HawkEye 360 files to go public
An artist rendering of a HawkEye 360 satellite cluster. HawkEye 360 image.
By
Ross Wilkers
No details yet on how much the 11-year-old company is looking to raise from investors, but their financial profile and customer mix is on display for all to see.
HawkEye 360, a commercial satellite operator that specializes in using radio frequency data, has filed for an initial public offering in the wake of a large capital raise back in the winter.
Shares in the Herndon, Virginia-headquartered company will trade on the New York Stock Exchange under the ticker symbol “HAWK.” The company’s Friday announcement of its IPO plan does not detail the number of shares it plans to issue, an intended price range for them or a timeline for the listing.
But HawkEye 360’s accompanying S-1 registration statement does include details on the company’s financial profile and intentions for what it plans to do with the capital being fetched from the public markets.
The reveal of HawkEye 360‘s S-1 also follows a string of defense and space tech IPOs that have closed over the past 12 months, one that is pending and of course SpaceX’s much-anticipated listing.
HawkEye 360 employed 395 people as of Dec. 31 and posted $117.6 million in revenue on $2.6 million in net income for 2025. The latter two figures represent 74% year-over-year growth on the top line and a sharp reversal from the $29 million net loss in 2024.
The company also reported a $302.7 million total backlog as of Dec. 31, also significantly up from the $44.1 million figure reported at the end of 2024.
U.S. government work represented 61% of the company’s revenue profile for 2025. The S-1 calls out the National Reconnaissance Office as HawkEye 360’s largest U.S. federal customer. Other key clients in this vertical include the National Geospatial-Intelligence Agency and Space Force.
HawkEye 360 will put up to $15 million of the IPO’s net proceeds toward a deferred payment included in the total consideration for its acquisition of Innovative Signal Analysis, a move the buyer announced in December alongside its $150 million Series E capital raise.
A bulk of the remaining net proceeds will go toward working capital and other general corporate purposes.
HawkEye 360 opened for business in 2015 and today operates a constellation of 30 satellites that work in clusters of three as they collect radio frequency signal location data. Raytheon was an early investor, having participated in its Series A round in 2016.
Current CEO John Serafini has led the company since 2016.
Goldman Sachs & Co. LLC and Morgan Stanley are acting as lead book-running managers for the offering. RBC Capital Markets, Jefferies and BofA Securities are acting as additional book-running managers. Baird, Raymond James, and William Blair are acting as bookrunners.