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Kamikaze Drone Maker Raises $320 Million In U.S. IPO As 'War Unicorns' Rise
The rise of "war unicorns" will be an impressive development to watch over the next several years, as we've diligently laid out for readers for months, well before the U.S.-Iran conflict, how a massive government push and in capital markets would begin to prioritize the next generation of defense-tech firms rather than big, bloated legacy defense contractors.
Aevex, a military drone maker backed by Madison Dearborn Partners, is the latest example of capital markets getting excited about war unicorns, with the company selling 16 million shares at $20 each in an IPO, with shares expected to begin trading on Friday. The deal was reportedly oversubscribed multiple times, according to Bloomberg sources.
Aevex is a direct public-market play on low-cost kamikaze drones, with a sizable portion of last year's revenue linked to Ukraine. It has two unmanned systems programs, Phoenix Ghost and EUCOM AOR Deep Strike, that have delivered or committed to deliver more than 9,300 units, representing about $1.2 billion in contract value through the end of this year.
The war unicorn is positioned to benefit from the Department of War's massive shift toward startups that can produce advanced weapons at a fraction of the cost and on a faster timeline than the large primes, such as Lockheed and Boeing. There is also a major shift within the DoW toward low-cost advanced weapons systems, such as drones and AI kill chains.
Aevex sees demand for unmanned systems expanding to $11 billion in the U.S. and $26 billion globally by 2030.
Bloomberg noted that Aevex posted a net loss of $16.9 million on $432.9 million in revenue in 2025, compared with net income of $78.5 million on $392.2 million in revenue a year earlier.
Aevex's public debut is only the beginning of war unicorns tapping public markets. We've outlined how the DoW's procurement process has been reset to favor startups. The DoW is also setting up a 30-person investment banking team called the "Economic Defense Unit" to deploy $200 billion in private equity over three years to fund these unicorns.
Follow the money: President Trump's war economy is being spun up ...
- War Economy Returns: From Trucks To Tanks, Pentagon Looks To Automakers To Rebuild America's Arsenal
What comes next, particularly in the U.S. market, is a rapid push to harden the airspace over critical infrastructure, data centers, and other high-value assets, because there is an alarming gap in the low-cost air defense layer against FPVs. Lessons from conflict areas across Eurasia are being learned at hyperspeed.
Tyler Durden Fri, 04/17/2026 - 11:20Pirates fans caught in awkward moment on broadcast
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"Mr. Biden Lives Abroad": Hunter Leaves Country As Former Lawyers Seek Millions
“Mr. Biden lives abroad.”
Those four words in a filing from Barry Coburn confirmed what had long been rumored about his client: Hunter Biden has left the country as his former lawyers and creditors seek millions in unpaid debts.
He added, “He cannot pay his current lawyers.”
As I wrote about years ago, Biden’s art grift would dry up as soon as he could no longer deliver influence and access to power. Reportedly unable to move art, Hunter has moved out of the reach of many creditors. He is rumored to be in South Africa, where his wife, Melissa Cohen, was born and raised.
Hunter is the Blanche DuBois of American politics. He has always relied on the kindness (and greed) of strangers when he could allegedly offer influence or access to his father, Joe Biden.
Hunter told a South African podcast in November that “We’re trying to be between Cape Town and the States, go back and forth.” He added, “I’ve fallen madly in love with Cape Town. You guys do not know how good you have it here. It’s the most beautiful city in the world.”
It just also happens to be roughly 9000 miles away from creditors in Delaware.
According to his former counsel at Winston & Strawn LLP, Hunter has not paid a “substantial portion” of the fees owed to his legal team.
Hunter told the podcast that he is facing “$17 million in debt … as it relates to my legal fees.”
His criminal defense did not ultimately protect him. He was found guilty of a variety of crimes, and his father then broke his repeated promise to the public and pardoned his own son in December 2024.
I have been a long-time critic of the Bidens, going back to when Joe Biden was still a senator. The family was long accused of influence peddling and corruption. Hunter Biden was hardly subtle in marketing his access and influence. He is now without a law license and any known means of support despite an enabling media that pushed his past books and art.
For those of us who have written about the Bidens for decades, the relocation to South Africa is about as surprising as having his father pop into dinners at Cafe Milano with foreign clients. Hunter Biden is the Enfant terrible created by his father and released upon the world.
I recently wrote that the Swalwell scandal reveals an ironic analogy to Hunter’s signature lifestyle.
Swalwell supported Hunter and was by his side as he defied a congressional subpoena. Like Hunter, he has controversial dealings, including using tens of thousands of campaign contributions for child care. He even had the campaign support of Hunter’s “sugar brother” Kevin Morris, who appears to have a proclivity for narcissistic, self-destructive personalities.
Swalwell could also face the same financial crunch as Hunter, as his campaign and congressional money run out. If so, there is always South Africa.
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— ZeroHedge Store (@ZeroHedgeStore) November 3, 2025 Tyler Durden Fri, 04/17/2026 - 11:00