OHB's €1 Billion Re-IPO Taps into Record Backlog and 400% Stock Surge

Space contractor OHB plans a €1B+ capital increase and secondary sale, capitalizing on a 400% stock rally, ESA contracts, and a bid to become a European space champion.

The space contractor OHB is orchestrating a return to the public markets that could rank among the largest European equity offerings of the year. With a syndicate of eight banks now mandated, the company is sounding out institutional investors for a capital increase and a secondary share sale that together are expected to exceed €1 billion.

The move comes on the heels of a stunning rally. OHB's stock jumped 11.4% on Thursday to €635 on the Xetra exchange, lifting its market capitalization to roughly €10.9 billion. The shares have now more than quadrupled since the start of 2026, when they traded at just €116.60 — a surge of over 400% that has been fuelled by a string of contract wins and growing investor appetite for European space assets.

The latest catalyst was the confirmation that OHB's Czech subsidiary, OHB Czechspace, will lead the European Space Agency's SOVA-S Earth observation mission. Selected after a ten-month evaluation process, the satellite will carry a short-wave infrared imager to measure atmospheric gravity waves at altitudes of 80 to 120 kilometers, data that could sharpen climate models and improve GNSS positioning. The mission, budgeted at under €35 million, is slated for launch within three years, with both SOVA-S and the competing Hibidis project entering the implementation phase in January 2027.

That science-driven contract underscores a broadening business that no longer depends solely on defense-related programs. While longer-term military projects like the Bundeswehr's "Spock 2" award are in play, the steady inflow of ESA orders has built a formidable commercial foundation. OHB's order backlog hit €3.354 billion in the first quarter of 2026, a jump of nearly 45% from €2.314 billion a year earlier. Revenue in the period reached €200.8 million, up 15% year-on-year, while adjusted EBITDA came in at €27.3 million, representing a 9.7% margin.

Management has set ambitious targets to build on that momentum: full-year 2026 total output of €1.4 billion, rising to €1.7 billion in 2027 and above €2.0 billion in 2028, with an adjusted EBITDA margin of 11% for the current year. Investors will also receive a cash dividend of €0.60 per share, with the ex-date set for June 9, 2026.

The re-IPO is designed to dramatically widen OHB's shareholder base. The Fuchs family currently owns roughly two-thirds of the equity, private equity firm KKR holds nearly a third, and free float stands at only about 8%. KKR first took a stake in 2024 at a price of €44 per share, a figure that highlights the scale of the valuation leap since then. The offering, which will combine primary capital and existing shares, aims to position OHB as a European space champion capable of competing on a global stage.

That ambition is being sharpened by developments across the Atlantic. SpaceX, the dominant U.S. player, is preparing its own IPO with valuations reported as high as $1.75 trillion, injecting a wave of enthusiasm into the entire sector. OHB has been quick to capitalize on the mood, assembling a banking consortium that includes Rothschild, KKR Capital Markets, Deutsche Bank, J.P. Morgan, Goldman Sachs, Berenberg, Commerzbank, Jefferies, and UniCredit.

Alongside the IPO preparations, OHB is deepening its technological footprint through the "KIRK" joint venture with Helsing, Kongsberg, and HENSOLDT. The partnership targets a space-based reconnaissance system powered by artificial intelligence, a move that bridges the company's civil and defense capabilities and positions it for the next generation of real-time intelligence gathering.

The combination of a record order book, a tripling of the share price in months, and a concrete ESA mission win has given OHB a powerful narrative as it takes its pitch to institutional investors. Whether the company can sustain its momentum through the capital increase and beyond will depend on its ability to convert that backlog into cash flow — but for now, the sentiment is firmly on its side.