Space hardware manufacturer MDA Space is set to be listed on the New York Stock Exchange (NYSE).
The Brampton-based company announced on Tuesday evening its intention to hold an initial public offering (IPO) in the United States. The company is selling $300 million USD worth of shares for the IPO, after which it will list on the NYSE under the ticker symbol $MDA. The company said the offering will be priced “in the context of the market,” meaning the price per share will depend on factors like investor demand. MDA will continue to be traded on the Toronto Stock Exchange (TSX).
MDA said it will use the IPO’s proceeds to “pursue its growth strategies,” including expanding its customer base, supporting the growth of existing customers, and other strategic opportunities, which may include acquisitions or investments. The company added that it may also use a portion of the capital for “general corporate purposes,” including paying back some debt. According to filings with the United States Securities and Exchange Commission, MDA had $272 million CAD in long-term debt as of Dec. 31, 2025.
MDA says the offering will be priced “in the context of the market.”
The offering will be conducted through a syndicate of underwriters led by J.P. Morgan and RBC Capital Markets, who are acting as joint lead active bookrunners, and BMO Capital Markets, Deutsche Bank Securities, Jefferies, Scotiabank, and Canaccord Genuity, who are acting as joint active bookrunners.
Following the announcement, the TSX opened on Wednesday with MDA stock trading at $45 CAD per share, continuing an approximate 24-percent rally over the past month. MDA’s rallying stock price follows a significant dip that happened after it lost a short-lived, $1.8-billion CAD contract with American telecom EchoStar in Sept. 2025. The affair has spurred a potential class-action lawsuit against the company.
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Despite losing the contract, MDA has been growing at a rapid clip over the past year. In its Q4 earnings last week, MDA reported a record-high $1.6 billion CAD in revenue for the fiscal year, a 51 percent increase year-over-year, and a sales backlog of $4 billion.
Following the earnings report, CEO Mike Greenley told BNN Bloomberg that the company now has 4,000 employees and has moved from building roughly one satellite per week to two per day.
Last month, MDA formalized itself as a player in Canada’s growing defence industry by launching 49North, a wholly owned, defence-focused subsidiary. The company had already made some moves in the defence space, having been selected as one of the first procurements out of Canada’s new Defence Investment Agency in December and signing a contract with the US Department of Defense in January to potentially help with the “Golden Dome” missile defence project.
Feature image courtesy MDA Space.