Who Owns BigBear.ai Company?

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Who Owns BigBear.ai?

Understanding BigBear.ai's ownership is key to grasping its strategic path in the AI landscape. The company went public on December 8, 2021, via a SPAC merger, significantly shifting its ownership structure.

This transition from private to public ownership means a broader base of stakeholders now influences the company's direction.

Who holds the reins at BigBear.ai?

BigBear.ai, based in McLean, Virginia, specializes in AI-powered decision intelligence solutions. Their offerings, such as those detailed in the BigBear.ai PESTEL Analysis, provide predictive analytics for government and commercial sectors, impacting areas like supply chain and national security. The company has a history dating back to 1988, shaped by various strategic moves.

As of August 2025, BigBear.ai's market capitalization stands at approximately $2.09 billion USD. This valuation places it as a mid-cap entity in the technology industry. The company's ownership journey has seen shifts from its early stages, influenced by institutional investors, public shareholders, and recent leadership adjustments.

The current structure of BigBear.ai was established in December 2020 through a strategic merger orchestrated by AE Industrial Partners (AEI). This consolidation brought together entities like NuWave Solutions, founded in 1999, and PCI Strategic Management, established in 2008. AEI's acquisition of NuWave Solutions in June 2020 paved the way for this integration, with further expansions including ProModel Government Services and Root9B shortly thereafter.

AE Industrial Partners' Role

AE Industrial Partners (AEI) was the primary driver behind the formation of BigBear.ai. They orchestrated the merger of key companies, demonstrating a significant investment in the consolidated entity.

Predecessor Companies

The foundation of BigBear.ai includes NuWave Solutions, established in 1999, and PCI Strategic Management, founded in 2008. These companies were integrated under AEI's strategic direction.

Expansion and Growth

Following its initial formation, BigBear.ai expanded its operations by acquiring ProModel Government Services in December 2020 and Root9B in March 2021, broadening its capabilities.

Public Listing via SPAC

BigBear.ai transitioned to a publicly traded company through a merger with GigCapital4, Inc., a Special Purpose Acquisition Company (SPAC). This move facilitated its entry into the public markets.

Initial Ownership Structure

Post-SPAC merger, existing BigBear.ai stockholders, including AEI, were anticipated to hold approximately 73% of the combined entity. GigCapital4 sponsors were expected to hold 6%, and public stockholders 21%.

Dr. Reggie Brothers' Leadership

Dr. Reggie Brothers assumed the role of Chief Executive Officer (CEO) of BigBear.ai following its public listing. His leadership guided the company through its initial phase as a public entity.

The initial ownership of BigBear.ai post-merger with GigCapital4, Inc. indicated a substantial majority stake held by existing BigBear.ai stockholders, primarily AE Industrial Partners. This arrangement reflected the significant capital and strategic direction provided by the private equity firm. The 'Founder Shares' in the context of the SPAC referred to the 10,051,600 shares of common stock held by GigCapital4's initial stockholders, highlighting the distinct ownership classes established during the public offering process. Understanding this initial company structure BigBear.ai is key to grasping its subsequent development and Mission, Vision & Core Values of BigBear.ai.

Key Stakeholders at Formation

The early ownership of BigBear.ai was predominantly influenced by its private equity backing and the structure of its public offering.

• AE Industrial Partners (AEI) as the primary investor and orchestrator of the merger.
• GigCapital4, Inc. sponsors holding a minority stake.
• Public stockholders acquiring shares through the SPAC transaction.
• The initial BigBear.ai stockholders, including AEI, were projected to own approximately 73% of the combined company.

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BigBear.ai's ownership landscape shifted significantly following its public debut on December 8, 2021, through a SPAC merger. This event marked its transition from a privately held entity to a publicly traded company, altering its shareholder base and governance structure.

The public offering through a Special Purpose Acquisition Company (SPAC) in late 2021 was a pivotal moment for BigBear.ai, establishing its presence on the New York Stock Exchange and broadening its investor profile. Initially, AE Industrial Partners held a substantial stake, reflecting their foundational role. However, as a public entity, the company's ownership has become more distributed, with institutional investors now holding a significant majority of the shares. This diversification influences the company's strategic direction and market perception, making it crucial to understand who owns BigBear.ai.

Key Ownership Insights

Understanding the BigBear.ai company owners reveals a dynamic mix of institutional and public stakeholders. The company's structure has evolved considerably since its public listing.

• Institutional investors collectively own approximately 75.73% of BigBear.ai as of August 2025.
• Individual investors and the general public held 56% of the company's shares as of February 2025.
• Insider ownership stood at approximately 1.10% as of August 2025.
• Total shares outstanding reached 369,171,608 by June 30, 2025.
• The company's transition to public trading via a SPAC merger in December 2021 significantly broadened its BigBear.ai shareholders base.

The evolution of BigBear.ai's ownership structure highlights a common trajectory for technology companies going public. While private equity firms like AE Industrial Partners played a crucial role in the company's early stages and consolidation, the public offering has brought in a wider array of BigBear.ai investors. This includes major financial institutions such as BlackRock Fund Advisors and Vanguard Group Inc, which manage substantial portfolios and often influence corporate governance. The significant presence of these institutional investors underscores the company's position within the defense technology sector and its engagement with AI government contracts. For a deeper dive into how the company generates revenue, explore the Revenue Streams & Business Model of BigBear.ai.

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The governance of BigBear.ai Holdings, Inc. is steered by its Board of Directors, a group responsible for strategic oversight and corporate responsibility. As of August 2025, key members include Chairman Peter Cannito and CEO Kevin McAleenan, alongside directors Sean Battle, Pamela Braden, Anthony Evangelista, Paul Fulchino, Dorothy D. Hayes, and Kirk Konert. This leadership structure guides the company's direction in the defense technology sector.

Voting power within BigBear.ai is distributed based on common stock ownership, with each share carrying one vote. The company does not permit cumulative voting, which can influence director election outcomes. The board is structured with a staggered system, dividing directors into three classes, each serving a three-year term, ensuring that only one class is up for election annually. This arrangement is designed to promote board continuity and stability. As of April 28, 2025, the total number of outstanding and voting shares of common stock was 291,188,805. Public filings do not indicate any single entity or individual holding disproportionate voting control through special voting rights or dual-class share structures, suggesting a more distributed ownership among BigBear.ai shareholders.

Understanding BigBear.ai's Board and Voting Dynamics

The composition and voting structure of BigBear.ai's board significantly impact its strategic decisions and overall company direction. Understanding these elements is key for investors and stakeholders interested in BigBear.ai ownership.

• The board is classified into three classes, with staggered three-year terms.
• Each share of common stock grants one vote; cumulative voting is not allowed.
• Peter Cannito, Chairman, also holds a position with AE Industrial Partners.
• Kevin McAleenan, the current CEO, joined the board in January 2025.
• As of April 2025, there were over 291 million shares of common stock outstanding.
• This structure influences the stability of BigBear.ai leadership and its approach to AI government contracts.

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Recent developments at BigBear.ai have significantly reshaped its ownership landscape and strategic direction over the past few years. A notable leadership transition occurred in early 2025, impacting the company's executive management and board composition.

The appointment of Kevin McAleenan as CEO on January 15, 2025, marks a significant shift in BigBear.ai's leadership. McAleenan, who also joined the Board of Directors, was previously President and is a co-founder of Pangiam, a Vision AI company that BigBear.ai acquired in February 2024 for about $70 million in an all-stock deal. This leadership change, following Mandy Long's transition to an advisory role, suggests a potential recalibration of the company's strategic focus, particularly in areas related to Vision AI. The company's financial structure also saw adjustments in December 2024 with the restructuring of approximately $182.3 million in convertible senior notes, extending their maturity to 2029 and offering greater financial flexibility. This move, combined with a substantial increase in shares outstanding by 48.2% in the year leading up to February 2025, indicates a period of significant corporate activity aimed at supporting future growth and operational needs.

Leadership Transition and Strategic Alignment

The recent CEO transition to Kevin McAleenan, a co-founder of an acquired Vision AI company, signals a potential emphasis on AI-driven solutions within the company's strategy.

Financial Restructuring and Dilution

Restructuring convertible notes and a notable increase in shares outstanding reflect efforts to manage debt and fund operations, impacting BigBear.ai ownership dynamics.

Financial Performance and Cash Position

Despite a year-over-year revenue decrease in Q2 2025, the company ended the quarter with a strong cash balance, bolstered by an equity raise, positioning it for future investments.

Institutional Investor Influence

The high level of institutional ownership, at 75.73%, indicates significant backing from investment firms, aligning with broader trends in the AI sector and influencing the Competitors Landscape of BigBear.ai.

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