York Space Systems priced its initial public offering at $34 per share, valuing the Denver-based satellite manufacturer at approximately $4.25 billion on a pro forma basis. On its first day of trading, shares initially spiked by 11.7% to $38 before reversing course to close down 1.15% at $33.61. In Friday’s pre-market session, the stock slipped an additional 4.2%, reflecting profit-taking after the strong debut.

The company reported $238 million in revenue for 2023, while operating losses widened from $46 million to $92 million in 2024 as it scaled production and R&D activities. Despite the near-term losses, York entered the public markets with a pro forma net cash position exceeding $300 million, providing a cash runway to fund its medium-term growth plans without immediate need for additional capital.

CEO Dirk Wallinger has positioned York as a turnkey solutions provider for national security space programs, highlighting its integration capabilities for President Donald Trump’s Golden Dome missile defense project. Since commencing operations in 2012, the company has successfully completed 74 missions and launched 21 low-Earth orbit satellites for the U.S. Space Development Agency, underscoring its growing backlog and technical expertise in system integration.