Mercury Systems

What Mercury Systems does

Mercury Systems (NASDAQ: MRCY) is a publicly traded U.S. defense electronics company founded in 1981 and headquartered in Andover, Massachusetts, that designs and manufactures secure, mission-critical embedded computing and sensor processing subsystems for aerospace and defense applications. The portfolio is organized across five pillars: Signal (RF and microwave components, DRFM technology, mixed-signal processing boards, MMIC devices), Compute (OpenVPX embedded processing, SiP/MCM modules, rugged rack servers, and airborne mission computers), Data Management (radiation-tolerant solid-state data recorders, avionics video and data recorders, communications and networking), Display (multi-function displays, head-up displays, custom rugged LCD modules, and cockpit sensors), and Secure (NSA Type-1 data-at-rest encryption, anti-tamper, cross-domain solutions, and Linux security via RelianceOne). The technical foundation is anchored by proprietary Direct RF digitization (64 Gsps, 32 GHz analog bandwidth), DRFM for electronic warfare training, GaN RF power amplification, and the RFS1140 System-in-Package that combines AMD Versal AI Core adaptive SoCs with high-speed Jariet data converters, all designed and built in DMEA-accredited trusted facilities.

The company sells primarily to U.S. defense prime contractors (L3Harris, Northrop Grumman and other system integrators) and directly to military programs including the U.S. Army's LTAMDS air and missile defense sensor, the U.S. Navy's secure mission computing programs, and the U.S. Space Development Agency's Proliferated Warfighter Space Architecture tracking layer satellites. Revenue is generated through project-based hardware sales (RF components, signal-processing boards, compute modules, secure servers, storage, and rugged displays) plus engineering, integration, and specialty manufacturing services executed in trusted facilities, with quote-based pricing on long enterprise sales cycles tied to multi-year defense procurement programs. Distribution is overwhelmingly direct to government program offices and primes in the United States, with channel partners (notably Blue Raven) extending BuiltSECURE servers into 40+ international markets.

The FY2026 run-rate is approximately $967 million against a record $1.6 billion backlog, with management targeting $1.1 billion in annual revenue by 2028. Mercury employs 1,001–5,000 staff across multiple U.S. sites including the Andover headquarters, Phoenix manufacturing, Huntington Beach, Torrance, Gulf Breeze, and Cypress, and operates with a market capitalization of approximately $6.22 billion as of May 2026. Strategic technology partnerships with Intel, AMD, and Micron anchor silicon supply; recent acquisitions (Atlanta Micro in 2021, Avalex in 2021, Star Lab in May 2025, and SolderMask in March 2026) have progressively broadened the portfolio into specialty RF, avionics displays, embedded cybersecurity, and trusted manufacturing processes.

Name

Mercury Systems

Legal name

Mercury Systems, Inc.

Website

https://mrcy.com

Company type

Public

Founded year

1981

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mercury Systems (NASDAQ: MRCY) designs and manufactures secure, mission-critical embedded computing and sensor-processing subsystems for aerospace and defense, selling primarily to U.S. defense prime contractors and military programs via project-based hardware and engineering services contracts.

Ownership category

akta.pro rank

Product category

Defense Electronics

NAICS

Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Guided Missile and Space Vehicle Manufacturing (336414), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419), Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals (334515)

SIC

Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Guided Missiles & Space Vehicles & Parts (3760), Electronic Components, Nec (3679)

akta.pro primary industry

Military Power Supplies, RF/Microwave Components & Ruggedized Electronics (IMABAGAJ)

akta.pro secondary industries

Space Payloads & Instruments (Sensors, Comms, EO/IR) (IMABACAD), Military Avionics, Mission Computers & Flight Controls (IMABAMAE), Secure Communications, Cryptography & Key Management Systems (IMABAOAK)

Keywords

• Defense electronics subsystems
• Embedded computing solutions
• RF signal processing
• Mission-critical aerospace hardware
• Secure defense processing

Headquarters

HQ city

Andover

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Defense Electronics Hardware: Sale of mission-critical embedded computing hardware including RF components, signal processing boards, compute modules, storage systems, rugged displays, and secure processing solutions to defense primes and directly to U.S. military programs. Revenue is project-based with long sales cycles tied to defense procurement programs.
2. Engineering and Manufacturing Services: Custom engineering services, integration, and manufacturing services for defense programs requiring specialized capabilities including DMEA-accredited trusted facilities for microelectronics.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Mercury Systems designs, manufactures, and sells secure, mission-critical embedded computing and sensor processing subsystems for aerospace and defense applications. Its portfolio spans RF and microwave components, digital signal processing boards, OpenVPX-based compute subsystems, radiation-tolerant storage, rugged displays, and NSA-certified encryption modules, sold to U.S. defense prime contractors and military services for use in radar, electronic warfare, communications, avionics, mission computing, and space-based sensing platforms.

Product overview

Mercury Systems provides an end-to-end processing ecosystem for aerospace and defense, organized across five core product lines: Signal (RF components, microwave solutions, mixed signal processing, DRFM technology, and MMIC devices), Compute (OpenVPX embedded processing, rack servers, mission computers, and SiP/MCM modules), Data Management (storage systems, recorders, avionics video systems, and radiation-tolerant storage), Display (multi-function displays, head-up displays, and rugged LCD modules), and Secure (NSA Type-1 encryption, Linux security via RelianceOne, and anti-tamper solutions). The portfolio is anchored by key platforms like the RFS1140 Direct RF System-in-Package combining AMD Versal AI technology with high-speed converters, the RTBX06 BuiltSECURE rugged servers, and the JDAR NSA Type-1 encryption module. Products leverage open standards including OpenVPX, SOSA, and MOSA to ensure interoperability. Recent additions include SolderMask manufacturing capabilities acquired in 2026 to support higher-rate defense production.

Differentiator

Problem solved

Functional benefit

Products and services

• JDAR NSA Type-1 Data-at-Rest Encryption Module Compact NSA-certified Type-1 data-at-rest encryption module that protects Secret and Below (SAB) classified data with 6 Gbps high-speed encryption, supports multiple zeroization capabilities, and operates in -40°C to +85°C environments with 30,000 hours MTBF. Designed for mission-critical defense applications requiring NSA Type-1 certification.
• RFS1140 Direct RF System-in-Package (SiP) First multi-chip module combining AMD Versal AI Core adaptive SoC with Jariet Technologies high-speed data converters (64 Gsps ADC/DAC), 4 GB LPDDR4 memory, and 32 GHz analog bandwidth in a 47.5mm package. Designed, manufactured, and tested in DMEA-accredited facilities for radar, electronic warfare, and AI/ML edge processing applications.
• OpenVPX Embedded Processing Subsystems Modular open systems architecture solutions including compute boards, multiprocessing boards, GPGPU coprocessing boards, network switches, and I/O interface boards built on the VITA 65 OpenVPX standard for defense and aerospace applications. SOSA-aligned for interoperability and rapid integration.
• RTBX06 BuiltSECURE Rugged Trusted Servers Rugged rack servers with BuiltSECURE security features (anti-tamper, secure boot, cryptographic capabilities, runtime protection) designed for mission-critical defense applications including deployment in harsh environments with classified data handling requirements.
• DRF4581L Direct RF Subsystem Very small form factor Direct RF digital signal processing module in a compact 1-inch height design, powered by Intel Agilex 9 SoC FPGA technology for high-performance electronic warfare, radar, and signal processing applications. Launched at AOC 2025 International Symposium.
• SCFE6933 6U SpaceVPX Processing Board 6U SpaceVPX radiation-tolerant ACAP (Adaptive Compute Acceleration Platform) processing board delivering performance improvements of approximately 20x and 100x over today's fastest FPGA and CPU implementations for space and high-reliability defense applications.
• RelianceOne Linux Security Application allowlisting solution for Linux-based embedded defense systems providing runtime protection, system integrity verification, and combining Integrity Measurement Architecture (IMA) and fapolicyd approaches for critical defense deployments.
• RH304T Rad-Tolerant SSDR 4.5 TB 3U VPX radiation-tolerant solid-state data recorder (SSDR) designed for spaceborne data storage, providing TB-scale capacity and error correction to prevent data loss in extreme orbital environments. Used for Space Development Agency Tranche 3 Tracking Layer program and other satellite missions.
• MMIC Components Chip-scale RF devices including amplifiers, tuners, upconverters, downconverters, filters, switches, limiters, and mixers in miniature packages for aerospace and defense RF applications. Sourced via Atlanta Micro acquisition.
• Multi-Function Displays Ruggedized display solutions for military aviation including multi-function displays, head-up displays (HUD1080), and custom rugged LCD modules for cockpit and mission system applications. Sourced via Avalex Technologies acquisition.
• Avionics Data Management Systems Mission-critical avionics data management portfolio including DTM II Avionics Data Transfer Module, ADTS Advanced Data Transfer System, HDVR High-Definition Video Recorder, and FAERITO Flight Data Recorder for storage and transfer of mission-critical flight data.
• Mission Computing Solutions Family of mission computers including JARVIS Modular Mission Computer BuiltSAFE, ROCK-2, ROCK3 SOSA-Aligned Mission Computers, and ROCK 4 Compact Mission Computing for airborne and autonomous platform applications.
• Engineering and Manufacturing Services Custom engineering services, integration, and manufacturing services for defense programs requiring specialized capabilities, including DMEA-accredited trusted microelectronics facilities and the recently acquired SolderMask dry film solder mask manufacturing capabilities supporting 20+ Mercury programs such as LTAMDS.

Quantifiable outcome

• Supports over 75 spacecraft including every Mars flight over the past 20 years
• +2 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature10 records

Partnerships

Eight partnerships are on record, tiered core and strategic.

• Blue RavencoreChannel Partner/ Reseller/ Distributor · 28 May 2026Defense industry distributor partnership where Blue Raven handles global resale and distribution of Mercury Systems' RTBX06 BuiltSECURE servers. Mercury produces, configures, and supports the servers while Blue Raven manages distribution to defense customers in over 40 countries.
• L3Harris TechnologiescoreStrategic or Co-development Partner · 2 April 2026Prime contractor relationship where Mercury supplies radiation-tolerant solid-state data recorders for L3Harris's Space Development Agency satellite program. Mercury has delivered data recorders for all prior SDA tranches and is now supplying its highest-capacity SSDR to date for Tranche 3 Tracking Layer satellites.
• Pentagon / Department of DefensecoreStrategic or Co-development Partner · 20 January 2026Mercury announced $60 million in contracts as part of the Golden Dome missile defense architecture. Mercury was selected for a $8.5 million DoD contract to develop next-generation RF signal conditioning multi-chip package under the defense microelectronics initiative.
• NightwingstrategicStrategic or Co-development Partner · 17 October 2025Collaboration to integrate advanced cyber resiliency features into Mercury's hardware for government clients. Nightwing contributes defense cybersecurity expertise to enhance runtime protection and security capabilities for Mercury's secure processing solutions.
• IntelcoreTechnology or IntegrationStrategic technology partnership providing Intel processors, Xeon Scalable processors, and Distribution of OpenVINO toolkit for high-performance embedded computing solutions. Mercury develops ruggedized servers and OpenVPX systems using Intel technology for mission-critical edge computing in harsh defense environments.
• AMDcoreTechnology or IntegrationStrategic relationship utilizing AMD Versal AI Core adaptive SoC technology in Mercury's RFS1140 Direct RF System-in-Package and other processing products. AMD technology enables advanced radar, cognitive electronic warfare, and AI capabilities in defense applications.
• Micron TechnologycoreTechnology or IntegrationStrategic partnership for memory solutions including radiation-tolerant storage, LPDDR4 memory, and NOR flash for Mercury's defense and space-qualified products. Micron provides space-qualified NAND flash and memory components for spaceborne data storage applications.
• U.S. Space Development AgencycoreStrategic or Co-development PartnerProvides satellite electronics including data recorders for the Proliferated Warfighter Space Architecture tracking layer satellites designed to detect and track advanced missile threats including hypersonic missiles.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Honeywell Aerospace: Supplies avionics, navigation, and radiation-hardened components for space and defense; overlaps Mercury in ruggedized displays, mission computers, and avionics data management.
• BAE Systems, Inc. Global defense prime with comparable electronic systems, EW, and C5ISR capabilities that overlap Mercury's mission computing and secure processing portfolio.
• Northrop Grumman: Large defense prime and Mercury customer across multiple sensor, EW, and space programs. Competes at the system level for radar and EW subsystems where Mercury supplies components.
• L3Harris Technologies: Major defense prime that both purchases from Mercury (SDA Tranche 3 data recorders) and competes across RF, EW, and mission computing. Acts as both customer and partial competitor in adjacent product lines.
• General Dynamics Mission Systems: Defense electronics business unit supplying tactical communications, computing, and crypto gear to DoD, overlapping Mercury in mission computers and secure processing for naval/ground platforms.
• RTX (Raytheon Technologies): Defense prime with extensive radar and EW portfolios that overlap Mercury's served market. Both buyer (for components) and competitor at certain subsystems tiers.

Direct peers

• Elbit Systems: Israeli-headquartered defense electronics company with substantial overlap in ruggedized embedded computing, EW, and C4I subsystems serving U.S. and allied defense markets.
• Leonardo DRS: Sibling company supplying advanced defense electronics, sensor processing, and secure communications for U.S. and allied programs. Overlapping portfolio in mission computing, naval electronics, and ruggedized subsystems.
• Curtiss-Wright Corporation: Defense electronics and embedded computing specialist with comparable mission-critical subsystems for naval, aerospace, and ground platforms. Closest direct competitor in ruggedized defense computing and signal processing.

Emerging players

• Kratos Defense & Security Solutions: Mid-cap defense technology company with adjacent exposure to unmanned systems, space, and EW electronics. Less direct overlap but competing for similar DoD program dollars.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mrcy
• YouTubeyoutube.com/user/MercurySystems/videos
• Facebookfacebook.com/MercuryComputerSystems
• LinkedInlinkedin.com/company/mercury-systems
• Instagraminstagram.com/mrcysystems

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A19 records

Investments

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

Frequently asked questions about Mercury Systems