The number of defense-tech unicorns in North America has risen to 24, four times the 2020 level. Heightened geopolitical risks, including military clashes involving the U.S., Israel, and Iran, are driving investment into defense companies. As unicorns continue to emerge, the initial public offering market is also becoming more active. IPOX® CEO Josef Schuster said, "Because it is less directly affected by stock market volatility, the IPO market in the defense sector is quite robust."

A slew of companies across sectors, from biotech to real estate investment trust, launched IPO roadshows on Monday, as issuers prepare to go ahead with their listing plans amid the Middle East conflict. The IPO market struggled for momentum in February and March as episodes of market volatility sidelined issuers. But "2026 is still on track to be the best year for IPOs since the post-pandemic drought, and it may even get there without the mega listings," said Lukas Muehlbauer.

IPOX® Associate Muehlbauer highlighted the growing momentum in the space technology sector following HawkEye 360’s U.S. IPO filing. He noted that while the anticipated SpaceX listing acts as a massive thematic catalyst, it could simultaneously divert investor focus from smaller issuers. Muehlbauer observed that HawkEye is strategically entering the public market during a favorable issuance window to manage debt from its recent acquisition of Innovative Signal Analysis, leveraging its 74% revenue jump and transition to profitability to attract disciplined investors.

IPOX® Associate Muehlbauer was featured in a recent Reuters article discussing the drone manufacturer AEVEX’s upcoming $2.35 billion IPO. Providing expert analysis on the growing investor appetite for defense technologies, he highlighted how rising global military spending has created a new defense 'supercycle.' He noted that conflicts in Ukraine and the Middle East underscore the critical role of modern unmanned systems, driving thematic investor interest in the rapidly expanding global drone sector.

IPOX® Associate Muehlbauer was featured in a Bloomberg article discussing the challenges facing European IPOs as lock-up periods expire. With many 2025 listings trading significantly below their offer prices, Muehlbauer noted that while selling at a discount can "lock in a disappointing valuation," strategic follow-on sales may ultimately benefit companies by improving liquidity and reducing market overhang. His analysis highlights the complex balancing act for investors navigating a thawing European equity market and shifting valuation benchmarks.