Karman Space & Defense (NYSE: KRMN) disclosed operational data showing its business pipeline reached approximately $3 billion as of May 25, 2026, compared to $1 billion on March 31, 2026. The announcement accompanied a secondary offering by existing stockholders of 13.5 million shares.

The company broke down its pipeline by market segment: $500 million for hypersonics and strategic missile defense programs, $700 million for tactical missiles and integrated defense programs, $50 million for maritime defense programs, and $300 million for space and launch programs. Karman noted these contract values span multiple years and provided no assurance the deals will be finalized at estimated amounts.

Karman reported progress on several deals in 2026, including negotiations for a space launch production agreement valued at approximately $250 million, a munition development program worth about $100 million, a torpedo recovery qualification program estimated at $25 million, and a UAS launcher systems agreement valued at approximately $20 million.

The selling stockholders may grant underwriters a 30-day option to purchase up to 2.025 million additional shares. Karman will not sell shares in the offering and will receive no proceeds. All net proceeds will go to the selling stockholders.

The Huntington Beach, California-based company develops defense and space systems for the U.S. Department of Defense and space access markets. The company serves more than 80 prime contractors supporting over 130 space and defense programs.

Pipeline estimates are based on customer budgets, information requests, solicitations, customer meetings and public statements, according to the company. The offering is being conducted through an effective shelf registration statement filed with the Securities and Exchange Commission.