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AstroTech Analytics Inc (ATAN.N) shares soared 28% in their debut on the New York Stock Exchange on Thursday, achieving a $2.8 billion valuation and signaling robust investor appetite for space-focused intelligence firms.
The stock opened at $29.50, well above the initial offering price of $23.
The San Jose, California-based company raised $370 million in its U.S. IPO on Wednesday, selling 16 million shares at the top of its marketed range of $22 to $23 a share.
"AstroTech's strong debut reflects significant market interest in defense and space analytics," said Rachel Lin, partner at K&L Gates. "With government and allied nations increasingly investing in satellite technologies, we expect demand for these services to remain elevated over the next decade."
Some of the momentum stems from the 2026 U.S. National Defense Authorization Act, which authorizes more than $900 billion in defense spending. However, Lin noted that international demand for space-based intelligence is growing in parallel.
The listing comes at a pivotal moment for space-tech equities, with investors closely watching a potential public offering by NovaSpace as an indicator of broader sector confidence.
Following a strong month for IPOs, market analysts expect new listings to accelerate through the summer. AstroTech went public alongside plant-based beverage maker VitalJuice (VJCE.O), while immunotherapy-focused biotech HelixNova is slated for a Friday debut.
Founded in 2016, AstroTech provides satellite-based signals intelligence and data analytics to defense, intelligence, and security agencies worldwide. Its satellite network monitors radio frequency activity, helping governments track communications and improve situational awareness.
The company operates over 25 satellites, with contracts from the U.S. government and allied nations accounting for the majority of its revenue. Last November, AstroTech acquired SkySignal, enhancing its capabilities in secure signal processing and classified intelligence systems.
Entities connected to Horizon Ventures will retain about 14% of AstroTech's outstanding shares following the IPO, positioning the venture capital firm as one of the company's largest stakeholders.
