Elbit Systems raises $512 million in strategic Nasdaq offering
Israel’s largest defense contractor taps public markets amid booming global demand for military tech.
Elbit Systems completed a significant capital raise of $512 million on Nasdaq on Wednesday through a public offering of 1.37 million shares at $371 per share.
Following the offering, Elbit's stock dropped 6.5% in after-hours trading, closing at $370, which reflects a market capitalization of approximately $18 billion.
The offering was led by Bank of America, Jefferies, J.P. Morgan, and Morgan Stanley, with Barak Capital, an Israeli underwriter currently merging with Bank Leumi, also participating.
Elbit’s last major capital raise of similar magnitude occurred in 2021, when it raised NIS 1.9 billion (~$600 million) through a debt issuance rather than an equity offering.
This week’s fundraising takes advantage of a 50% surge in Elbit’s share price over the past year, fueled by strong demand for defense industry products globally, and by Elbit’s own sales momentum.
On Tuesday, the company reported a first-quarter 2025 net profit of $107 million, its second-highest quarterly profit on record, surpassed only by $128.6 million in Q4 2008. Quarterly revenue reached $1.9 billion, and Elbit’s order backlog hit a record $26 billion.
A key driver of growth was domestic sales to the Israeli defense establishment, which accounted for 32% of total revenue, compared to 24% from European sales. European demand has grown sharply amid the ongoing war in Ukraine and continued rearmament across the continent.
