Karman Holdings Seeks up to $2.6 Billion Valuation in U.S. IPO

(Huntington Beach, California) Space and defense contractor Karman Holdings, backed by Trive Capital, said today (Feb. 5) that it is targeting a valuation of up to $2.6 billion in its New York initial public offering (IPO), in the midst of an expanding space and defense market.

Photo of a static test firing of Anduril’s new Denali solid rocket booster, which was developed in partnership with Karman, courtesy of Karman Holdings.

Per Reuters, the company and its shareholders aim to raise up to $421 million by offering approx. 21 million shares priced between $18 and $20 each.

Karman will list its shares on the New York Stock Exchange under the ticker symbol "KRMN".
Citigroup, Evercore ISI, RBC Capital Markets, William Blair and Baird are acting as the underwriters to the IPO, according to StreetInsider. Shares are reportedly expected to price next week (during the week of February 10, 2025).

Karman develops payload protection and propulsion systems for defense and space programs for the Department of Defense and space sector initiatives. Recently, in November of last year, the company announced a partnership with Anduril Rocket Motor Systems to develop, test, and deliver the rocket motor case for the Denali 18-inch hypersonic booster.

“As hypersonic technology becomes increasingly critical to national security, the partnership between Karman Space & Defense and Anduril sets a new standard for addressing key challenges in the rocket motor industry,” reads a November 23 press release from Karman.

Karman Space & Defense is also a key subsystems supplier for Lockheed Martin Skunk Works’ supersonic aircraft, the X-59, developed in partnership with NASA’s Quesst Mission, and was a key supplier for the inaugural launch of United Launch Alliance’s (ULA) Vulcan launch vehicle on its first certification mission, which launched on January 8, 2024.

** Not investment advice; The FLY Report is not a registered investment advisor.