Gravitics IPO: The $125M GVTX Listing That Still Hasn't Priced Two Months Later

Gravitics set terms for a $125 million Nasdaq listing on August 20, 2026 — and as of October 13, 2026, nearly two months later, the deal still hadn't priced, according to Renaissance Capital's IPO tracker, which still lists the offer price as "n/a."

How the GVTX Deal Is Structured

Gravitics isn't filing a traditional S-1 IPO — it's merging into Non-Invasive Monitoring Systems (NIMU), an existing public shell company, in a deal first agreed on March 6, 2026 and amended June 30, 2026 to extend the outside closing date to September 30, 2026, according to a reproduction of the company's SEC S-1/A filing published by StockTitan. Once the merger closes, NIMU will be renamed Gravitics Holdings and trade on the Nasdaq Capital Market under ticker GVTX, with Gravitics stockholders holding at least 95.5% of the combined company and NIMU's existing shareholders holding no more than 4.5%. A 1-for-150 reverse stock split is planned as part of the transaction.

Lucid Capital Markets is the sole bookrunner on the planned $125 million primary offering — 8.1 million shares at $14.00 to $17.00 — and would earn a 6.5% underwriting fee on gross proceeds. That September 30 closing deadline has already passed without the merger closing or the offering pricing, based on Renaissance Capital's "Filed Terms" status as of October 13. See Value Add VC's Gravitics hub for continuing coverage of the deal.

The Axiom Space Contract Isn't the Cushion It Looks Like

Gravitics' headline commercial validation is a $125 million fixed-price contract with Axiom Space, signed in May 2024, to build a cargo-logistics module for Axiom's planned commercial space station — coincidentally the same dollar figure as the IPO itself. But the contract is mostly theoretical revenue so far: of a $6 million milestone tied to Gravitics' Preliminary Design Review, only $0.5 million had actually been billed and collected as of June 30, 2026, because the remaining $5.5 million was contingent on Axiom securing its own additional equity funding — financing that hadn't materialized as of the filing, per Gravitics' SEC disclosures reproduced by StockTitan. The contract runs through December 31, 2029, with the bulk of its value tied to Gravitics passing an independently verified Critical Design Review.

That distinction matters for anyone reading the $125 million Axiom figure as committed revenue: it's a contract ceiling, not cash Gravitics has collected or is guaranteed to collect on any fixed schedule.

Gravitics' Funding Before the IPO Attempt

Gravitics was incorporated in Delaware on May 7, 2021 and is headquartered in Marysville, Washington, where it operates a 42,000-square-foot facility, according to the SEC filing and Payload's coverage of the company's 2022 launch. The company emerged from stealth in November 2022 with a $20 million round led by Type One Ventures, with participation from Tim Draper's Draper Associates and FJ Labs, to build its first product, the StarMax module — designed for roughly 400 cubic meters of usable volume and compatibility with SpaceX's Starship, Blue Origin's New Glenn, and ULA's Vulcan.

Gravitics added a $13.2 million institutional private placement in February 2026, placed by Joseph Gunnar & Co., and has also been selected for a Strategic Funding Increase (STRATFI) award from the U.S. Space Force's SpaceWERX program, with potential combined government, SBIR, and private funding of up to $60 million. Co-founders Colin Doughan (CEO) and Mike DeRosa lead the company.

Where Gravitics Sits in the Space-Infrastructure Funding Wave

Gravitics' attempted $125 million public raise is small next to the private rounds flowing into adjacent space and defense-hardware categories this year — most of which have real revenue or flight history behind them, unlike Gravitics' pre-revenue, reverse-merger path.

How we counted: Gravitics plus 5 space and defense-hardware companies financed or priced in 2026 with disclosed rounds or pricings; as of October 13, 2026. Sources: Renaissance Capital and our own reporting on Firefly Aerospace, K2 Space, Muon Space, Castelion, and Saronic.

What the headline misses

A reverse merger into an existing shell company is a faster path to a Nasdaq ticker than a traditional S-1, but it typically comes with less underwriter-driven price discovery and a thinner bookbuilding process — which may be part of why this deal has stalled rather than priced on a normal timeline. Two months between setting terms and still showing "n/a" on the offer price is unusually long for a deal this size; both City Therapeutics and Iambic Therapeutics, by contrast, each set terms and were expected to price within about a week in October 2026.

The financial picture is a genuine warning sign, not just a pre-revenue technicality: Gravitics had $1.04 million in revenue for all of 2025, and that fell to zero in the first half of 2026 even as quarterly losses roughly doubled, with an accumulated deficit of $61.8 million. The Axiom Space contract's headline $125 million value is real on paper, but the company itself disclosed that most of it remains unbilled and contingent on a third party's own financing — a risk Gravitics doesn't control.

None of this means the deal won't eventually price — reverse mergers can take longer to close for reasons unrelated to investor demand, including routine SEC comment periods. But as of this writing, every number in this piece describes a proposed transaction, not a completed one.