Space analytics company HawkEye 360 Inc. (HAWK) announced on Wednesday that it has successfully raised $416 million through its initial public offering (IPO) in the United States. The Herndon, Virginia-based company is scheduled to begin trading on the New York Stock Exchange on Thursday.

The company issued 16 million shares priced at $26 per share, giving it a valuation of approximately $2.42 billion. This pricing falls within the previously announced target range of $24 to $26 per share.

Following a strong performance in April, IPO activity is expected to gradually increase in the coming months. HawkEye 360, along with Suja Life, will serve as indicators of market demand for investments in defense technology and consumer brands, respectively. Additionally, HawkEye 360's debut will test investor appetite for space technology companies. The market is closely watching for the public filing from SpaceX, which, if it materializes, could boost confidence for similar companies seeking to raise capital through public markets.

Founded in 2015, HawkEye 360 provides signal intelligence data primarily to defense, intelligence, and national security agencies. The company uses its satellite constellation to detect, locate, and analyze radio frequency signals worldwide. It currently operates a fleet of more than 30 satellites, with the U.S. and allied governments constituting its major revenue source.

In December of last year, the company acquired ISA, enhancing its capabilities in signal processing and classified intelligence systems while strengthening its partnerships with U.S. government agencies. The stock will trade under the ticker symbol "HAWK". Lead underwriters for the offering include Goldman Sachs, Morgan Stanley, RBC Capital Markets, and Jefferies.