News Summary

MDA Space, a Brampton-based space hardware manufacturer, has announced its intention to raise $300 million USD through an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company will continue to be listed on the Toronto Stock Exchange (TSX) under the ticker symbol $MDA. The proceeds from the IPO will be used to expand MDA’s customer base, support existing customers, and explore strategic opportunities, including potential acquisitions or investments. Some funds may also be allocated for general corporate purposes, such as debt repayment. MDA reported a record-high revenue of $1.6 billion CAD for the fiscal year, indicating a 51 percent increase year-over-year, and has a sales backlog of $4 billion CAD. The IPO is being led by J.P. Morgan, RBC Capital Markets, and other major underwriters. MDA’s stock has been performing well, despite losing a significant contract with EchoStar in 2025, and the company has been making strides in the defense industry with the launch of 49North, its defense-focused subsidiary.