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Firefly Aerospace Inc., a space and defense technology company with a proven track record in launch and lunar operations, is preparing to go public on the Nasdaq under the ticker “FLY.” The company plans to offer 16.2 million shares at a price range of $35 to $39 per share. At the midpoint of the range ($37), the IPO would raise approximately $599.4 million, giving Firefly an estimated post-offer enterprise value of $1.62 billion. Backed by AE Industrial Partners, which will retain controlling interest post-IPO, Firefly is taking the public route to fund growth across its robust product lineup of rockets, landers, and spacecraft systems. The offering is being led by a deep bench of underwriters including Goldman Sachs, J.P. Morgan, Jefferies, Wells Fargo, Morgan Stanley, Deutsche Bank Securities, Cantor, Roth Capital Partners, and Academy Securities.
Structured as a traditional IPO, the proceeds will primarily be used to pay down $136.1 million in debt under its existing Term Loan Facility, with remaining capital allocated for general corporate purposes. No shares are being sold by insiders, and AE Industrial Partners will maintain significant governance control with approximately 41.8% of outstanding shares following the offering. This aligns with Firefly’s designation as a "controlled company" under Nasdaq listing rules.
Firefly’s core business centers around end-to-end mission solutions for government, defense, and commercial customers. The company has developed proprietary launch vehicles—Alpha and the in-development Eclipse—as well as two spacecraft platforms: Blue Ghost, a lunar lander, and Elytra, a multi-orbit, high-thrust spacecraft. Alpha is the only U.S. launch vehicle in the 1,000 kg payload class to successfully reach orbit, with multiple government contracts under its belt. Eclipse, being built with Northrop Grumman, will be reusable and capable of carrying 16,000 kg to low Earth orbit. Blue Ghost successfully landed on the Moon in 2025 with a NASA contract, and Elytra is already on contract for national security missions, including space domain awareness for the Defense Innovation Unit.
With manufacturing centered around its Rocket Ranch in Texas and a suite of vertically integrated capabilities, Firefly maintains control over its supply chain and development cycles. It boasts strategic partnerships with leading names in aerospace and defense—including NASA, Space Force, Lockheed Martin, Northrop Grumman, L3Harris, and the NRO—and maintains launch sites in California, Virginia, Florida, and Sweden. Its $1.1 billion backlog as of March 2025 supports visibility into future cash flows and production schedules, with 30+ launches already under contract.
Below is a summary of Firefly Aerospace’s key financial data:
While still operating at a loss, Firefly is positioning itself for scaled growth by leveraging shared technologies across its products, improving margins through production efficiencies, and ramping launch cadence. Its development of Eclipse is expected to unlock higher payload classes and reusable economics, while Elytra expands the company’s value proposition into on-orbit defense operations, long-range communications, and lunar imaging. As part of its strategic roadmap, Firefly is also evaluating acquisitions—particularly in software and automation—that align with its vertically integrated model and national security focus.
Firefly enters a competitive but maturing market, drawing comparisons to peers like Rocket Lab and Virgin Orbit. However, its successful Moon mission and exclusive partnerships with Northrop Grumman and NASA set it apart. The IPO pricing—at an implied 27x trailing revenue multiple—reflects optimism about Firefly’s positioning in a defense-driven space economy. With its rare combination of launch, lander, and in-space capabilities, Firefly is pitching itself as a vertically integrated “one-stop shop” for tactical and scientific missions in space.
Post-IPO, the company’s strategic objectives include expanding global launch infrastructure, accelerating spacecraft deployment, and meeting growing demand from the U.S. government for hypersonic testing, satellite constellations, and space domain awareness. Firefly’s long-term shareholder value proposition hinges on capturing that growth while driving down costs through scale, manufacturing efficiency, and strategic partnerships.
Firefly Aerospace is expected to trade on August 7th, 2025