US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Applied Aerospace & Defense / Equity Capital Markets

<ul>
<li>Applied Aerospace &amp; Defense, Inc. aims to capitalize on strong aerospace and defense IPO momentum ahead of the anticipated mid-June SpaceX offering.</li>
<li>AADX plans to raise capital at an $18-$21 range, using proceeds primarily to repay debt while maintaining exposure to high-growth defense and space programs.</li>
<li>The company reported 21% quarterly revenue growth and maintains entrenched supplier positions across launch systems, aircraft, missile, and C5ISR platforms.</li>
</ul>


Applied Aerospace &amp; Defense, Inc. aims to capitalize on strong aerospace and defense IPO momentum ahead of the anticipated mid-June SpaceX offering.
AADX plans to raise capital at an $18-$21 range, using proceeds primarily to repay debt while maintaining exposure to high-growth defense and space programs.
The company reported 21% quarterly revenue growth and maintains entrenched supplier positions across launch systems, aircraft, missile, and C5ISR platforms.


Applied Aerospace & Defense, Inc. (AADX):  Beating the Rush, Aerospace Company Sets Terms for IPO

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>The round was led by the US Innovative Technology Fund (Thomas Tull) and included a $100 million debt facility led by Silicon Valley Bank.</li><li>Stoke Space is building Nova, a two-stage medium-lift rocket designed for complete reusability of both the first and second stages.</li><li>The company&#39;s vertical integration of engine development, manufacturing systems, and launch operations creates control over the entire cost structure.</li></ul>

The round was led by the US Innovative Technology Fund (Thomas Tull) and included a $100 million debt facility led by Silicon Valley Bank.Stoke Space is building Nova, a two-stage medium-lift rocket designed for complete reusability of both the first and second stages.The company&#39;s vertical integration of engine development, manufacturing systems, and launch operations creates control over the entire cost structure.

<ul><li>Axiom Space raised $100 million in March 2025 at approximately a $2 billion valuation, with the round co-led by 1789 Capital and Type One Ventures.</li><li>Total funding now exceeds $605 million across all rounds, positioning Axiom as one of the most well-capitalized commercial space station developers competing to replace the International Space Station by 2030.</li><li>The first module launches in 2026 and initially attaches to the ISS before becoming an independent free-flying station in 2028.</li></ul>

Axiom Space raised $100 million in March 2025 at approximately a $2 billion valuation, with the round co-led by 1789 Capital and Type One Ventures.Total funding now exceeds $605 million across all rounds, positioning Axiom as one of the most well-capitalized commercial space station developers competing to replace the International Space Station by 2030.The first module launches in 2026 and initially attaches to the ISS before becoming an independent free-flying station in 2028.

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

CapitaLand India Trust / Equity Capital Markets

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we examine why opportunities exist in Korea despite the record rally, look at the rush of shareholders trimming APAC stakes, and welcome coverage on 500+ private companies.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we examine why opportunities exist in Korea despite the record rally, look at the rush of shareholders trimming APAC stakes, and welcome coverage on 500+ private companies.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seoul Searching Redux, APAC Placements Apace & More Private Markets Coverage

<ul><li>Sacra estimates that Apex generated $60 million in revenue in 2024, primarily from predelivery payments for its standardized satellite bus platforms.</li><li>In February 2025, Apex secured a $45.9 million contract from the Space Force for multiple space vehicles to operate in two space orbits, with performance through September 2032.</li><li>Apex raised $200 million in a Series D round in September 2025, bringing the company&#39;s valuation to over $1 billion.</li></ul>

Sacra estimates that Apex generated $60 million in revenue in 2024, primarily from predelivery payments for its standardized satellite bus platforms.In February 2025, Apex secured a $45.9 million contract from the Space Force for multiple space vehicles to operate in two space orbits, with performance through September 2032.Apex raised $200 million in a Series D round in September 2025, bringing the company&#39;s valuation to over $1 billion.

United States

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

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SpaceX (SPCX US)

Applied Aerospace & Defense, Inc. (AADX): Beating the Rush, Aerospace Company Sets Terms for IPO

Applied Aerospace & Defense, Inc. is leveraging the current aerospace & defense IPO trend, with plans to raise capital for debt repayment and...

IPO Boutique

Primer: Stoke Space - 25 May 2026

Company developing fully reusable medium-lift rockets for affordable access to space

Sacra

Primer: Axiom Space - 20 Apr 2026

Space infrastructure company offering private astronaut missions and building a commercial space station

Sacra

Curator's Cut: Seoul Searching Redux, APAC Placements Apace & More Private Markets Coverage

This Curator's Cut issue highlights opportunities in Korea amidst the record rally, shareholder stake trimming in APAC, and coverage on 500+...

Pranav Rao

Primer: Apex - 17 Feb 2026

Manufacturer of standardized satellite bus platforms for rapid and cost-effective space missions

Sacra

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Applied Aerospace & Defense, Inc. (AADX): Beating the Rush, Aerospace Company Sets Terms for IPO

​Applied Aerospace & Defense, Inc. is leveraging the current aerospace & defense IPO trend, with plans to raise capital for debt repayment and...

IPO Boutique

Primer: Stoke Space - 25 May 2026

Company developing fully reusable medium-lift rockets for affordable access to space

Sacra

Primer: Axiom Space - 20 Apr 2026

Space infrastructure company offering private astronaut missions and building a commercial space station

Sacra

Curator's Cut: Seoul Searching Redux, APAC Placements Apace & More Private Markets Coverage

This ​Curator's Cut issue highlights opportunities in Korea amidst the record rally, shareholder stake trimming in APAC, and coverage on 500+...

Pranav Rao

Primer: Apex - 17 Feb 2026

Manufacturer of standardized satellite bus platforms for rapid and cost-effective space missions

Sacra

Applied Aerospace & Defense, Inc. is leveraging the current aerospace & defense IPO trend, with plans to raise capital for debt repayment and...

This Curator's Cut issue highlights opportunities in Korea amidst the record rally, shareholder stake trimming in APAC, and coverage on 500+...