HawkEye 360, a Virginia-based firm that collects and analyses radio frequency (RF) intelligence from space, submitted a registration statement on Form S-1 to the U.S. Securities and Exchange Commission on Friday, indicating plans for an initial public offering in the United States.
Headquartered in Herndon, Virginia, HawkEye 360 owns and operates a constellation of more than 30 satellites designed to detect and geolocate RF emissions from sources including radars, jammers and satellite phones. The company provides signal-derived intelligence to the U.S. Government and allied partners for military and national security applications.
Financial figures disclosed in the SEC filing show the company producing $117.7 million in revenue for 2025, up from $67.6 million the prior year. Net income in 2025 was reported at $48,000, a reversal from a net loss of $31.2 million in the previous year. HawkEye 360's backlog rose substantially, increasing to nearly $303 million from $44 million year-over-year.
The S-1 did not specify the number of shares to be offered or provide a price range for the planned offering. HawkEye 360 has not yet determined those terms as it moves through the registration process.
The company reported a recent private financing event that valued it at nearly $2 billion. That valuation was attached to a $173 million Series E round led by NightDragon, as cited in the filing referencing data from a third-party provider.
Proceeds from a successful IPO, the filing says, would be directed toward repaying outstanding debt and to help fund a deferred payment connected to the company's December acquisition of Innovative Signal Analysis, a Dallas-based firm that provides signal-processing technology. HawkEye 360 uses its own signal-processing algorithms to handle classified data for U.S. government customers, according to the filing.
The company intends to list on the New York Stock Exchange using the ticker symbol HAWK. Goldman Sachs and Morgan Stanley are named as lead book-running managers for the offering. Additional book-running managers include RBC Capital Markets, Jefferies and BofA Securities, while Baird, Raymond James and William Blair are listed as bookrunners.
Context and implications
The filing places HawkEye 360 among a cohort of defense technology companies pursuing public listings amid an environment of rising military and government spending. The firm's growth in revenue and backlog underscore demand for space-based RF intelligence, while the planned use of IPO proceeds reflects balance-sheet management following an acquisition and financing activity.
Key financial highlights (from the S-1)
- 2025 revenue: $117.7 million, up from $67.6 million in the prior year.
- 2025 net income: $48,000, compared with a net loss of $31.2 million a year earlier.
- Backlog: nearly $303 million, up from $44 million year-over-year.
- Recent valuation: nearly $2 billion following a $173 million Series E led by NightDragon (per filing).
The filing provides a snapshot of HawkEye 360's operations, balance-sheet priorities and market positioning without determining final IPO terms. The company is positioning its satellite RF-intelligence capabilities and recent commercial traction as part of its equity market debut.