Karman Space & Defense

What Karman Space & Defense does

Karman Space & Defense (NYSE: KRMN) is a vertically integrated aerospace and defense subsystems supplier that designs, develops, and produces mission-critical hardware for hypersonic missiles, tactical missile and integrated defense systems, space launch vehicles, and — following the February 2026 acquisition of Seemann Composites and Material Sciences Corporation — maritime defense platforms. The company is organized around three core product lines: Payload Protection & Deployment (shroud systems, low-shock deployment devices, thermal-protection materials), Propulsion Systems (rocket motor assemblies, SRM nozzle assemblies, electromechanical launchers, and gas generators), and Aerodynamic Interstage Systems (aerodynamic assemblies, interstage hardware, and stage-separation devices), served across four end markets. Underlying capabilities include in-house synthesis of a proprietary MG Resin formulation, advanced high-temperature ablatives (Carbon Carbon, Oxide-based Ceramics, Carbon Phenolic, Silica Phenolic), Safe & Arm solutions, and a digitally-enabled manufacturing substrate called the Karman Operating System (KOS) that embeds AI for workflow optimization. Vertically integrated concept-to-production operations span 13+ U.S. facilities covering more than 1 million square feet and roughly 1,000 skilled professionals, with manufacturing hubs in California, Washington, Oregon, Alabama, and Utah and newly added maritime facilities in Mississippi and Pennsylvania.

The company sells directly — no distribution channel — to more than 80 prime contractors supporting over 130 space and defense programs, including Lockheed Martin, RTX, Northrop Grumman, Boeing, Blue Origin, and ULA on the prime side, and NASA, the Missile Defense Agency, and the U.S. Department of War on the government side. Revenue is generated through multi-year, fixed-price hardware contracts earned via competitive bidding and negotiated supplier agreements; programs include THAAD, GMLRS, PAC-3, OmegA, GEM63/XL, Vulcan, New Glenn, Orion, Artemis, and the Missile Defense Agency's SHIELD program. Karman traces over 45 years of fielded-and-flight-proven experience across acquired entities (Systima Technologies, AAE, AEC, AMRO, Rapid Machining Solutions, MTI, ISP, Five Axis, Seemann, MSC), reports a 100% flight success rate on payload solutions, and has delivered more than 20,000 solid propellant driven systems.

The business completed its IPO on the NYSE in February 2025, raising $581 million, and reported FY2025 revenue of $471.5 million (+36.6% YoY) with record adjusted EBITDA of $145.3 million. FY2026 guidance implies approximately 53% revenue growth to $715-730 million, supported by a $1 billion backlog (+61% YoY) and a $3 billion active proposal pipeline as of May 2026. Growth has been roughly balanced between organic execution and acquired scale, with five acquisitions completed since the IPO and additional debt financing (a $772 million incremental term loan plus $150 million revolving credit facility) used to fund the inorganic expansion. The company is led since March 2026 by CEO Jon Rambeau, formerly of L3Harris and Lockheed Martin, supported by a refreshed C-suite including a Chief Growth Officer and an inaugural Chief Information and Artificial Intelligence Officer.

Name

Karman Space & Defense

Legal name

Karman Holdings Inc.

Website

https://karman-sd.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Karman Space & Defense is a vertically integrated supplier of payload protection, propulsion, and aerodynamic interstage subsystems for hypersonic missiles, tactical missiles, space launch vehicles, and maritime defense platforms, selling directly to over 80 defense primes and U.S. government agencies supporting 130+ programs.

Ownership category

akta.pro rank

Product category

Aerospace and Defense Subsystems

NAICS

Guided Missile and Space Vehicle Manufacturing (336414), Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing (336415), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511)

SIC

Guided Missiles & Space Vehicles & Parts (3760), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812)

akta.pro primary industry

Guided Missile & Rocket Manufacturing (IMABAHAA)

akta.pro secondary industries

Hypersonic Systems (Weapons & Defense) (IMABAOAG), Rocket Motors, Propellants & Warhead Integration (IMABAHAC), Air Defense Missiles & Interceptors (IMABAHAD), Military Space Systems (Defense Spacecraft) (IMABACAC), Ordnance Components & Subassemblies (Casings, Liners, Guidance Sections) (IMABAHAL), Naval Weapons & Launch Systems (Guns, VLS, Torpedoes) (IMABAKAC)

Keywords

• Defense subsystems
• Hypersonic missile systems
• Solid rocket motors
• Space launch vehicles
• Aerospace composites

Headquarters

HQ city

Huntington Beach

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Defense Subsystems and Components: Karman generates revenue by designing, developing, and producing critical subsystems for space and defense programs. Revenue comes from multi-year prime contractor contracts and U.S. government contracts for missile systems, hypersonic vehicles, space launch vehicles, and maritime defense platforms. The company reports revenue across four end markets: Hypersonics & Strategic Missile Defense, Tactical Missiles and Integrated Defense Systems, Space & Launch, and Maritime Defense Systems.
2. Acquisition Integration Revenue: Revenue growth has been supplemented by acquisitions including MTI, ISP, Five Axis, Seemann Composites, and MSC, with company guidance indicating approximately equal split between organic and inorganic growth sources.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Karman Space & Defense designs, develops, and manufactures integrated aerospace subsystems for hypersonic missiles, strategic missile defense, tactical missiles, space launch vehicles, and maritime defense platforms. The company offers three core product lines—Payload Protection & Deployment, Propulsion Systems, and Aerodynamic Interstage Systems—delivered across four end markets: Hypersonics & Strategic Missile Defense, Tactical Missiles and Integrated Defense Systems, Space & Launch, and Maritime Defense Systems. Products include solid rocket motor nozzles, thermal protection materials, shrouds, safe & arm devices, and advanced composite structures for submarines and naval platforms.

Product overview

Karman Space & Defense is a vertically integrated aerospace and defense subsystems provider offering a portfolio of three core product lines (Payload Protection & Deployment, Propulsion Systems, and Aerodynamic Interstage Systems) organized across four market segments: Hypersonics & Strategic Missile Defense, Tactical Missiles & Integrated Defense Systems, Space & Launch, and Maritime Defense Systems. The company provides concept-to-production solutions with in-house manufacturing capabilities including high voltage electronics, energetic systems, high temperature ablative and composite production, and metallic assemblies. The product portfolio is supplemented by acquired brands including Five Axis Industries (engine subsystems), Metal Technology Inc. (refractory alloys), and Seemann Composites/MSC (maritime composites).

Differentiator

Problem solved

Functional benefit

Brands

• Karman Operating System (KOS): A digitally-enabled technology platform implemented across Karman facilities, integrating automation and AI to provide advanced insights for manufacturing workflow optimization and rapid decision making.
• Maritime Defense Systems (MDS)

Products and services

• Payload Protection & Deployment

Quantifiable outcome

• 100% flight success rate for payload solutions
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature6 records

Scale indicators18 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Moog Inc. Moog is a precision motion control and subsystems supplier across aerospace and defense, including missile actuation, propulsion interfaces, and space launch components. Directly comparable to Karman as a tier-1 subsystem supplier to the same defense primes with similar business model and customer base.
• Mercury Systems: Mercury designs and manufactures mission-critical subsystems for aerospace and defense applications, including RF, microwave, and digital processing subsystems supplied to defense primes. Comparable to Karman as a higher-tier subsystem integrator serving overlapping defense customers and programs.
• Curtiss-Wright Corporation: Curtiss-Wright provides engineered products, systems, and services for defense, commercial and industrial markets including defense electronics, naval/marine systems, and aerospace subsystems. Highly comparable to Karman's defense subsystems model with overlapping exposure to naval/maritime and missile defense programs.
• HEICO Corporation: HEICO manufactures aircraft components and subsystems, including proprietary parts for commercial aerospace and defense applications via its Flight Support and Electronic Technologies segments. Comparable to Karman as a tier-1 subsystems provider embedded with primes and a serial acquirer of niche aerospace/defense businesses.
• Ducommun Incorporated: Ducommun manufactures engineered products and innovative solutions for aerospace and defense, including structural assemblies, electronic systems, and integrated solutions. Comparable to Karman as a mid-tier subsystem manufacturer serving missile, space launch, and defense customers with similar composite and electronics capabilities.
• Kratos Defense & Security Solutions: Kratos designs, manufactures, and fields high-performance unmanned systems, hypersonic platforms, target drones, and missile systems for the US DoD. Comparable to Karman as a focused hypersonic and tactical missile subsystems/platforms supplier to the same defense customer base.

Broad incumbents

• Aerojet Rocketdyne (L3Harris): Aerojet Rocketdyne (acquired by L3Harris in 2023) is a major US producer of rocket propulsion systems, missile propulsion, and space launch propulsion. A broad incumbent that competes directly with Karman in SRM nozzles and propulsion while operating at much larger scale across full propulsion systems.
• Teledyne Technologies Incorporated: Teledyne provides instrumentation, digital imaging, aerospace and defense electronic systems, and engineered systems across defense, space, and commercial markets. A broad incumbent with overlapping exposure to space and defense subsystems, including naval/maritime platforms relevant to Karman's Maritime Defense Systems segment.

Emerging players

• Rocket Lab USA: Rocket Lab designs and manufactures launch vehicles (Electron, Neutron) and spacecraft components, including a growing space systems and propulsion business. Adjacent comparison to Karman's space launch and propulsion business, overlapping in launch-vehicle subsystems while operating its own launch services franchise.
• Redwire Corporation: Redwire provides space hardware including deployable structures, solar arrays, and in-space manufacturing for civil, commercial, and defense space programs. Comparable to Karman's Space & Launch segment as a niche space hardware supplier to NASA and DoD with similar mission-critical component focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/karman_spacedef
• YouTubeyoutube.com/@karmanspacedefense
• LinkedInlinkedin.com/company/karman-space-defense
• Instagraminstagram.com/karman_spacedef

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Karman Space & Defense