AADX Applied Aerospace & Defense, Inc.
Executive Summary
Applied Aerospace & Defense priced its IPO of 32.5M shares at $20.00 per share, raising $650M gross ($614.25M net before expenses). Proceeds will repay $56.1M of its revolving credit facility and $548.2M of term loans, significantly delevering the balance sheet. The company, a space/defense manufacturer, has strong revenue growth (24.8% YoY in 2025) but remains net loss-making with $1.018B in debt pre-offering.
Key Financial Metrics
Actionable Insight
IPO is priced and shares will begin trading on NYSE. Monitor first-day price action and volume. The significant debt reduction strengthens the balance sheet, but the company remains unprofitable with high leverage. Track Q2 2026 earnings for post-IPO financials and guidance.
Key Facts
- IPO of 32,500,000 shares at $20.00 per share; total offering size $650,000,000.
- Underwriting discount $1.10 per share; net proceeds to company $614,250,000 before expenses.
- Net proceeds used to repay $56.1M revolving credit and $548.2M term loan borrowings.
- Post-IPO, Greenbriar Equity Group owns 81.0% of shares (78.7% if overallotment exercised).
- Shares to trade on NYSE under symbol AADX; underwriters have 30-day option for 4,875,000 additional shares.
- Company has $1.018B total debt as of March 31, 2026; revenue grew 24.8% in 2025 to $498.8M, but net loss was $17.0M.
Financial Impact
Gross proceeds $650M; net proceeds ~$604.3M after underwriting discounts and estimated expenses. Debt repayment of ~$604.3M significantly reduces leverage.
Risk Factors
- Substantial debt remains even after repayment (~$423.5M term loan still outstanding).
- History of net losses and negative operating cash flow ($72M used in Q1 2026).
- Concentrated ownership by Greenbriar (81%) limits minority shareholder influence.
- Dependence on U.S. defense spending which is subject to budget uncertainties.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001193125-26-256356 |
| Document: 0001193125-26-256356-index-headers.html | 0001193125-26-256356 |
| Document: 0001193125-26-256356-index.html | 0001193125-26-256356 |
| Document: 0001193125-26-256356.txt | 0001193125-26-256356 |
Track record builds as more directional reports settle.
Filters
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Jun 4, 2026
10d ago
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Insider Cluster
| $18.61 awaiting T+1 | awaiting T+1 | — | $20.43 (+9.81%) |
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Jun 4, 2026
10d ago
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8-K
| $18.61 awaiting T+1 | awaiting T+1 | — | $20.43 (−9.81%) |
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Jun 4, 2026
10d ago
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424B4
| $18.60 $17.54 | ▼ −5.70% | ▼ −3.10% | $20.43 (+9.84%) |
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Jun 3, 2026
11d ago
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3
| $18.60 $17.54 | ▼ −5.70% | ▼ −3.12% | $20.43 (+9.84%) |
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Jun 3, 2026
11d ago
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3
| $18.60 $17.54 | ▼ −5.70% | ▼ −3.12% | $20.43 (+9.84%) |
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Jun 3, 2026
11d ago
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3
| $18.60 $17.54 | ▼ −5.70% | ▼ −3.12% | $20.43 (+9.84%) |
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Jun 3, 2026
11d ago
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3
| $18.60 $17.54 | ▼ −5.70% | ▼ −3.10% | $20.43 (+9.84%) |
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Jun 3, 2026
11d ago
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3
| $18.60 $17.54 | ▼ −5.70% | ▼ −3.12% | $20.43 (+9.84%) |
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Jun 3, 2026
11d ago
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3
| $18.60 $17.54 | ▼ −5.70% | ▼ −3.12% | $20.43 (+9.84%) |
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Jun 3, 2026
12d ago
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EFFECT
| $19.01 $18.60 | ▼ −2.16% | ▼ −2.56% | $20.43 (+7.47%) |
US Market Status
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