By Adriano Marchese

MDA Space, the company behind the International Space Station's robotic arm, is listing in the U.S., tapping into new capital markets as global defense budgets surge.

The Toronto-based firm launched a $300 million initial public offering in the U.S., seeking a listing on the New York Stock Exchange at a moment when defense budgets are rising globally and governments are racing to put more assets into orbit.

The offering, led by J.P. Morgan and RBC Capital Markets, would give MDA access to a deeper pool of American institutional capital, as it pursues its massive pipeline of opportunities spanning satellite systems, robotics and defense contracts, which doubled to 40 billion Canadian dollars, or roughly US$29.5 billion, in the past year.

MDA is already listed on the Toronto Stock Exchange. By dual-listing on the NYSE, the company joins the ranks of Lockheed Martin and RTX, gaining crucial visibility with U.S. investors and opening the door to institutional capital that often bypasses Canadian-only listings. It also joins other dual-listed companies such as commerce platform Shopify, mining major Barrick Mining and fertilizer producer Nutrien.

The timing coincides with surging demand and urgency for satellites that can provide critical communication and observation capabilities to governments and militaries. Global defense spending reached $2.63 trillion in 2025, according to the International Institute for Strategic Studies, with the world on alert as conflicts in Ukraine and Iran intensify.

"There's a global increase in defense spend in a more unsettled world," Chief Executive Mike Greenley said in an interview last week. "Each nation is increasing its defense spend, whether that's the U.S. for themselves or each other country to just take care of itself a little bit more."

MDA has been moving to capture the new demand directly.

In January, the company received a contract from the U.S. Missile Defense Agency on the SHIELD program, part of the Golden Dome strategy. MDA also signed a memorandum of understanding with South Korea's Hanwha Systems to develop a low-Earth orbit defense constellation.

In Canada, MDA has secured major contracts for upcoming lunar programs, including its work on Canadarm3.

The company is ramping up its production capacity for satellites, and now is able to produce two a day thanks to its expanded Montreal facility. That amounts to roughly 400 satellites a year, which will be used to fulfill its current large constellation contracts and new contracts it wins from its pipeline of opportunities.

With the rights it has granted its underwriters, the company could raise up to $345 million from its U.S. listing, which it said it will put toward expanding its customer base and pursuing potential acquisitions or new investments.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 11, 2026 12:49 ET (16:49 GMT)

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