HawkEye 360, a signals intelligence company based in Herndon, Virginia, has started its initial public offering and hopes to raise between $384 million and $416 million, aiming for a valuation of around $2.4 billion, according to industry reports.
HawkEye 360 plans to offer 16 million shares priced between $24 and $26 each on the New York Stock Exchange under the ticker HAWK. Underwriters have a 30-day option to buy up to 2.4 million more shares. Goldman Sachs and Morgan Stanley are leading the offering, with support from RBC Capital Markets, Jefferies, BofA Securities, Baird, Raymond James, William Blair, and Drexel Hamilton.
Founded in 2015 by John Serafini, HawkEye 360 operates a network of small satellites that detect, locate, and analyse radio-frequency signals around the world. The company supplies signals intelligence data and analytics to the US government and its defence and security partners.
The company has 21 satellites grouped into seven clusters in low Earth orbit. It uses its own signal processing and AI-powered analytics to collect and analyse RF data. This helps provide early warnings and better awareness across the electromagnetic spectrum.
Customers include the US Department of Defence, intelligence agencies, and allied governments that need situational awareness in challenging environments.
HawkEye 360’s main competitors are Spire Global, which operates a larger, multi-purpose satellite network with RF monitoring; Unseenlabs from France, which focuses on maritime RF detection; and LeoLabs, which specialises in space domain awareness. HawkEye 360 stands out for its wide RF spectrum coverage and close ties with US government clients.
The SEC registration statement is not yet effective, so shares cannot be sold until it is approved. With Goldman Sachs and Morgan Stanley leading the process, the roadshow is expected to move quickly.
