Hawkeye 360 Inc., a provider of satellite-based signals intelligence for US government agencies, is raising $416 million in a US initial public offering priced at the top of a marketed range, according to people familiar with the matter.
The Herndon, Virginia-based company is selling 16 million shares for $26 apiece, said the people, who asked not to be identified because the information wasn’t public yet. The shares were marketed for $24 to $26 each.
The pricing would value Hawkeye 360 at $2.4 billion, based on the outstanding shares in its filings. A representative for the company declined to comment.
Founded in 2015, Hawkeye 360 makes, owns and operates a constellation of more than 30 satellites that listen for radio signals from emitters such as radars, jammers and satellite phones and uses its own signal-processing algorithms to process classified data for the US government.
Proceeds of the IPO are expected to be used to repay debt and help fund a deferred payment related to its December acquisition of Innovative Signal Analysis, a Dallas-based provider of signal-processing technology.
The offering coincides with a burst of IPO activity in the defense technology sector as global conflicts drive up military spending. Arxis Inc., a provider of electronic parts for aerospace and defense firms, surged 38% in the company’s trading debut after it raised $1.3 billion in an upsized IPO this month. Shares of military drone manufacturer Aevex Corp. climbed 35% in its first day following its $368 million IPO in April.
Hawkeye 360’s revenue jumped to $117.7 million in 2025, up from $67.6 million a year earlier while net income rose to $48,000 from a net loss of $31.2 million, according to its regulatory filings.
Hawkeye 360 was valued at nearly $2 billion in a recent $173 million Series E funding round led by NightDragon, according to data provider PitchBook, and it’s one of the shareholders with stakes of more than 5% expected to see a drop after the offering. NightDragon’s stake is expected to drop to about 9.7% from 11.7% prior to the offering, while Insight Partners is set to fall to 15% from 18%, a filing shows.
Additionally, Singaporean state investor GIC Pte will see its stake decline to 7.1% from 8.5%, and Razor’s Edge Ventures II’s stake is expected to drop to 5% from 6.1%
Hawkeye 360’s backlog rose more than six-fold last year to nearly $303 million, up from $44 million the prior year.
Goldman Sachs Group Inc. and Morgan Stanley are leading the offering. The company’s shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol HAWK.
Written by: Anthony Hughes and Arvelisse Bonilla Ramos @Bloomberg
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