Aevex, which provides military unmanned aircraft systems and services, filed on Monday with the SEC to raise up to what we estimate could be $200 million in an initial public offering.
The company develops unmanned and autonomous systems for defense applications, with a focus on AI-enabled aerial platforms used in missions such as surveillance, reconnaissance, and precision strike. Its products include loitering munitions and other unmanned systems designed to operate in complex or GPS-denied environments, supported by proprietary software for navigation and sensor integration. The company primarily serves the US government (78% of 2025 revenue), as well as allied partners, and generates revenue through the sale of systems and related services across its tactical and global solutions segments.
The Solana Beach, CA-based company was founded in 2007 and booked $433 million in revenue for the 12 months ended December 31, 2025. It plans to list on the NYSE under the symbol AVEX. Aevex filed confidentially on December 22, 2025. Goldman Sachs, BofA Securities, Jefferies, J.P. Morgan, RBC Capital Markets, Baird, William Blair, Raymond James, and Needham & Co. are the joint bookrunners on the deal.
