Key Takeaways: Ongoing geopolitical tensions are leading to an increase in defense-tech contractors filing for IPOs. Aerospace & defense companies looking to capitalize on this trend should consider strengthening their intellectual property portfolio to create competitive barriers and increase valuation in the eyes of potential investors.
In a recent filing for an IPO, Applied Aerospace & Defense (“AAD”) revealed that the company’s revenue surged by nearly 25% in 2025, illustrating a strong demand across the defense and space supply chain. The company reported approximately $498.8 million in revenue, up from $399.8 million the prior year, reflecting broader growth trends driven by increased geopolitical tensions and defense spending.
AAD formed in 2025 through the combination of legacy aerospace manufacturers Applied Aerospace and PCX Aerosystems with the intent to “build[ a] market-leading, disruptive aerospace and defense platform[] positioned for long-term growth, while strengthening supply-chain reliability and resilience across the domestic industrial base,” as described by Managing Director at Greenbriar Equity Group, Noah Blitzer. AAD manufactures complex systems for space and launch, defense aviation, and precision strike systems.
AAD’s IPO filing is part of a broader surge in defense-tech listings, as companies look to capitalize on the increasing need for defense capabilities in view of growing global tensions. For example, several companies in similar production spaces have recently gone public, such as Arxis (electronic and aerospace components used in defense systems), Elmet Group (precision-engineered components for defense applications), and HawkEye 360 (satellites that detect and analyze radio-frequency signals).
According to their Form S-1, AAD maintains an intellectual property (IP) portfolio that includes 25 patents and eight trademark registrations. IP plays a critical role in IPO readiness and valuation, particularly in deep-tech sectors such as aerospace and defense. Investors often look at a company’s IP portfolio to assess its potential for future growth and profitability. A strong IP portfolio can increase company valuation, create competitive barriers, and signal to investors innovation capabilities. In the defense sector specifically, IP also intersects with government contracting, where data rights and proprietary technologies can influence contract awards and long-term program control.
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