Applied Aerospace & Defense began trading on the New York Stock Exchange on Wednesday after launching an initial public offering of 32.5 million shares designed to raise approximately $650 million.
The company was formed through the merger of aerospace suppliers Applied Aerospace and PCX Aerosystems, which were both previously owned by private equity firm Greenbriar Equity Group.
Company Formed Through Merger
Applied Aerospace & Defense was created in December following the combination of Applied Aerospace and PCX Aerosystems.
The newly formed company subsequently expanded its portfolio through the acquisition of Vestigo Aerospace.
The business manufactures components and systems used in aircraft, satellites, launch vehicles, missile systems and defense platforms.
Its product portfolio includes advanced composite and metallic structures, flight-critical assemblies, deployable space systems and precision aerospace hardware.
Nationwide Manufacturing Footprint
Applied Aerospace & Defense operates 11 manufacturing facilities across six U.S. states.
The company serves customers in aerospace, defense, aviation and space markets, where demand for advanced manufacturing capabilities continues to grow.
Financial Performance
According to its filing with the U.S. Securities and Exchange Commission, the company generated revenue of $498.8 million in 2025.
That represented year-over-year growth of 24.8% compared with 2024.
The company reported a net loss of $17 million during the year, while adjusted EBITDA reached $117.9 million.
Growth Strategy
Company executives said the public listing is intended to strengthen the balance sheet and support future expansion plans.
“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,” said David Myers, senior vice president of marketing and strategy at Applied Aerospace & Defense.
“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 company said it is experiencing increasing demand for manufacturing solutions across aerospace, defense and space sectors as government and commercial customers expand investment in advanced technologies and next-generation platforms.
The offering is expected to close on June 4, subject to customary closing conditions.
