Capital Markets Associate

About this role

HADRIAN - MANUFACTURING THE FUTURE

Hadrian is building autonomous factories to reindustrialize America. By combining AI, advanced software, robotics, and full-stack manufacturing, we help aerospace and defense companies build rockets, satellites, aircraft, ships, and other mission-critical systems up to 10x faster and at significantly lower cost.

Following our $1.37B Series D at a $7.87B valuation, Hadrian is rapidly expanding our manufacturing footprint, launching new capabilities across welding, casting, forging, electronics, additive manufacturing, and more, while scaling our Factory-as-a-Service platform to transform how critical products are built.

Backed by leading investors including JPMorgan Chase, Valor Equity Partners, Andreessen Horowitz, Founders Fund, 137 Ventures, Lux Capital, T. Rowe Price, and Morgan Stanley, we’re building the future of American manufacturing—and looking for exceptional people to help make it happen.

If you’re ready to take on the most challenging and rewarding work of your career while helping create American manufacturing jobs for generations to come, you’re exactly who we’re looking for.

THE ROLE:

This person is the analytical and execution engine of Hadrian’s capital markets function, partnering directly with the CFO and finance leadership to fund Hadrian’s growth across debt, equity, and alternative financing. They will live in capital structure models and market data, building the work product that drives financing strategy: debt capacity and sources-and-uses analyses, credit and liquidity models, financing comps across HY bonds, term loans, revolvers, and private credit, and the lender and investor materials that support live processes. They will own discrete workstreams end to end (a financing model, a lender presentation, a covenant compliance package, a market update) under the direction of finance leadership, rather than owning transactions in full, working alongside Treasury, FP&A, Accounting, and Legal to keep financing work aligned with the broader business. The role sits at the intersection of finance, strategy, and the defense / advanced-manufacturing market, and scales as Hadrian’s capital needs and financing cadence grow.

WHAT YOU’LL DO

- Build and maintain fully dynamic capital structure, debt capacity, and liquidity models, including sources and uses, pro forma leverage and coverage, covenant headroom, and financing scenario analysis.

- Support execution of debt and equity financings (revolvers, term loans, private credit, equipment and facility financing, government-backed loans, and equity raises) through model maintenance, data-room build-out, lender Q&A, and term-sheet comparison.

- Prepare high-quality lender-, investor-, Board-, and Exec-facing materials, including lender presentations, credit memos, and financing recommendations.

- Own recurring lender reporting and credit agreement compliance (compliance certificates, borrowing base and covenant calculations, reporting calendars) in partnership with Treasury and Accounting.

- Track debt and equity capital markets across A&D, industrials, and defense tech, maintaining a financing comps database (pricing, leverage, covenants, structure) to benchmark Hadrian’s options.

- Evaluate financing for large capital projects (new factories, machine capex) including project-level returns, lease vs. buy, equipment financing, and sale-leaseback alternatives.

- Partner with FP&A and cross-functional teams to keep financing models aligned with the operating plan, cash forecast, and corporate financial reporting.

- Build and maintain reusable analytical infrastructure (model templates, formatting standards, comp libraries) for the team.

- Support relationship management with banks, lenders, and investors, and help prepare for potential future rating agency engagement and public-market readiness.

WHAT WE’RE LOOKING FOR

- 3+ years of relative experience in a Capital Markets role

- Advanced Excel financial modeling: fully dynamic models built from scratch with lookup / index-match / sumifs discipline, clean formatting conventions, and no hardcodes in formula cells.

- Credit fluency: leverage and coverage analysis, debt capacity, cash flow and liquidity forecasting, and the ability to defend assumptions to lenders and leadership.

- Command of financing instruments and mechanics (e.g., revolvers vs. term loans, ABLs, HY bonds, converts, private credit, preferred equity, warrants) including pricing, covenants, security packages, and key credit agreement terms.

- Clear written and oral communication: credit memos, lender presentations, one-pagers, and board-quality deliverables, with the ability to present materials to leadership and work cross-functionally.

- High ownership and curiosity, strong attention to detail, and comfort owning deliverables with minimal oversight in a fast-paced, scrappy environment.

WHAT WILL SET YOU APART

- Prior DCM, leveraged finance, restructuring, private credit, or corporate treasury / capital markets experience, ideally covering industrials, defense, or deep tech.

- Familiarity with A&D and advanced-manufacturing markets and the players in them.

- Exposure to project finance and large-scale capital investment analysis (facility buildouts, infrastructure, capex-heavy programs).

- Experience reviewing or negotiating credit agreements, term sheets, and commitment papers with high attention to detail.

- Familiarity with government financing programs (e.g., DoD Office of Strategic Capital, DPA Title III, state and local incentives) and how they fit into a capital stack.

- Working knowledge of defense contracting and government cost accounting (FAR, CAS, DCAA, contract types) and how they shape cash flow and credit profile.

- Intermediate accounting knowledge (debt accounting, leases, equity instruments) and comfort building lightweight tooling/automation (e.g., VBA, Python, SQL) to scale analytical work.

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