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HawkEye 360$HAWK · filed: 🫧 Edgar looked up HawkEye 360Check ▾Close ▴
What HawkEye 360 filed
🫧 Edgar looked up HawkEye 360, Inc. ($HAWK). Last filing: 8-K (5.02 Departure or Election of Directors; Appointment of Officers), 2026-11-10. 5 event filings (8-K) in the past twelve months. Every figure links to the filing it came from on HawkEye 360’s card.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
First geospatial RF-intelligence IPO since Maxar's exit tests whether defense-tech can clear the post-rate-shock desert.
$200 million
in gross proceeds
21 satellites
in low-Earth orbit that capture radio-frequency emissions from maritime…
$47 million
up from
$31 million
the prior year
HawkEye 360, the Herndon, Virginia operator of radio-frequency monitoring satellites, disclosed preliminary IPO pricing parameters targeting north of $200 million in gross proceeds, according to filings reviewed by Aviation Week. The offering, structured through Morgan Stanley and Jefferies as joint bookrunners, marks the first geospatial intelligence pure-play to test public markets since Maxar's take-private in 2023. Share price range and final allocation have not been published.
The company operates 21 satellites in low-Earth orbit that capture radio-frequency emissions from maritime vessels, aircraft, and ground transmitters—data sold to defense agencies, maritime insurers, and sanctions enforcement teams. Revenue for the twelve months ending September 2024 was $47 million, up from $31 million the prior year, with the U.S. Department of Defense accounting for roughly 60% of bookings. The raise will fund the next satellite cluster launch in Q3 2025 and expand ground-station infrastructure in Australia and Norway. HawkEye has raised $358 million in private capital since 2015, most recently a $145 million Series D in 2022 led by Snowpoint Ventures and Razor's Edge.
The timing is narrow. Defense-tech IPOs have been sparse since the 2022 rate shock—only two venture-backed firms in the sector have gone public since then, both sub-$100 million raises that now trade below issue price. But RF geospatial intelligence occupies a category governments cannot build in-house: commercial speed at classification-grade fidelity. The Pentagon's 2024 budget guidance allocates $1.8 billion for commercial space data buys over the next three years, a 40% increase from the prior cycle. HawkEye's edge is granularity—its satellites detect emissions down to individual handheld radios, a capability the National Reconnaissance Office cannot match without compromising orbital secrecy.
The risk is margin pressure. HawkEye operates on 18% EBITDA margins, tight for a satellite operator, and carries $42 million in net debt from the last raise. Competitors like Spire Global and ICEYE have struggled to convert government contracts into durable private-sector revenue, a gap HawkEye must close to justify a $1 billion+ post-money valuation. The company has secured a $22 million contract with the European Maritime Safety Agency and a multi-year renewal with U.S. Southern Command, but commercial traction remains under 15% of the book.
Allocators should track three items: roadshow feedback from Fidelity and T. Rowe Price, both active in prior defense-tech listings; any disclosed lock-up terms for the Series D holders; and whether Morgan Stanley anchors a cornerstone with an existing client. If pricing lands at or above the mid-point, that signals genuine institutional appetite for RF data as an asset class. If it scrapes the floor, expect a restructuring within eighteen months. Final pricing is expected the week of June 9, with trading to follow five business days later. The S-1 will be amended no later than May 28.
The Australian ground station is already under construction, with first signal expected in August 2025.
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For the principal
If the roadshow clears mid-point, consider a small allocation—RF intelligence is non-replicable and government budget momentum is real.
For the operator
Watch for cornerstone anchor disclosure and lock-up terms; Series D holders sitting on paper losses may create early volatility post-listing.
For the house
Pass on the IPO, revisit at first earnings if commercial revenue breaks 20% and margins hold above 15% through the satellite deployment cycle.
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