Israel weighs landmark US IPOs for state defense champions IAI and Rafael

Israel is considering listing 25-30% of Israel Aerospace Industries (estimated at NIS 100B / $33.7B) and Rafael Advanced Defense Systems (~NIS 60B / ~$20B) on a US exchange, with an Israeli delegation set to travel to Washington in mid-July to meet investors, underwriters and regulators. Both makers of Arrow and Iron Dome posted record 2025 results, with order backlogs exceeding $30B and $20B respectively. Foreign orders are 70% of IAI's total and roughly half of Rafael's, and a US listing could ease disclosure rules around classified projects compared with a Tel Aviv float.