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

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Jonathan Ponciano, The Motley Fool

Sun, November 30, 2025 astatine 5:02 PM CST 5 min read

Tulsa-based Schusterman Interests disclosed ownership of 2.1 cardinal shares of Karman banal valued astatine $148 million.
The presumption is adjacent to 33.8% of the firm's 13F reportable assets nether management.
This is present the fund's largest reported holding.
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Tulsa-based Schusterman Interests disclosed a caller presumption successful Karman Holdings (NYSE:KRMN) worthy $148 million, according to its November 14 SEC filing.

Schusterman Interests reported a caller presumption successful Karman Holdings, acquiring astir 2.1 cardinal shares valued astatine $148 cardinal arsenic of September 30. The determination was disclosed successful a Securities and Exchange Commission (SEC) Form 13F filed connected November 14. Karman Holdings present accounts for the largest azygous equity presumption successful the fund’s portfolio, adjacent to astir 33.8% of wide reported assets.

Top holdings aft the filing:

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

As of Friday, Karman shares were priced astatine $67.03, much than triple the stock's $22 offering terms from February.

Metric

Value

Price (as of marketplace adjacent Friday)	$67.03
Market Capitalization	$7.97 billion
Revenue (TTM)	$428.2 million
Net Income (TTM)	$11.3 million

Karman Holdings operates astatine standard wrong the aerospace and defence sector, leveraging precocious engineering and manufacturing capabilities to present specialized solutions for high-growth markets. More specifically, it designs, manufactures, and sells mission-critical systems for rocket and defense, abstraction programs, hypersonic, and motorboat conveyance markets. The company’s absorption connected mission-critical hardware and systems supports large defence and abstraction initiatives, positioning it arsenic a cardinal supplier to some governmental and commercialized clients. Its integrated attack and method expertise supply a competitory vantage successful complex, high-barrier industries.

This determination is peculiarly absorbing coming from a deep-pocketed, thesis-driven household bureau making specified a concentrated bet—especially successful an early-stage institution inactive proving itself post-IPO. Schusterman Interests, tied to the billionaire household bureau of Charles and Lynn Schusterman, has made Karman Holdings its azygous largest equity presumption conscionable months aft the aerospace supplier went public. The signatory connected the filing, a managing manager astatine Schusterman Family Investments, besides disclosed a sizable caller involvement successful HeartFlow—another 2025 IPO—potentially suggesting the household bureau is leaning into recently listed, high-growth concern and med-tech names.

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

From a fundamentals standpoint, Karman is scaling quickly. The institution reported year-over-year gross maturation driven by request crossed rocket defense, space, hypersonics, and launch-vehicle programs, with much than 80 customers and 130 progressive programs. That diversification helps stabilize results successful a assemblage known for agelong declaration cycles and program-specific volatility.

For semipermanent investors, the awesome present is that organization investors—and a notable 1 astatine that—are underwriting Karman’s aboriginal trajectory—and spot country for maturation successful mission-critical hardware serving the defence and abstraction industries.