Formed after Greenbriar Equity Group merged the private-equity-backed Applied Aerospace with PCX Aerosystems, the firm supplies nose cones, fairings and payload adapters to major aerospace customers and has completed over a dozen acquisitions since 2021.

History

Historical Context

The 1995 merger of Lockheed Corporation and Martin Marietta, approved on March 15 1995 and valued at about $10 billion, created the nation’s largest defense contractor and gave it a powerful presence on Wall Street. Decades later, Applied Aerospace & Defense’s 2026 NYSE offering follows that same trend of channeling capital into aerospace firms amid rising geopolitical demand, as highlighted by CEO James “Trip” Ferguson.

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AADX IPO

Applied Aerospace & Defense (AADX) began trading on the NYSE on June 3, 2026.
It sold 32.5 million shares at $20 each, raising $650 million in gross proceeds.
2025 revenue reached $498.8 million, up 24.8% YoY, while the company recorded a $17 million net loss and a $57 million Q1 operating deficit.
Shares opened at $20.75, closed at $19.01, a 4.95% drop, with Morgan Stanley and Jefferies as underwriters and CEO James “Trip” Ferguson leading the company.

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