Full defense tech IPO pipeline: Anduril ($28B), Shield AI ($12.7B), Saronic, Hermeus and 30+ defense companies. S-1 filings, IPO readiness scores, DoD contract data. Updated monthly.
Defense technology has emerged as one of the most compelling IPO sectors of 2026. The Russia-Ukraine conflict and elevated geopolitical tensions have translated directly into government procurement budgets, and a new generation of software-first defense companies have displaced legacy primes in the DoD's technology priorities.
Anduril Industries, founded by Palmer Luckey, has reached a $28 billion valuation and is the clear bellwether for the "new defense" category. Its autonomous systems and software-defined weapons platforms have won major DoD contracts displacing Lockheed and Raytheon programs. Anduril is the most likely large defense tech IPO in the 2026–2027 window.
Shield AI ($12.7B) has S-1 activity and autonomous aviation programs running on operational aircraft. Saronic ($600M) is the autonomous naval vessel leader with significant Navy contracts. These companies represent the hardware-enabled software model that distinguishes modern defense tech from pure SaaS.
Defense tech IPOs face unique dynamics: classified revenue, DoD concentration risk, and export control limitations on investor communications. Companies in this sector require specialized public market preparation. Those that solve these disclosure challenges — as Palantir ($PLTR) did in 2020 via direct listing — tend to trade at strong multiples given the recurring nature of government contract revenue.
| Company | Status | Valuation | Revenue | IPO Readiness |
|---|---|---|---|---|
| SpaceX | Public | $1.75T – $2T | $16B | 99 |
| Anduril Industries | Pre-IPO | $60B | — | 86 |
| Wiz | Private | $12B | — | 79 |
| Illumio | S-1 Filed | $2.75B | — | 77 |
| Skydio | Pre-IPO | $2.2B | — | 75 |
| Shield AI | Pre-IPO | $12.7B | — | 74 |
| Saronic | Pre-IPO | $9.25B | — | 72 |
| Relativity Space | Pre-IPO | $4.2B | — | 69 |
| Netskope | Pre-IPO | $7.5B | — | 68 |
| Snyk | Pre-IPO | $7.4B | — | 68 |
| Arctic Wolf | Pre-IPO | $4.3B | — | 68 |
| Hermeus | Pre-IPO | $1B+ | — | 65 |
| Lacework | Private | $8.3B (peak) | — | 63 |
| Island | Private | $1.3B | — | 62 |
| Rubrik | Public | $7B | — | 59 |
| Axonius | Pre-IPO | $2.6B | — | 59 |
| Cloaked | Pre-IPO | ~$2B | — | 59 |
| Tailscale | Private | $1B | — | 56 |
| XBow | Pre-IPO | $1B+ | — | 55 |
| Joby Aviation | Public | $5.5B | — | 54 |
| Astranis | Pre-IPO | $1.4B | — | 54 |
| Vanta | Pre-IPO | $2.45B | — | 54 |
| Orca Security | Pre-IPO | $1.8B | — | 54 |
| Vulcan Elements | Pre-IPO | $250M | — | 52 |
| CrowdStrike | Public | $73B | — | 51 |
| Ursa Major | Private | $600M | — | 50 |
| Chainguard | Private | $1.12B | — | 49 |
| Teleport | Pre-IPO | $1.1B | — | 49 |
| True Anomaly | Private | $150M | — | 48 |
| Drata | Pre-IPO | $2B | — | 47 |
Revenue marked e = 2024 reported. IPO Readiness 0–100 proprietary score. How scores are calculated →
Anduril Industries has no confirmed IPO timeline. At its current $28B valuation and with significant DoD contracts in autonomous systems, an IPO in the 2026–2027 window is possible. The company is reportedly profitable on a gross margin basis. Founder Palmer Luckey has discussed waiting until the company is larger before listing.
Shield AI is the most active defense tech company with S-1 filings. As of Q2 2026, no major defense tech unicorn has completed an IPO since Palantir's 2020 direct listing, though several are in pre-filing preparation. AEVEX Aerospace completed a small-cap listing in April 2026.
Defense tech companies are typically valued on contract backlog and revenue visibility rather than growth rate. DoD multi-year contracts create predictable cash flows similar to enterprise SaaS ARR. However, customer concentration (US government) and classification restrictions create disclosure challenges that compress public market multiples versus equivalent commercial revenue.
Palantir ($PLTR) is the primary comparable for defense-first software companies. It went public via direct listing in 2020 at a $15B valuation and trades significantly above IPO price today. However, Palantir's split between government and commercial revenue is an important differentiator from pure-play defense tech companies like Anduril or Shield AI.
Three factors: (1) Elevated NATO defense spending following ongoing geopolitical conflicts, (2) DoD's explicit "software-first" acquisition strategy under CJADC2 and digital transformation mandates, (3) AI integration into weapons systems creating a new procurement category where legacy primes lack competitive products. Autonomous systems, drone swarms, and AI-powered ISR are the highest-growth budget lines.