Karman Space & Defense (NYSE: KRMN) disclosed operational data showing its business pipeline has grown to approximately $3 billion as of May 25, 2026, compared to $1 billion as of March 31, 2025. The announcement coincided with a secondary offering by existing shareholders.

The company provided the update in connection with an underwritten public offering of 13.5 million shares by certain selling stockholders. Karman will not sell shares or receive proceeds from the offering. The selling stockholders granted underwriters a 30-day option to purchase up to an additional 2.025 million shares.

The pipeline breakdown includes approximately $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 reported progress on several potential contracts, including a space launch production agreement valued at approximately $250 million, a munition development program at $100 million, a torpedo recovery qualification program at $25 million, and a UAS launcher systems agreement at $20 million.

The company noted that pipeline estimates are developed by team members using various sources including customer budgets, requests for information, and customer meetings. Karman cautioned there is no assurance these contracts will be finalized on estimated terms or amounts.

Based in Huntington Beach, California, Karman Space & Defense designs and produces defense systems for the U.S. Department of Defense and space access programs. The company serves more than 80 prime contractors across more than 130 space and defense programs.

The offering is being conducted through an effective shelf registration statement filed with the Securities and Exchange Commission. Citigroup and Evercore Group are serving as underwriters.