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

York Space Systems / Equity Capital Markets

<ul>
<li>York Space Systems is targeting a $3.75b–$4.25b valuation in a January IPO, backed by AE Industrial Partners and BlackRock, following strong sector precedents.</li>
<li>The company is the leading provider to the DoD’s PWSA and a prime contractor on Golden Dome, benefiting from accelerating defense space spending.</li>
<li>Revenue grew 59% year over year in 2025, with expanding recurring software and services supporting long-term growth despite near-term losses.</li>
</ul>


York Space Systems is targeting a $3.75b–$4.25b valuation in a January IPO, backed by AE Industrial Partners and BlackRock, following strong sector precedents.
The company is the leading provider to the DoD’s PWSA and a prime contractor on Golden Dome, benefiting from accelerating defense space spending.
Revenue grew 59% year over year in 2025, with expanding recurring software and services supporting long-term growth despite near-term losses.


York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

<ul>
<li>York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.</li>
<li>The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.</li>
<li>Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.</li>
</ul>


York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.
The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.
Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.


York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

<ul>
<li>BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.</li>
<li>The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand</li>
<li>Backed by top-tier investors and partnerships with Johnson &amp; Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.</li>
</ul>


BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.
The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand
Backed by top-tier investors and partnerships with Johnson &amp; Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.


BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

<ul>
<li>The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.</li>
<li>The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.</li>
<li>With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.</li>
</ul>


The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.


Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

Firefly Aerospace / Equity Capital Markets

<ul>
<li>Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.</li>
<li>The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.</li>
<li>Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. </li>
</ul>


Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. 


Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

United States

Voyager Technologies, Inc. provides defense technology and space solutions. The Company offers an array of transformative, mission-critical solutions that include defense systems, communications and intelligence collection systems, space technology, infrastructure, and mission services. Voyager Technologies operates in the United States.

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Voyager Technologies (VOYG US)

York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

IPO Boutique

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

IPO Boutique

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

IPO Boutique

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

Firefly Aerospace IPO prices at $45 per share, opens at $70 (+55.6%), hits high of $73.80 (+64.0%), but experiences selling pressure on day one.

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

​York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

IPO Boutique

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

​York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

​BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

IPO Boutique

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

​Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

IPO Boutique

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

​Firefly Aerospace IPO prices at $45 per share, opens at $70 (+55.6%), hits high of $73.80 (+64.0%), but experiences selling pressure on day one.

IPO Boutique

York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

Firefly Aerospace IPO prices at $45 per share, opens at $70 (+55.6%), hits high of $73.80 (+64.0%), but experiences selling pressure on day one.