HawkEye 360, the Herndon-based radio frequency satellite operator, priced 10.65 million shares at $14 Wednesday evening, raising $149.1 million in the first notable defense-tech IPO since Palantir's secondary offering in December. Seaport Therapeutics, a CNS-focused biotech, priced 6.5 million shares at $16, the low end of its $16-$18 range, for $104 million. Both offerings mark the first meaningful primary issuance since January's post-inauguration freeze.

HawkEye's pricing came at the midpoint of its $13-$15 range, suggesting measured but not enthusiastic demand. The company operates a constellation of 21 satellites detecting and geolocating RF signals—vessel transponders, radar emissions, push-to-talk radios—and sells that intelligence to defense, maritime, and commercial clients. Revenue grew 41% year-over-year to $53.8 million in 2024, while net loss narrowed to ($32.1 million) from ($38.4 million). The offering values HawkEye at roughly $576 million pre-money, a 10.7x trailing revenue multiple, compressed from the 12-14x that space infrastructure names commanded in 2021-2022. Underwriters include Morgan Stanley, BofA Securities, and William Blair.

Seaport's biotech offering reflects a different risk calculus. The company's lead asset, SPN-830, is a GABA-A modulator in Phase 3 trials for post-partum depression, with topline data expected in Q2 2025. Pricing at the low end signals investor caution around near-term binary events, particularly after a string of CNS trial failures in late 2024 eroded speculative capital for neuroscience plays. The company now holds $154 million in cash, enough for 18-20 months of runway through the Phase 3 readout and a potential Phase 2 initiation in major depressive disorder.

What matters is not the size of these offerings but their existence. The IPO window has been functionally closed since October, when Klarna's confidential filing leaked and Silicon Valley Bank's collapse anniversary prompted a risk-off posture among long-only funds. HawkEye and Seaport are testing whether post-election clarity and a stable rate environment can sustain primary issuance for companies with visible revenue or near-term catalysts. The pricing discipline—no upsizing, no range increases—suggests bankers are managing expectations tightly. This is not exuberance. This is reconnaissance.

Operators should watch for aftermarket performance through the first 10 trading days, particularly whether HawkEye holds its midpoint pricing or trades down toward $12-$13, which would signal that even defense-adjacent growth stories face valuation compression. Seaport's action around the May 15 data readout will set tone for biotech IPOs with near-term milestones. If either offering trades poorly, expect the window to re-close through Q2 earnings season.

The IPO market is not open. It is ajar, and the door hinges are still cold.