Israeli suicide drone maker UVision targets $3.5 billion valuation ahead of Nasdaq IPO
War-driven demand fuels investor talks as company secures institutional backing for attack drone business.
Ahead of a potential Nasdaq listing and benefiting from a tailwind created by wars around the world, Aaron Frenkel is advancing a pre-IPO process for UVision, a defense company specializing in the development and production of suicide attack drones that home in on targets and explode upon impact.
Calcalist has learned that Frenkel is in talks to bring in 3-4 Israeli institutional investors, including Clal Insurance, Migdal Insurance, Meitav, and More Provident, at a valuation of $2.5-3.5 billion.
Last month, Calcalist revealed that Frenkel was preparing to list the company on Nasdaq at a multibillion-dollar valuation. To execute the move, UVision, which is led by CEO Ran Gozali, has hired the American investment bank JPMorgan to lead the offering. The current talks with institutional investors are intended to establish a valuation benchmark ahead of the IPO, with the ambition of listing at a higher valuation.
As part of the emerging agreements, Frankel, advised by IBI Underwriting, is expected to offer institutional investors downside protection mechanisms. If the IPO is completed at a lower valuation than their entry point, they will be compensated through options designed to bridge the gap and adjust their effective purchase price.
Frenkel believes that an IPO at a higher valuation within approximately a year is realistic. Accordingly, and in order to avoid significant dilution, discussions are focused on selling around 5% of the company to institutional investors.
Some institutional investors are pushing for a valuation closer to $2.5 billion, while others appear willing to invest at higher levels. This willingness is reportedly driven by a significant contract UVision signed with the U.S. military, as well as comparisons to the market performance of Israeli defense company NextVision, which is traded in Tel Aviv at a valuation of approximately NIS 28 billion (around $9 billion).
As part of the process, UVision has held multiple meetings with institutional investors, including site visits to its headquarters and production facility in Emek Hefer, where executives presented the company’s operations. In October 2025, UVision signed a $982 million, five-year contract with U.S.-based Mistral for the U.S. Army.
UVision was acquired by Frenkel in 2010 through his private company Magnus and has operated under his control since 2011. For the past year and a half, the company has been led by Ran Gozali, a former senior executive at Rafael, where he spent approximately three decades in leadership roles across R&D, engineering, and global business operations. He succeeded Avi Mizrachi, who served as CEO for five years.
The company’s chairman is Ilan Gifman, a close associate of Frenkel. The board also includes Yedidya Yaari, former commander of the Israeli Navy and former CEO of Rafael, as well as Yair Ramati and Yair Dubester.
Over the past decade, UVision has emerged as a significant global player in the loitering munitions market, driven largely by its HERO family of suicide drones designed for both tactical and strategic missions. These systems combine the capabilities of unmanned aerial vehicles and guided missiles: they can loiter over a target area, gather real-time intelligence, and execute a precision strike once a target is identified. In some cases, the attack can be aborted, allowing the system to return and be reused.
Global conflicts in Ukraine, Iran, Lebanon, and Gaza since 2022 have sharply increased demand for attack drones, unmanned systems, and counter-drone technologies.
