Trive Capital-backed Karman Space, Shareholders Raise $506 Million in Upsized IPO

(Huntington Beach, California) Space and defense program developer Karman Holdings, Inc. (NYSE: KRMN) and shareholders including Trive Capital raised $506 million in an initial public offering (IPO), with Karman pricing its shares above a marketed range – the selling shareholders sold 23 million shares for $22 each after marketing them for $18 to $20 per share, according to Bloomberg.

Photo of Lockheed Martin Skunk Works’ and NASA’s X-59 supersonic aircraft, for which Karman played pivotal role as a key subsystems supplier, courtesy of Karman Holdings.

At its IPO price, Karman has a market value of close to $3 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission, per Bloomberg.

Data compiled by Bloomberg show growing momentum in the U.S. IPO market, with first-time share sales raising $6.5 billion thus far in 2025, and January having the busiest start for such sales since 2022.

Karman had net income of $11 million on revenue of $254 million for the nine months ended Sept. 30, compared with a net loss of $342,182 on revenue of $203.7 million a year earlier, according to the SEC filing referenced by Bloomberg.

Karman specializes in the design, testing, manufacturing, and sale of systems for missile and defense and space programs and has maintains 1,100 employees across locations in California, Oregon, Washington state and Alabama.

After the IPO, affiliates of Trive, which has more than $7 billion of regulatory assets under management, will continue to hold the majority of shareholder voting power, according to Bloomberg.

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