L3Harris Technologies is preparing to take its Missile Solutions business public, selecting JPMorgan and Morgan Stanley as financial advisors for what could become one of the most significant defense-sector IPOs in recent memory. The unit, which builds solid rocket motors and propulsion systems, already has a $1 billion investment from the US Department of Defense backing it up.
The company confidentially filed a draft registration statement on April 29, 2026, with plans to launch the offering in the second half of 2026, contingent on market conditions.
A billion-dollar vote of confidence
The $1 billion investment, which closed on April 23, 2026, is structured as convertible preferred securities that automatically convert into regular equity once the IPO happens, making the Pentagon a minority equity holder in a publicly traded missile company.
L3Harris plans to retain approximately 80% ownership of the Missile Solutions unit after the offering. The DoD’s stake comes through the conversion of those preferred securities plus warrants.
