Karman Space and Defense designs and manufactures mission-critical structural and propulsion subsystems for missiles, missile defense systems, hypersonic vehicles, and space launch vehicles. Karman operates as a second-tier supplier, selling engineered subsystems to prime defense contractors — Lockheed Martin, Raytheon, Boeing, L3Harris, ULA, and Blue Origin — who integrate Karman's components into finished weapon systems and launch vehicles. Karman's products include payload shrouds and nose cones, aerodynamic interstage structures, solid rocket motors, nozzles, and ablative thermal protection composites. Karman organizes its business across four end markets: Space and Launch, Hypersonics and Strategic Missile Defense, Tactical Missiles and Integrated Defense Systems, and a newer Maritime Defense Systems segment covering submarine programs. Karman's business model centers on winning sole-source or single-source positions on defense programs through a lengthy qualification process; once qualified, Karman is rarely displaced, locking in revenue for the life of a program, which can span 20+ years. Karman also embeds its engineers early in new program design cycles, often writing Karman's proprietary materials into program specifications before production begins. Over 90% of contracts are firm-fixed-price. Karman grows both organically — as production rates on existing programs increase — and through acquisitions of IP-rich subsystem businesses, following a "buy, build, integrate" model. Karman has completed nine acquisitions since its 2020 formation, expanding its capabilities from basic structural fabrication into energetics, advanced composites, liquid rocket engine components, and maritime composites.