KNDS targets €20 billion IPO in 2026 amid surging defence demand
KNDS, a major European defence group, is moving forward with plans for a 2026 stock market listing. The company aims for a valuation of €20 billion, backed by strong financials and rising demand for military equipment. Recent changes in German arms export rules have also helped speed up its delivery processes.
The firm reported €3.8 billion in revenue last year, with an order backlog worth €23.5 billion. To meet growing global demand, KNDS intends to expand production capacity twofold or even threefold, focusing on land-based weapons systems.
The current market for defence IPOs appears favourable. Recent listings by Vincorion and CSG have performed well, suggesting strong investor interest. While KNDS itself has no public market data—being unlisted—comparable firms like Rheinmetall saw a 149% stock surge in 2025. Hensoldt and Safran also showed robust growth, with defence ETFs rising by over 37% in the same period. KNDS's IPO plans remain unaffected by delays in the MGCS project, now pushed to 2045. The company's leadership has stressed that the listing timeline is separate from this programme. German authorities have also temporarily simplified arms export procedures, helping KNDS shorten delivery times for its customers.
With a €20 billion valuation target, KNDS is preparing for one of Europe's largest defence IPOs in recent years. The company's financial strength and production expansion align with rising military demand worldwide. If successful, the listing would mark a significant shift in the sector's investment landscape.
