Karman Holdings

Karman Holdings Inc., trading as Karman Space & Defense, is a publicly traded American manufacturer of launch-vehicle and missile structures, headquartered in Huntington Beach, California. The current company was formed in October 2020 through the merger of Aerospace Engineering LLC and AMRO Fabricating Corporation, though its manufacturing predecessors date back more than 40 years; it completed an initial public offering on the New York Stock Exchange in February 2025 under ticker KRMN, at an initial valuation of roughly $4 billion.

For the 2025 fiscal year the company reported revenue of $471.5 million and about 1,400 employees, including 300 engineers, supporting more than 130 active programs. Karman organizes its hardware into three families: payload protection and deployment systems (encapsulation structures and low-shock separation and deployment mechanisms for sensitive payloads), aerodynamic interstage systems (the structures connecting rocket stages and fairings), and propulsion systems, including solid rocket motor cases and nozzles supplied through its Systima Technologies division.

Its three end markets — hypersonics and strategic missile defense, tactical missiles and integrated defense systems, and space and launch — each contributed roughly 30-37% of 2025 revenue. Karman supplies structural and separation hardware that most launch-vehicle integrators buy rather than build in-house, making it a significant but little-known tier of the launch supply chain. Jon Rambeau became CEO in March 2026, succeeding Tony Koblinski.