
Firefly Aerospace to price US IPO as it sets sights on a positive liftoff
In a nascent but rapidly growing commercial space industry, Firefly's IPO has attracted investor attention because it successfully landed its uncrewed Blue Ghost spacecraft on the moon in its first attempt in March.
Cedar Park, Texas-based Firefly Aerospace is set to sell 16.2 million shares of its stock, priced between $41 and $43 apiece. This range was raised earlier this week, signaling strong demand.
U.S. President Donald Trump's focus on commercializing space technology and safeguarding the national interests in space has attracted venture capital firms and billionaires.
Elon Musk's SpaceX — the most valuable private company in the world — has become a critical part of the U.S. satellite network, even prompting a need across the government to look for more contractors.
The U.S. government is betting that diversifying its contractor base will foster innovation and cut the huge costs of sending rockets to space, as well as reduce over-reliance on a single provider for critical missions.
NASA's procurement process now includes new entrants such as Firefly Aerospace and Sierra Space, alongside legacy companies, leveraging commercial partnerships for lunar landers, space station modules and cargo deliveries.
While space-related IPOs have been scarce in recent years, the tide is starting to turn in 2025. Firefly's listing comes on the heels of the successful New York flotations of space and defense firms Karman (KRMN.N), opens new tab, AIRO Group (AIRO.O), opens new tab and Voyager (VOYG.N), opens new tab.
As of Tuesday's close, shares of Karman have more than doubled from their offer price, while Voyager has gained 10%.
"Given Firefly and the success of Voyager, I think you are going to see several more space-related companies test the waters of a public offering," said Ross Carmel, partner at law firm Sichenzia Ross Ference Carmel.
Formed in 2017, Firefly designs and manufactures small- to medium-lift launch vehicles, lunar landers and orbital vehicles. It had a backlog of roughly $1.1 billion and over 30 planned launches under contract as of March 31.
While Houston-based Intuitive Machines' (LUNR.O), opens new tab Odysseus lander was the first private lander to reach the moon last year, it made a lopsided touchdown, landing mostly intact but dooming many of its onboard instruments. Firefly's was the second, but its Blue Ghost spacecraft landed safely, reaching the moon's surface a month and a half after launching atop a SpaceX rocket from NASA's Kennedy Space Center in Florida.
Last month, Firefly secured a $176.7 million contract to deliver five NASA payloads to the Moon's South Pole in 2029.
Firefly was valued at more than $2 billion in a 2024 funding round. The company's backers include aerospace-focused private investment firm AE Industrial Partners.
U.S. defense contractor Northrop Grumman (NOC.N), opens new tab, which invested $50 million into Firefly to aid the production of their jointly developed rocket, is one of three suppliers of solid rocket motors (SRMs) to the United States.
Firefly is expected to begin trading on the Nasdaq under the ticker symbol "FLY" on Thursday.
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