York Space Systems Inc., a US space and defense manufacturer backed by private equity firm AE Industrial Partners, is seeking to raise as much as $544 million in an initial public offering, underscoring renewed momentum in public listings across the fast-growing aerospace and national security sector.
According to a regulatory filing submitted on Friday to the US Securities and Exchange Commission, York Space plans to offer 16 million shares priced between $30 and $34 each. At the top of that range, the Denver-based company would command a market valuation of roughly $4.25 billion, based on the number of outstanding shares disclosed in the filing.
People familiar with the matter said the IPO is expected to price on January 28, though the timing could still shift depending on market conditions. A representative for York Space Systems Inc. declined to comment.
The prospective listing comes as space and defense companies increasingly tap public markets, buoyed by rising government spending and intensifying geopolitical competition, particularly among major powers such as the United States and China. Any debut by York Space would also arrive months ahead of a long-anticipated initial public offering by SpaceX, which is widely expected to be one of the largest listings in history if it proceeds.
Investor appetite for space-sector IPOs has been uneven. Last year, Karman Holdings Inc. raised $582 million in its stock market debut, with its shares soaring nearly 400% since listing. By contrast, Firefly Aerospace Inc. has struggled, with its stock falling more than one-third since its $999 million IPO, highlighting the sector’s volatility.
Founded in 2012 by Chief Executive Officer Dirk Wallinger, York Space designs, manufactures and operates spacecraft and satellite systems for both government and commercial customers. Its client base includes the Pentagon, the US Air Force and the Space Development Agency, placing the company squarely within the US national security space ecosystem. To date, York Space has flown 74 missions and accumulated more than four million on-orbit operating hours, a metric often cited by defense customers as a measure of reliability.
Financially, the company remains loss-making but has shown rapid revenue growth. For the nine months ended September 30, York Space reported a comprehensive loss of $54.9 million on revenue of $280.9 million. That compares with a comprehensive loss of $73.1 million on revenue of $176.9 million during the same period a year earlier, reflecting both expanding contracts and continued investment in production capacity and research.
The IPO is expected to reduce the economic stake held by AE Industrial Partners to about 24%, according to the filing, although the firm is set to retain a majority of the company’s voting power through its share structure. AE Industrial, based in Florida, had previously explored a potential sale of York Space in a transaction that could have valued the company at more than $2 billion, before opting to pursue a public listing instead.
The offering is being carried out under the corporate name Yellowstone Midco Holdings II, which will convert into York Space Systems Inc. prior to the closing of the IPO. Shares are expected to trade on the New York Stock Exchange under the ticker symbol YSS.
The deal is being led by a syndicate of major Wall Street banks, including Goldman Sachs Group Inc., Jefferies Financial Group Inc. and Wells Fargo & Co..
If successful, York Space’s debut would add another publicly traded pure-play satellite manufacturer to US markets, further cementing the sector’s role as a focal point for investors seeking exposure to defense modernization and the expanding commercial space economy.
