IPO
IPO
Initial public offerings and SPAC mergers.
About IPO
AEVEX Aerospace sold 16 million shares at $20 on the New York Stock Exchange in April, raising $320 million. The stock reached its highest close, $40.48, on 28 May. On 16 October it closed at $15.36.
Other drone companies are reaching the market through mergers. Elroy Air, maker of the Chaparral cargo drone, is merging with a blank-cheque company that values it at $800 million, on $2.4 million of 2025 revenue. Its auditor, Grant Thornton, says there is substantial doubt that Elroy can continue as a going concern.
Matternet became an SEC-reporting company in May through a reverse merger with a shell company. Its September filings showed no stock-exchange listing and $392,739 of revenue for its last full year.
In Europe, Bloomberg reported in May that Destinus was considering a listing in Amsterdam. There is no exchange filing and no listing date.
Coverage
Elroy Air Seeks $800M Valuation on $2.4M of 2025 Revenue
Its first public merger filing shows a going-concern warning, no binding aircraft orders, and a price built on 2027 forecasts.
Matternet Warns on Going Concern With Revenue Under $400,000
Matternet's SEC filings show $392,739 of revenue in the year to 30 September 2025, a $145.7M accumulated deficit and an auditor going-concern opinion.
Destinus Has Not Confirmed Its €200M Pre-IPO Round
Bloomberg reported the round and a €5 billion valuation in May. Destinus now says Helsing will join a round, but gives no amount or listing date.
AEVEX Trades 23% Below Its $20 IPO Price Six Months On
Revenue has doubled and guidance is up $100 million, but the stock fell from a $40 peak in May. Its BlackSea shares are worth far less than agreed.
Companies
AEVEX Aerospace
US maker of Atlas and Disruptor one-way attack and reconnaissance drones that also modifies aircraft for surveillance; listed on the NYSE as AVEX.
United States
Destinus
Netherlands-headquartered defence manufacturer producing cruise missiles, interceptor drones and turbojet engines, leading the Bliksem EXO consortium.
Netherlands
DroneUp
US company that left drone delivery in 2025 after Walmart ended its contract, now selling airspace management and autonomy software to operators.
United States
Elroy Air
US developer of the Chaparral autonomous hybrid-electric VTOL cargo aircraft, contracted by the US Army and heading for a Nasdaq listing via SPAC merger.
United States
Kratos Defense & Security Solutions
US defense contractor specializing in high-performance unmanned aerial target drones, tactical UAS, and satellite communications.
United States
Matternet
US drone delivery company whose M2 holds FAA type and production certificates, now SEC-reporting with minimal revenue and a going-concern warning.
United States
Rheinmetall
German defense and automotive group producing armored vehicles, ammunition, air defense systems, and military drone platforms.
Germany
Wing
Alphabet's drone delivery subsidiary, operating commercial package delivery in the United States and abroad, largely with Walmart.
United States
Funding
Undisclosed
Fidelity Management & Research Company, Baillie Gifford, Valor Equity Partners, Tiger Global
ZiplineContracts
Federal Aviation Administration
General Atomics Aeronautical Systems, Lighthouse Avionics, ResilienX, NAVMAR Applied Sciences, Devorto Corporation, ANRA Technologies, SPS Aerial Remote Sensing, DroneUp, OneRadio, Frequentis USA, Censys Technologies, Aerial Vantage, Skydweller US, Oklahoma State University
19 UAS Broad Agency Announcement research contracts for detect-and-avoid and airspace-integration…
U.S. Army
Elroy Air
SBIR Phase III contract to develop an autonomous Group 4 hybrid vertical take-off cargo drone for…
U.S. Army
AEVEX Aerospace
Hardware and related items for drones; W58RGZ-26-G-0046.
Bundeswehr
Rheinmetall
Framework agreement under the FV-014 programme for loitering munitions. Rheinmetall says it is worth…
Bundeswehr
Rheinmetall
First call-off under the FV-014 framework, worth about €300 million gross (Rheinmetall); about 2,500…
Related Topics
Related
Every funding round FlightBrief has reported, by quarter, size and investor.