Madison Dearborn Partners is preparing to bring defence technology company AEVEX to market in a $336m US IPO, targeting a valuation of up to $2.35bn.

The planned listing reflects continued investor demand for defence and aerospace assets, as geopolitical tensions drive increased spending on advanced military technologies.

AEVEX specialises in airborne intelligence, surveillance, and reconnaissance solutions, with a focus on unmanned systems and precision-strike capabilities used by the US government and allied forces.

The company’s revenue profile underscores its strong positioning within defence supply chains. The US government accounted for approximately 78% of revenue in 2025, while AEVEX reported a funded backlog of $503m.

For Madison Dearborn, the IPO represents a potential liquidity event in a sector benefiting from structural tailwinds, including rising global defence budgets and the growing importance of drone-based warfare.

Goldman Sachs, BofA Securities, and Jefferies are acting as lead underwriters for the offering, with AEVEX expected to list on the New York Stock Exchange under the ticker “AVEX.”

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