York Space Systems closed its IPO on January 30, 2026 at $34 per share, raising $629M in gross proceeds. The S-1/A filing disclosed preliminary FY2025 results showing revenue of $384-388M versus $254M in FY2024, representing 52% year-over-year growth. Adjusted EBITDA loss improved from -$43M to approximately -$8M, a five-fold compression toward breakeven.

The company reported a backlog of $642M across 107 spacecraft as of September 30, 2025, representing 1.7x trailing revenue. York is a vertically integrated defense satellite manufacturer focused on the DoD and intelligence community, with 74 missions flown and 4M+ on-orbit hours.

York disclosed it was the first to deliver satellites for the Proliferated Warfighter Space Architecture (PWSA) program and remains the only company to demonstrate Link-16 connectivity from space. Link-16 is a military tactical data link standard used across DoD platforms.

The filing positions the company for potential Golden Dome missile defense contracts, citing overlap between PWSA functionality and Golden Dome requirements. York projects the global satellite market will grow from $280B in 2022 to over $600B by 2032, an 8% CAGR driven by missile defense, space intelligence, and DoD proliferated architecture programs.

The preliminary FY2025 results show margin expansion concurrent with revenue acceleration. Net loss improved from $99M in FY2024 to an estimated $83-90M in FY2025 despite the 52% revenue increase. The company operates modular spacecraft platforms designated S-CLASS, LX-CLASS, and M-CLASS.

York's IPO syndicate included Goldman Sachs, Jefferies, and Wells Fargo as underwriters. The offering included 18.5M shares plus a 2.775M greenshoe option.