AEVEX Corp.

AEVEX Corp. is a leading defense technology prime contractor specializing in unmanned systems (UxS) and intelligence, surveillance, and reconnaissance (ISR) solutions for U.S. Department of War (DoW), Special Operations Forces (SOF), Intelligence Community (IC), and allied partners. Through Tactical Systems (74.4% of 2025 revenue of $432.9 million) and Global Solutions segments, it designs autonomous UAS, USVs, and mission services, underpinned by proprietary AI CompassX software. With over 10,200 systems delivered/committed through 2026, a $503.1 million funded backlog (181% YoY growth), and $8.1 billion pipeline as of Dec 2025, AEVEX benefits from surging defense spending ($1T U.S. FY2026 request, triple-digit UAS/loitering munitions growth). The S-1 registers Class A common stock IPO with assumed $ million net proceeds (midpoint $ per share), used to acquire LLC Units in Holdings LLC, repay $ million Credit Agreement debt (9.92% rate), and general corporate purposes. Post-IPO, MDP controls ~% voting power, making it a controlled company. Investment thesis: Capture $11B U.S./$26B global UxS TAM by 2030 amid geopolitical tensions, validated by marquee programs (Phoenix Ghost, EUCOM AOR Deep Strike >$1.2B TCV), 98% pipeline growth, and production capacity (1,000+ UxS/month). Risks include U.S. Gov reliance (78% revenue), budget cuts, competition.

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