Military drone supplier Aevex (AVEX.US) plans to raise $200 million through an IPO with nearly 80% of revenue from the US government.

Aevex, a company that provides military drones systems and services, submitted an IPO application to the U.S. Securities and Exchange Commission (SEC) on Monday, with an expected fundraising amount of up to $200 million. The company develops unmanned aerial and autonomous systems for defense applications, with a focus on AI-supported aviation platforms for surveillance, reconnaissance, and precision strike missions. Its products include loitering munitions and other unmanned systems designed to operate in complex or GPS-denied environments, supported by patented software for navigation and sensor integration. The company primarily serves the U.S. government (accounting for 78% of revenue in 2025) and allied partners, generating income through sales of systems and related services in its tactical and global solutions divisions. Founded in 2007, Aevex reported revenue of $433 million in the 12 months ending on December 31, 2025. The company plans to list on the New York Stock Exchange (NYSE) under the ticker symbol AVEX. Aevex submitted the application confidentially on December 22, 2025. Joint bookrunners for the offering include Goldman Sachs, Bank of America Securities, Jefferies Group, J.P. Morgan, RBC Capital Markets, BMO Capital Markets, William Blair, Raymond James, and Needham & Company.