Defense and space firm Arxis (ARXS) has raised $1.13 billion in a U.S. IPO driven by demand for its aerospace, defense and space components.
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Listing Begins Today
The Connecticut-based firm sold 40.5 million shares in the upsized offering at the top-end of its indicated price range of between $25 and $28 apiece. It had planned to market 37.7 million shares at that price.
The stock will begin trading on the Nasdaq today, under the ticker symbol “ARXS”. Goldman Sachs (GS), Morgan Stanley (MS) and Jefferies (JEF) are the lead underwriters of the offering.
Arxis makes electronic and mechanical components such as seals, gaskets and metallized fabrics for aerospace and defense, medical technology and specialized industrial markets. It is a leading designer and manufacturer of proprietary, mission-critical electronic and mechanical engineered components used in aerospace, defense, medical technology and specialized industrial markets.
Under buyout firm Arcline’s ownership, Arxis has expanded through over 30 acquisitions since 2019, including the $1.8 billion purchase of rival Kaman in 2024.
According to Bloomberg, the company had net income of roughly $46 million on revenue of $1.6 billion last year, compared with a net loss of $55 million on revenue of $743 million in 2024. Arxis has over 5,000 customers and generates about 90% of revenue from proprietary products, according to the filing.
Iran and Moon Boost
It is being boosted by rising defense budgets as a result of conflicts around the world from Ukraine to Iran and the moves by countries such as the European partners of NATO to ramp up their security.
In the U.S., the Trump administration is expected to prioritize new contractors to modernize its defense stockpile, such as missiles. The success of the Artemis II mission to the moon and increased investor interest in SpaceX are also likely to boost demand for space components.
Defense and space represent Arxis’s largest end market, accounting for approximately 47% of revenue in 2025, while its commercial aerospace segment accounts for about 23% of revenue in the same period.
Other industrial IPOs expected in New York this year include Aevex Aerospace and nuclear energy company Energy.
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