Now that the government shutdown is over, another space company is filing to go public.

York Space Systems.

York is a prime contractor that makes and operates low-cost satellites for both government and commercial customers.

In September, it delivered its largest batch of satellites to date to the U.S. military,

tranche one of the transport layer,

which will help create a network for military data and missile warning missions.

I recently spoke with founder and CEO, Dirk Wallinger, during the government shutdown and before the company's IPO filing,

and I asked what investors need to understand about York and about the industry overall. With moving from billion-dollar satellites that take a decade to hundreds

and thousands of satellites being delivered really quickly, what it requires is a strong

industrial base and a strong supply chain. York has a good supply chain and we buy from a

lot of different folks, but those folks also sell to our competitors

as well. So when you're looking at solid investments, it's typically who is in the supply chain

that is providing to a lot of different primes and offering a lot of different capability to

everyone because that's fundamental. That's required not only for the prime manufacturing,

prime contractors, but it's required for the United States

government and commercial customers as well.

The company reported a 59% jump in revenue for the first nine months of 2025, and its net

loss narrowed from the same period a year earlier.

York Space Systems is majority owned by PE firm A.E. Industrial,

whose other portfolio companies include Firefly Aerospace and Redwire.

We just want to be the most successful and most ruthlessly efficient prime there is out there.

On this episode, York's Dirk Wallinger, on the impact of the government shutdown, on supply chain resilience, and on what is next for the company.

...