Madison Dearborn Partners-backed drone maker Aevex went public Friday in an initial public offering that valued the key player in Ukraine’s fight against Russian invaders at more than $2 billion. Chicago-based Madison Dearborn acquired Aevex in 2020 when the company was valued at $450 million, including debt. The Solana Beach, Calif.-based defense technology company produces “loitering munitions” that have proven effective in battlefield conditions.

Aevex’s public debut comes amid growing demand for advanced military drones as U.S. procurement policies shift toward more autonomous weapons systems. The company’s technology has been battle-tested in Ukraine’s conflict with Russia, giving it credibility in the defense sector. Madison Dearborn continues to control the company following the IPO, maintaining significant influence over its strategic direction.

This marks the second defense-technology company to debut this week, signaling strong investor appetite for military contractors. The successful offering reflects broader trends in defense spending and technological innovation in warfare. With Madison Dearborn’s backing and proven battlefield performance, Aevex is well-positioned to capitalize on expanding defense budgets and evolving military needs.