Drone manufacturer Airo Group Holdings Inc. (Nasdaq ticker AIRO) is launching its first stock issuance roadshow to enter the U.S. stock market. Airo stated on Thursday that it plans to issue 5 million shares, with an expected price range of $14 to $15 per share, and will be listed on the Nasdaq with the ticker AIRO.
The company, headquartered in Albuquerque, New Mexico, will raise $75 million with the help of underwriters Cantor, BTIG, Mizuho, and Bancroft Capital. After going public, Airo will issue up to 25.64 million shares, and if the IPO price reaches the upper limit, Airo's market value could reach $410 million.
Airo noted in its IPO filing that potential tariff impacts will continue until 2025, but beyond the tariff shadow, with NATO countries' efforts to strengthen defense support for Ukraine and demand from regions like the Middle East, the company estimates that increased global military spending will benefit Airo.
Airo stated in its filing that the war between Ukraine and Russia, conflicts in the Middle East, and geopolitical tensions in the Pacific region have intensified global concerns, leading many governments to prioritize defense and security, increase defense budget allocations, and be more willing to adopt new technologies and solutions.
According to Precedence Research, the military drone market size is expected to grow from approximately $16.9 billion in 2025 to $24.75 billion in 2030. Airo says its products will play a role in future arsenals, and additionally, the U.S. military is transforming into a smaller, more agile force operating through observation, communication, and precision targeting technologies, which will accelerate the use of small military drones worldwide.
Airo's co-founder and chairman is Indian-American entrepreneur Chirinjeev Kathuria, who has helped other companies go public, including UpHealth Inc., UPHL, and Ocean Biomedical Inc. Airo's CEO Joseph Burns previously worked at United Airlines as Senior Director of Technical and Flight Test.
Airo reported a net loss of $38.7 million and revenue of $86.94 million in 2024, compared to a net loss of $32.5 million and revenue of $43.3 million in 2023. In 2024, approximately $75 million of revenue came from the Sky-Watch drone division, $9 million from Aspen Avionics, and $4 million from military training defense business Coastal Defense Inc.
Airo Group Holdings Inc Introduction
Airo Group Holdings Inc is an autonomous aerospace platform targeting defense and aerospace market opportunities in the 21st century. Airo is divided into four operational divisions: drones, avionics, military defense training, and aerial electric transportation.
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