Defense in the Age of Drones
The company pulled in $86.9 million in 2024 revenue, yet remains unprofitable as it continues investing in next-gen aviation. Airo’s portfolio includes electric aircraft, drone communications tech, and military/commercial pilot training — making it a diversified play in both combat and civilian sectors.
Its IPO proceeds will be used to expand operations and pay down debt, according to regulatory filings.
Legal Firepower and Market Strategy
Airo’s IPO marks its second attempt to go public. A prior effort via a SPAC merger fizzled in 2023, prompting the company to pivot and file confidential IPO plans in December.
This time, it flew into action backed by legal heavyweights:
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Cooley LLP, with partners Christina Roupas, Yvan-Claude Pierre, Courtney Tygesson, and associate Grady Chang, steered Airo through the IPO maze.
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On the other side, Latham & Watkins LLP, led by Christopher Lueking and Jonathan Sarna, advised the underwriters.
Cantor Fitzgerald & Co., BTIG LLC, and Mizuho Securities USA LLC led the underwriting effort, and hold a 30-day option to purchase an additional 900,000 shares, potentially lifting proceeds to $69 million.
