Military drone manufacturer Aevex Corp. saw its stock price double over two trading sessions, emerging as one of the standout performers among recently listed defense technology companies. Backed by Madison Dearborn Partners, the company's Class A shares surged 49% on Monday in New York, reaching $40.25—double their initial public offering price of $20 set the previous week.

This listing comes amid a surge in IPOs from defense technology firms, as nations increase military spending to address emerging threats amid escalating global conflicts. Drones, in particular, are drawing significant attention due to their widespread use by Iran, Israel, and the United States in current conflicts—a trend that has continued since the onset of the Russia-Ukraine war in 2022.

"The company is in a timely sector—defense technology—and its debut coincided with a broad rebound in market risk appetite last Friday," noted Steve Sosnick, chief strategist at Interactive Brokers. This provided enough momentum to attract a new wave of traders "jumping on the trend," he added.

Arxis Inc., which is supported by Arcline Investment Management, climbed 38% on its first trading day last week after raising $1.13 billion. Meanwhile, drone software firm Swarmer Inc. saw its stock soar 1,000% in the first two sessions following its March IPO.

Investor interest is rising as military spending shifts toward a new generation of systems centered on unmanned, relatively low-cost technologies such as drones—a trend from which Aevex stands to benefit. In the U.S., the Trump administration plans to expand and modernize missile stockpiles.