This Family Office Acquired $148 Million of Karman Stock as Shares Tripled Since February IPO

Tulsa-based Schusterman Interests disclosed a new position in Karman Holdings (NYSE:KRMN) worth $148 million, according to its November 14 SEC filing.

What Happened

Schusterman Interests reported a new position in Karman Holdings, acquiring nearly 2.1 million shares valued at $148 million as of September 30. The move was disclosed in a Securities and Exchange Commission (SEC) Form 13F filed on November 14. Karman Holdings now accounts for the largest single equity position in the fund’s portfolio, equal to about 33.8% of overall reported assets.

What Else to Know

Top holdings after the filing:

• NYSE:KRMN: $148 million (33.8% of AUM)
• NYSEMKT:RSP: $118.6 million (27.1% of AUM)
• NYSEMKT:SPY: $88.3 million (20.2% of AUM)
• NASDAQ:HTFL: $65.3 million (14.9% of AUM)
• NYSE:PACK: $17 million (3.9% of AUM)

As of Friday, Karman shares were priced at $67.03, more than triple the stock's $22 offering price from February.

Company Overview

Company Snapshot

Karman Holdings operates at scale within the aerospace and defense sector, leveraging advanced engineering and manufacturing capabilities to deliver specialized solutions for high-growth markets. More specifically, it designs, manufactures, and sells mission-critical systems for missile and defense, space programs, hypersonic, and launch vehicle markets. The company’s focus on mission-critical hardware and systems supports major defense and space initiatives, positioning it as a key supplier to both governmental and commercial clients. Its integrated approach and technical expertise provide a competitive advantage in complex, high-barrier industries.

Foolish Take

This move is particularly interesting coming from a deep-pocketed, thesis-driven family office making such a concentrated bet—especially in an early-stage company still proving itself post-IPO. Schusterman Interests, tied to the billionaire family office of Charles and Lynn Schusterman, has made Karman Holdings its single largest equity position just months after the aerospace supplier went public. The signatory on the filing, a managing director at Schusterman Family Investments, also disclosed a sizable new stake in HeartFlow—another 2025 IPO—potentially suggesting the family office is leaning into newly listed, high-growth industrial and med-tech names.

According to the fund's November 14 SEC filing, Schusterman Interests acquired nearly 2.1 million Karman shares valued at $148 million, representing 33.8% of its reported equity assets. Karman has rallied sharply since its February IPO at $22 per share, recently closing at $67.03—more than tripling the offering price.

From a fundamentals standpoint, Karman is scaling quickly. The company reported year-over-year revenue growth driven by demand across missile defense, space, hypersonics, and launch-vehicle programs, with more than 80 customers and 130 active programs. That diversification helps stabilize results in a sector known for long contract cycles and program-specific volatility.

For long-term investors, the signal here is that institutional investors—and a notable one at that—are underwriting Karman’s early trajectory—and see room for growth in mission-critical hardware serving the defense and space industries.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC on Form 13F.

Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.

Stake: The amount of ownership or investment held in a company by an individual or institution.

Mission-critical systems: Products or technologies essential to the operation and success of key projects or organizations.

Flight hardware: Equipment and components specifically designed and built for use in aerospace vehicles or missions.

Sub-assemblies: Smaller assembled components that are integrated into a larger system or final product.

Hypersonic: Refers to speeds greater than five times the speed of sound, often used in advanced aerospace technologies.

Integrated approach: A strategy combining multiple processes or disciplines to achieve more efficient or effective results.

High-barrier industries: Sectors where entry is difficult due to high costs, regulations, or technical complexity.

TTM: The 12-month period ending with the most recent quarterly report.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.