HawkEye 360 said in its U.S. IPO filing that revenue climbed 74% in 2025, reaching $117.7 million, while the company returned to profitability with a net income of $2.7 million. That compares with a net loss of $29 million on revenue of $67.6 million in 2024.
The Herndon, Virginia-based signals intelligence provider did not disclose the size of the planned offering. The filing states proceeds would be used for working capital, repayment of debt and other general corporate purposes.
Founded in 2015, HawkEye 360 operates a constellation of more than 30 satellites that detect, locate and analyze radio frequency emissions globally. The company sells its data and analytics to defense, intelligence and national security agencies, with the U.S. government and allied nations accounting for the bulk of its revenue.
In December, HawkEye completed the acquisition of Innovative Signal Analysis, known as ISA. The company said the purchase expanded its signal processing and classified intelligence systems capabilities and strengthened its relationships with U.S. agencies. The filing and commentary included a note that part of the motivation for pursuing a public listing was to address debt associated with that acquisition.
HawkEye plans to list on the New York Stock Exchange under the symbol "HAWK." The firms named as underwriters for the proposed offering are Goldman Sachs, Morgan Stanley, RBC Capital Markets and Jefferies.
Market context for the flotation was also addressed in the filing. It referenced growing investor interest in space technology firms, noting a confidential U.S. filing by SpaceX that could value that company at $1.75 trillion. IPOX Research Associate Lukas Muehlbauer said recent listings in the sector have performed well and that SpaceX in particular has acted as a catalyst, bringing momentum to the theme. He also cautioned that a deal of that size could draw attention away from smaller issuers.
Aside from the planned use of proceeds for debt repayment and working capital, the filing makes clear that details on the offering size remain undisclosed. The company emphasizes its government-focused customer base and its expanded technical capabilities following the ISA acquisition as central elements of its public market narrative.
Investors assessing the proposed listing will see a company that materially improved top-line revenue and returned to profitability in the most recent fiscal year, while continuing to rely heavily on government and allied contracts and managing acquisition-related debt.