Madison Dearborn Partners is preparing to bring defense technology firm AEVEX to market in a $336 million US IPO, aiming for a valuation of up to $2.35 billion. The listing underscores strong investor appetite for defense and aerospace assets amid rising geopolitical tensions driving increased military spending. AEVEX specializes in airborne intelligence, surveillance, and reconnaissance solutions, particularly unmanned systems and precision-strike capabilities used by the US government and allied forces.

The company's revenue profile highlights its critical role in defense supply chains, with the US government accounting for approximately 78% of revenue in 2025 and a funded backlog of $503 million. For Madison Dearborn, this IPO represents a potential liquidity event in a sector benefiting from structural tailwinds including escalating global defense budgets and the growing importance of drone-based warfare.