MDA Space in ‘very strong position:’ CEO after US$300M IPO on NYSE

Mike Greenley, CEO of MDA Space, joins BNN Bloomberg to discuss the company's NYSE debut outlook for the future.

Canadian satellite company MDA Space expects a strong road to growth ahead after hitting the U.S. market on Thursday morning.

The Brampton based company launched a US$300 million initial public offering, marking its first time selling common shares in the U.S. market, under the symbol “MDA” on the New York Stock Exchange.

“We’re quite an attractive space stock in this community,” CEO Mike Greenley told BNN Bloomberg after ringing the morning bell at NYSE.

“We have strong growth, strong persistent profitability, strong cash generation.”

MDA Space has been publicly traded on the Toronto Stock Exchange since April 2021. The company achieved substantial growth in 2025, reporting a record $1.63 billion in revenue, a 51.2 per cent increase over the previous year, largely driven by the growth of its satellite systems business.

With that growth, Greenley said he wanted access to the U.S. market after seeing growing interest from American investors who understand competitive dynamics and growth potential in the space community.

“As a result of that, folks are giving higher valuations,” said Greenley.

“We want the full capability of the space investment community to be able to easily invest in us.”

He said the new IPO will cause an eight to nine percent dilution, which will be “regained quickly, with the amount of enthusiasm that is seen.”

The company’s stock was trading at $42.81 midday on Thursday, March 12, down 5.8 per cent from Wednesday’s close.

• Canadian satellite maker MDA Space speeds production, locks in more overseas military contracts

Future outlook for MDA

Greenley said MDA Space “didn’t really need the capital right now” but wanted it to enter the U.S. market to attract American investors, and encourage coverage from U.S. banks.

He says the estimated US$300 million raised will strengthen MDA Space’s balance sheet and provide flexibility for growth strategies like acquisitions, using cash.

“We have about $100 million right now on our revolver, our line of credit. We’ll pay that back quick. (We) have a couple 100 millions of dollars in the bank,” said Greenley.

“So we’re in a very, very strong position from a balance sheet perspective.”

Greenley says the company has a strong organic growth path ahead of it with a “$40 billion pipeline” of opportunity to pursue over the next five years, where it will consider acquisitions in the U.S. and Europe.

He said the company is scaling production of its Aurora digital communication satellites to 400 units annually at its new facility in Montreal. These satellites will be sold to global customers building broadband data networks for the internet and direct-to-device networks that connect satellites directly to cell phones.

Company will stay in Canada

MDA Space is not leaving Canada, said CEO Mike Greenley, adding that the company is viewed as a vital national asset, particularly under Canada’s new defence strategy, which identifies space as a sovereign capability area for defence in Canada.

Last year, the federal government awarded a $44.7 million initial contract to MDA Space to purchase specialized “long lead” parts for a new replenishment satellite. This satellite will join the RADARSAT Constellation Mission (RCM), a network of three small satellites that provide daily coverage of Canada’s territory.

“With Canada wanting to produce its space solutions in Canada, in partnership with Canadian industry, all those factors would work together to keep us as a Canadian-headquartered company,” he added, noting that the company will continue to expand globally to help other nations build their own sovereign assets.