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  "documentTitle": "ey global IPO trends Q4 2018",
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  "notes": "Includes three charts: Capital investment, Exit number, and IPO activity (number and proceeds).",
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      "kind": "callout",
      "text": "This convergence of policy tailwinds, market enthusiasm and rising valuation is reshaping the sector, creating significant opportunities for expansion and capital market activity.",
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      "text": "Capital investment of private Aerospace and Defense companies (Q1 2021 - Q1 2025, US$b)",
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      "text": "IPO proceeds: $3.6bn",
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      "text": "Policy uncertainty, once seen as a deterrent to growth, is now being viewed as a catalyst for accelerated growth in certain sectors deemed critical to national security...",
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      "text": "Sources: EY analysis, Dealogic, PitchBook.",
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      "text": "US policy shifts propel global defense spend to new highs, fueling Aerospace and Defense IPO momentum",
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