Firefly Aerospace prices shares at $45, above the expected range

CNBC

15 hours ago

Firefly Aerospace priced shares in its IPO at $45 on Wednesday, above its expected range.
The Texas-based rocket maker will debut on the Nasdaq Thursday under the ticker symbol "FLY." The offering raised $868 million and values the company at about $6.3 billion.
Firefly filed its initial prospectus in July and upped its IPO range this week to $41 to $43 a share, from an initial range of $35 to $39.
The space technology sector has seen rising investor interest over the last few years as billionaire investors such as Elon Musk and Jeff Bezos put their money behind SpaceX and Blue Origin, respectively.
So far this year, space technology companies Voyager Technology and Karman Holdings have gone public.
The broader IPO landscape has also seen major public debuts this year from Figma, CoreWeave and Circle as the market for public offerings reopens following a prolonged drought.
Firefly creates lunar landers, rockets and space technology, and won a $177 million contract with NASA last month. Earlier this year, the company successfully landed its lunar lander known as Blue Ghost on the moon.
The company has worked with key defense contractors such as Lockheed Martin and L3Harris. Northrop Grumman invested $50 million in Firefly earlier this year.
For the quarter that ended in March, Firefly reported a net loss of about $60.1 million, widening from $52.8 million in the year-ago period. Revenue jumped sixfold to $55.9 million from $8.3 million. Its backlogged totaled about $1.1 billion.