Los Angeles, August 2025 — Mstar Defense, a fast-growing defense company currently valued at $2.8 billion, is gearing up for an IPO. The deal is being led by Goldman Sachs, with backing from MSF Group and KoveitGroup. Mstar is known for producing NATO-standard ammunition — including 5.56mm and 7.62mm rounds — as well as artillery shells, supplying militaries across dozens of countries.
From Startup to Major Supplier
Founded in mid-2019 by tech entrepreneur Pasit Viwatkurkul, Mstar has quickly become a key player in weapons production and military supply. Its parent firm, Mstar Holdings, saw its valuation rise 330% in one year, reaching $840 million by March 2024 — a surge that came after Pasit raised $310 million to expand Mstar’s operations in the defense sector.
Right Time, Rising Tensions
Mstar is stepping into the spotlight at a moment when conflict and instability are spreading across the globe. As tensions rise, countries are looking to secure more weapons and ammunition:
- NATO Ammo & Artillery: Mstar manufactures and ships 5.56mm and 7.62mm rounds, plus artillery shells, to NATO-aligned forces and defense buyers worldwide.
- Expanding Ammunition Capacity: The company is building a new 120,000-square-foot ammunition warehouse to scale up storage and distribution as orders increase.
- Defense IPOs Are Soaring: Companies like Voyager Technologies and Karman Space have seen strong IPO launches, and Mstar’s entry into the market is expected to follow suit.
Interview with Pasit Viwatkurkul, CEO of Mstar Defence
Q: Mstar Defense is preparing for a major IPO at a $2.8 billion valuation. What do you believe sets your company apart in such a competitive and politically sensitive industry?
Pasit: We mostly focus on getting the basics right—gear and essential ammo—while others chase the high-tech stuff. We work with governments across the globe and stick to their rules. We’re not here to undercut or push anyone. What makes Mstar Defense different is simple—we want to be the Amazon of warfare: fast, reliable, and affordable for the people we partner with.
Q: Global demand for ammunition and defense tech is surging. How is Mstar positioned to scale production without compromising quality or supply chain resilience?
Pasit: We’re building several brand-new, state-of-the-art factories, each around 120,000 square feet, to handle the growing global demand. These facilities are designed to boost efficiency and lower costs while giving our clients exactly what they need—without the usual headaches. We’re confident this investment will give us a massive jump in output and help us deliver faster, smarter, and more affordable solutions across the board.
Q: You built Mstar from a tech background—what inspired the pivot to defense, and how has that shaped the company’s culture and innovation strategy?
Pasit: I believe tech and defense go hand in hand. Both demand attention to detail and a mindset that pushes boundaries. That’s something I took from my tech startup days—always think outside the box, stay sharp on the details, and never be afraid to make things simpler and more user-friendly. That’s exactly how we run Mstar Defense: we stay creative, we stay sharp, and we focus on giving our customers peace of mind.
Q: Your upcoming IPO puts Mstar at a $2.8 billion valuation. What key milestones convinced you the timing was right?
Pasit: The geopolitical climate is shifting fast—and growing more unstable by the day. We see this as the right moment to step up, be recognized, and position ourselves as the go-to supplier that solves real problems for our clients. Right now, everyone’s on edge and preparing for the worst. Mstar Defense is built to meet that demand. And with our sister company, Agema Global, we’re in a strong spot to scale fast. This is the age of defense—it’s here to stay, and it’s only going to grow from here.
Thanks again for sharing your story. It’s been a real look into your world.
Pasit: Thank you for the opportunity to share my story.
