Stealth military aircraft and communications satellite inside a hangar, representing aerospace and defense technology driving Karman’s 2025 IPO success. Key Points While hundreds of companies went public in 2025, three key names delivered especially impressive performances. KRMN, CRCL, and HNGE delivered returns between 40% and more than 200%. Analysts continue to see upside in these stocks, but to varying degrees. Interested in Karman Holdings Inc.? Here are five stocks we like better. In 2025, o ...