Overview
- Applied priced 32.5 million shares at $20 each and began trading on the New York Stock Exchange as AADX on Wednesday, raising $650 million.
- Underwriters hold a 30-day greenshoe option to buy up to 4.875 million additional shares that could lift proceeds to about $750 million.
- The company supplies hardware for space launch, unmanned systems and precision-strike programs and lists customers such as Anduril, Boeing and GE Aerospace.
- Applied reported strong top-line growth but not profit, with first-quarter sales up nearly 40% year over year and a $57 million operating loss, and the IPO values the firm near $3.5 billion or roughly six times 2025 revenue.
- Formed by Greenbriar through a 2025 consolidation of legacy manufacturers, the deal was led by Morgan Stanley and Jefferies and reflects continued investor interest in defense-technology listings driven by recent geopolitical tensions.