York Space valued at $4.75 billion in NYSE debut on Pentagon spending bets

York ​Space Systems clinched a valuation ‌of $4.75 billion in its market debut on Thursday, as investors ​bet on sustained Pentagon spending on space and defense to drive growth.

The Denver, Colorado-based ‍company’s stock opened 11.8% higher ​at $38 on the New York Stock Exchange. It raised $629 million in an ​upsized U.S. ⁠initial public offering on Wednesday after selling 18.5 million shares.

“The listing suggests that the market is open for new defense and space stocks in 2026, which is especially relevant for the planned SpaceX listing,” said IPOX research associate Lukas Muehlbauer.

The ‌AE Industrial Partners-backed company’s debut follows rising market chatter about a potential SpaceX ​offering, ‌which could emerge as ‍the largest ⁠IPO ever.

Military spending has risen amid growing geopolitical tensions, with the Trump administration seeking to pour billions on initiatives such as the “Golden Dome” missile defense program.

“Last year’s purchase of SaaS provider ATLAS Space Operations helps York expand into selling software and data services to other customers, but until those new sales grow, the stock price will likely ​see more volatility based on government spending news,” Muehlbauer said.

The satellite manufacturer made its market debut alongside Brazilian digital bank PicPay and insurance platform Ethos Technologies on Thursday, as stable market conditions and a strong backlog from last year encourage firms to test the waters.

Strong listings last year by defense and space firms Firefly Aerospace, Voyager Technologies and Karman Holdings have highlighted investor appetite in an area that is taking hold as a strategic national priority for gaining geopolitical edge.

Investors are now eyeing continued ​funding for the sector as the Trump administration designates space a core national security and economic priority. York Space, founded in 2012 by Dirk Wallinger, provides low-cost satellite platforms and spacecraft. The Pentagon is its ​biggest customer.

Brazilian ‌fintech ​Agibank said ‌on Thursday it was ​aiming to raise as ‍much as $785.5 million in ​its initial ​public ⁠offering in the United States.

Companies have moved forward with their U.S. IPO plans in the ‌first month of 2026, creating ​a solid ‌pipeline for ‍activity for ⁠the year.

Agibank’s filing coincides with the day another Brazilian digital bank, PicPay, went public in New York.

The ​company ​traces its roots to 1999, when Marciano Testa — then a college student — founded Agiplan, focused on under-served segments.

Goldman Sachs, Morgan Stanley, and Citigroup are the global coordinators for the listing.

Agibank ​will list on the New York ​Stock Exchange under the symbol “AGBK”.

Brazilian state-run bank BRB ‌will ​likely have to set aside ‌more than 5 billion reais ($970 million) to cover transactions with failed lender ​Banco Master, a central bank director told the federal police in testimony seen by Reuters.