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Karman Holdings Inc. made a high-powered Wall Street debut Thursday, launching an upsized $506 million IPO that outstripped expectations and signaled strong investor appetite for defense and space technology.

A Launch Beyond Expectations

The Huntington Beach, California-based defense and aerospace firm originally planned to offer 21.05 million shares at a price range of $18 to $20. Instead, it sold 23 million shares at $22 each, raising more capital than anticipated.

Karman directly issued 8.4 million shares, channeling the proceeds toward business expansion and operations. The remaining 14.6 million shares were offloaded by Trive Capital Management, Karman’s majority stakeholder, and other investors.

A $2.9 Billion Market Entry

With 132.1 million outstanding shares, Karman enters the public sphere at a $2.9 billion valuation. Trive Capital will maintain control, retaining over 50% ownership post-IPO.

Shares are now trading on the New York Stock Exchange under the symbol "KRMN", marking a significant milestone for the company, which develops missile defense and space systems for clients such as the U.S. Department of Defense, military contractors, and NASA.

Fueling Space and Defense Innovation

Karman posted an $11 million profit on $254 million in revenue for the nine months ending Sept. 30, demonstrating solid financial performance ahead of its market debut.

The company, in its SEC filing, underscored its mission:
"To expand what’s possible in space and defense through relentless innovation, integration, and collaboration."

IPO Momentum in Aerospace and Defense

Karman’s offering is part of a larger trend in the aerospace and defense sector. Voyager Technologies Inc. recently filed for its own IPO, as investors anticipate stronger government support for space exploration.

The IPO wave aligns with renewed political interest in space travel, particularly with former President Donald Trump’s past endorsements of Mars missions and his connections to space entrepreneur Elon Musk.

A Packed Debut Day on Wall Street

Karman wasn’t alone in the IPO spotlight—SailPoint Inc., a cybersecurity firm, and Aardvark Therapeutics Inc., a biotech company focused on obesity treatments, also launched their offerings Thursday.

The resurgence in IPO activity comes as companies look to capitalize on a strengthening 2025 market, after years of subdued first-time share sales.

More Gains Ahead?

Underwriters have a 30-day option to purchase an additional 3.45 million shares, potentially pushing Karman’s total IPO proceeds to $608.4 million.

Leading the offering are Citigroup Global Markets Inc. and Evercore Group LLC.

Karman’s legal representation comes from Willkie Farr & Gallagher LLP, with partners Brandon McCoy, Sean Ewen, and Hugh McLaughlin at the helm. Underwriters are backed by Latham & Watkins LLP, represented by Marc Jaffe, Erika Weinberg, and associates Matt DeSilva, Akina Newbraugh, and Bradford Taylor.

With its sights set on expanding U.S. military capabilities and commercial space ventures, Karman’s Wall Street liftoff marks the beginning of a high-stakes journey in the evolving defense and aerospace landscape.