IPO
IPO
Initial public offerings and SPAC mergers.
Coverage
Elroy Air Seeks $800M Valuation on $2.4M of 2025 Revenue
Its first public merger filing shows a going-concern warning, no binding aircraft orders, and a price built on 2027 forecasts.
Matternet Warns on Going Concern With Revenue Under $400,000
Matternet's SEC filings show $392,739 of revenue in the year to 30 September 2025, a $145.7M accumulated deficit and an auditor going-concern opinion.
Destinus Has Not Confirmed Its €200M Pre-IPO Round
Bloomberg reported the round and a €5 billion valuation in May. Five months on, there is no company statement, filing or listing date.
AEVEX Raises $320M in IPO at $2.57B Valuation
AEVEX Aerospace shares jumped 15% on NYSE debut, opening at $23.01 against a $20 offer price and valuing the defense drone maker at $2.57 billion.
Companies
Kratos Defense & Security Solutions
US defense contractor specializing in high-performance unmanned aerial target drones, tactical UAS, and satellite communications.
United States
AeroVironment
US manufacturer of small tactical UAS, loitering munitions and counter-UAS systems, transformed in scale by its 2025 acquisition of BlueHalo.
United States
AEVEX Aerospace
US maker of one-way attack and reconnaissance drones, from the Atlas and Disruptor lines, that also modifies aircraft for surveillance work; listed on the NYSE as AVEX.
United States
Anduril Industries
US defense technology company building autonomous weapons, counter-UAS, and AI command software, and manufacturing them at its own Arsenal-1 plant in Ohio.
United States
Destinus
Netherlands-headquartered defence manufacturer producing cruise missiles, interceptor drones and turbojet engines, leading the Bliksem EXO consortium.
Netherlands
DroneUp
US company that left drone delivery in 2025 after Walmart ended its contract, now selling airspace management and autonomy software to operators.
United States
Elroy Air
US developer of the Chaparral autonomous hybrid-electric VTOL cargo aircraft, contracted by the US Army and heading for a Nasdaq listing via SPAC merger.
United States
Matternet
US drone delivery company whose M2 holds FAA type and production certificates, now SEC-reporting with minimal revenue and a going-concern warning.
United States
Funding
Contracts
U.S. Coast Guard
Shield AI
Order 70Z02326F93130011 to add sensors to current and future V-BAT operations, running to 30…
U.S. Army
AeroVironment
Production of LOCUST X3 30 kW laser weapon systems under the Enduring-High Energy Laser programme…
Federal Aviation Administration
General Atomics Aeronautical Systems, Lighthouse Avionics, ResilienX, NAVMAR Applied Sciences, Devorto Corporation, ANRA Technologies, SPS Aerial Remote Sensing, DroneUp, OneRadio, Frequentis USA, Censys Technologies, Aerial Vantage, Skydweller US, Oklahoma State University
19 UAS Broad Agency Announcement research contracts for detect-and-avoid and airspace-integration…
U.S. Army
AeroVironment
Delivery order for additional Switchblade 600 Block 2 loitering munitions, plus Switchblade 600…
U.S. Army
Elroy Air
SBIR Phase III contract to develop an autonomous Group 4 hybrid vertical take-off cargo drone for…
Related Topics
Related
Every funding round FlightBrief has reported, by quarter, size and investor.