BigBear.ai lines up $100M share sale through Jefferies

BigBear.ai has entered an at-the-market equity program to sell up to $100 million in common stock, with Jefferies LLC acting as its sales agent. The company signed the Open Market Sale Agreement on July 31, 2026, allowing it to issue up to 100 million shares over time on the New York Stock Exchange.

The agreement is open-ended and lets BigBear.ai raise capital opportunistically, selling shares at prevailing market prices whenever it chooses. Jefferies will earn a commission of up to 3% of gross proceeds; sales below $1.00 per share require its written consent.

Proceeds will be used as described in the company's prospectus, though the filing does not spell out specific plans such as debt repayment or acquisitions. BigBear.ai will disclose shares sold and net proceeds in its quarterly and annual reports.

Issuing up to 100 million new shares carries significant dilution risk for existing holders, especially if sales occur during periods of share-price weakness. Because shares can be sold at any time, the program may add downward pressure on the stock when demand is soft.

The ATM structure reflects a quick, flexible route to fresh capital that favours timing over a single large raise. For a listed company, tapping public markets on demand trades shareholder dilution for the ability to draw funds as conditions allow.