Latest news with #RossCarmel
Time of India
4 days ago
- Business
- Time of India
Firefly Aerospace hits $9.8 billion valuation in Nasdaq debut as shares takeoff
Advt Advt Space scrutiny Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. Firefly Aerospace secured a valuation of $9.84 billion after its shares surged 55.6 per cent in their Nasdaq debut on Thursday, as investors continue to pour capital into companies aiding the expansion of the US space and defense stock opened at $70 apiece compared with the IPO price of $45, marking a striking turnaround for a once-beleaguered company now riding high on its lunar business and lucrative military-space prospects. Shares of the Texas-based firm went as high as $71.16 which became the first private enterprise to achieve a successful lunar landing five months ago, raised $868.3 million in an upsized IPO at $45 per share, above its already bumped up marketed its IPO, the largest US listing this year by a space tech firm, Firefly was valued at $6.32 billion - ahead of both Trive Capital-backed Karman Holdings and Voyager Technologies, which went public earlier this year."We at Firefly have had a lot of successes toward going public," CEO Jason Kim told Reuters on Thursday, noting the company's breakthrough moon landing, a rapid Pentagon launch with its medium-sized Alpha rocket in 2023 and a burgeoning business line that will offer maneuverable space vehicles for the US Space IPOs have picked up pace after tariff-driven volatility hampered listings in April, reigniting a long-awaited recovery of first-time share sales."I think we will continue to see strong debuts for large-cap IPOs for the remainder of the year," said Ross Carmel, partner at law firm Sichenzia Ross Ference has come a long way from a tumultuous past, including a bankruptcy in 2017 and a CEO ouster last bankruptcy led to billionaire Ukrainian investor Max Polyakov's Noosphere Ventures acquiring a majority stake in the company that, four years later, was forced to be sold to AE Industrial Partners over national security concerns raised by the US in 2014 by Tom Markusic, now its chief technology officer, Firefly started as a launch company centered on its medium-sized, 95-foot-tall Alpha rocket. It has since expanded into spacecraft and lunar lander business to provide mission services for governments and a nascent lunar market."The best companies go through hard times and challenges, but the best companies get back up and then continuously improve," said Kim, who took the helm at Firefly last year after leading the Boeing-owned small satellite firm Millennium Space Houston-based Intuitive Machines was the first private firm to reach the moon last year, its Odysseus lander made a lopsided touchdown, foiling most of its onboard customers' mission Blue Ghost landed safely on the moon in March, a milestone for a scrappy unit that was once tertiary to other business goals. It was also a breakthrough moment for NASA and its contracting model designed to stimulate private missions to the moon."Firefly has already demonstrated responsive launch capabilities and delivered a lunar payload - proof points that matter to the Space Force and NASA," said Ali Javaheri, emerging technology analyst at company had a backlog of roughly $1.1 billion and more than 30 planned launches under contract as of March 31."Investors will likely focus on backlog growth, gross margin trends as production scales, and Firefly's cash runway post-IPO," Javaheri company, however, expects to incur net losses for the next several years, according to geopolitical tensions and deteriorating international relations have put a spotlight on space and defense contractors, as US President Donald Trump aims to bolster military and civil space programs with the efficiencies of for-profit Musk's SpaceX - which has about $22 billion in government contracts - has grown critical to the global satellite network, potentially managing a crucial element of the "Golden Dome" missile defense shield planned by rapid growth in the space industry and Musk's latest tensions with Trump, however, have prompted officials to open talks with other rocket and tech manufacturers, with some citing national security concerns around concentrated said Firefly is eyeing a potential role in the Golden Dome program, noting its Alpha rocket could be used to launch test missile targets for the system or its Elytra spacecraft platform could host space-based missile interceptors envisioned by the program."We will be able to rate up our production line to meet that growing demand," Kim said of Golden has had backing from US defense contractor Northrop Grumman in a partnership to jointly build a bigger rocket named Eclipse, set for a debut launch from Wallops Island, Virginia, as early as 2026."Northrop Grumman's involvement signals alignment with national security priorities, while Mitsui's presence opens pathways to Asia and helps shore up supply-chain resilience," PitchBook's Javaheri is one of the three suppliers of solid rocket motors to the US.
The Star
5 days ago
- Business
- The Star
Firefly Aerospace set to debut after largest US space IPO of the year
(Reuters) -Firefly Aerospace will begin trading on the Nasdaq on Thursday after raising $868.3 million in the largest U.S. listing this year by a space tech company. Firefly — which became the second private enterprise to achieve a lunar landing five months ago — priced the IPO at $45 per share, above an already upsized range, securing a valuation of $6.32 billion. That is ahead of both Trive Capital-backed Karman Holdings and Voyager Technologies, which went public earlier this year. U.S. initial public offerings have picked up pace after tariff-driven volatility hampered listings in April, reigniting a long-awaited recovery of first-time share sales. "I think we will continue to see strong debuts for large-cap IPOs for the remainder of the year," said Ross Carmel, partner at law firm Sichenzia Ross Ference Carmel. "In the event the Federal Reserve decides to cut interest rates, I think we can see this trickle down to both mid-cap and small-cap IPOs as well." Formed in 2017, Firefly specializes in cost-effective launch vehicles and spacecraft, including lunar landers, to provide space launch and mission services. While Houston-based Intuitive Machines was the first private firm to reach the moon last year, its Odysseus lander made a lopsided touchdown. Firefly's Blue Ghost landed safely on the moon in March. "Firefly has already demonstrated responsive launch capabilities and delivered a lunar payload-proof points that matter to the Space Force and NASA," said Ali Javaheri, emerging technology analyst at PitchBook. The company had a backlog of roughly $1.1 billion and more than 30 planned launches under contract as of March 31. "Investors will likely focus on backlog growth, gross margin trends as production scales, and Firefly's cash runway post-IPO," Javaheri said. The company, however, expects to incur net losses for the next several years, according to filings. SPACE SCRUTINY Rising geopolitical tensions and deteriorating international relations have put a spotlight on space and defense contractors, as U.S. President Donald Trump aims to bolster military and civil space programs with the efficiencies of for-profit companies. Elon Musk's SpaceX — which has about $22 billion in government contracts — has grown critical to the global satellite network, potentially managing a crucial element of the "Golden Dome" missile shield planned by Trump. Musk's latest tensions with Trump, however, have prompted officials to solicit bids from other rocket and tech manufacturers, with some citing national security concerns around concentrated dependency. In early 2022, pressure from certain U.S. government bodies led to Ukrainian entrepreneur Max Polyakov divesting his ownership in Firefly to AE Industrial Partners, which currently owns more than 40% of the Texas-based company. Since then, Firefly has attracted a robust mix of investors. "Northrop Grumman's involvement signals alignment with national security priorities, while Mitsui's presence opens pathways to Asia and helps shore up supply-chain resilience," PitchBook's Javaheri said. U.S. defense contractor Northrop Grumman, which invested $50 million into Firefly in May, is one of the three suppliers of solid rocket motors to the U.S. Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo Securities are the lead underwriters for the IPO. (Reporting by Ateev Bhandari and Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
Reuters
5 days ago
- Business
- Reuters
Firefly Aerospace set to debut after largest US space IPO of the year
Aug 7 (Reuters) - Firefly Aerospace will begin trading on the Nasdaq on Thursday after raising $868.3 million in the largest U.S. listing this year by a space tech company. Firefly — which became the second private enterprise to achieve a lunar landing five months ago — priced the IPO at $45 per share, above an already upsized range, securing a valuation of $6.32 billion. That is ahead of both Trive Capital-backed Karman Holdings (KRMN.N), opens new tab and Voyager Technologies (VOYG.N), opens new tab, which went public earlier this year. U.S. initial public offerings have picked up pace after tariff-driven volatility hampered listings in April, reigniting a long-awaited recovery of first-time share sales. "I think we will continue to see strong debuts for large-cap IPOs for the remainder of the year," said Ross Carmel, partner at law firm Sichenzia Ross Ference Carmel. "In the event the Federal Reserve decides to cut interest rates, I think we can see this trickle down to both mid-cap and small-cap IPOs as well." Formed in 2017, Firefly specializes in cost-effective launch vehicles and spacecraft, including lunar landers, to provide space launch and mission services. While Houston-based Intuitive Machines (LUNR.O), opens new tab was the first private firm to reach the moon last year, its Odysseus lander made a lopsided touchdown. Firefly's Blue Ghost landed safely on the moon in March. "Firefly has already demonstrated responsive launch capabilities and delivered a lunar payload-proof points that matter to the Space Force and NASA," said Ali Javaheri, emerging technology analyst at PitchBook. The company had a backlog of roughly $1.1 billion and more than 30 planned launches under contract as of March 31. "Investors will likely focus on backlog growth, gross margin trends as production scales, and Firefly's cash runway post-IPO," Javaheri said. The company, however, expects to incur net losses for the next several years, according to filings. Rising geopolitical tensions and deteriorating international relations have put a spotlight on space and defense contractors, as U.S. President Donald Trump aims to bolster military and civil space programs with the efficiencies of for-profit companies. Elon Musk's SpaceX — which has about $22 billion in government contracts — has grown critical to the global satellite network, potentially managing a crucial element of the "Golden Dome" missile shield planned by Trump. Musk's latest tensions with Trump, however, have prompted officials to solicit bids from other rocket and tech manufacturers, with some citing national security concerns around concentrated dependency. In early 2022, pressure from certain U.S. government bodies led to Ukrainian entrepreneur Max Polyakov divesting his ownership in Firefly to AE Industrial Partners, which currently owns more than 40% of the Texas-based company. Since then, Firefly has attracted a robust mix of investors. "Northrop Grumman's involvement signals alignment with national security priorities, while Mitsui's presence opens pathways to Asia and helps shore up supply-chain resilience," PitchBook's Javaheri said. U.S. defense contractor Northrop Grumman (NOC.N), opens new tab, which invested $50 million into Firefly in May, is one of the three suppliers of solid rocket motors to the U.S. Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo Securities are the lead underwriters for the IPO.
CNA
5 days ago
- Business
- CNA
Firefly Aerospace set to debut after largest US space IPO of the year
Firefly Aerospace will begin trading on the Nasdaq on Thursday after raising $868.3 million in the largest U.S. listing this year by a space tech company. Firefly — which became the second private enterprise to achieve a lunar landing five months ago — priced the IPO at $45 per share, above an already upsized range, securing a valuation of $6.32 billion. That is ahead of both Trive Capital-backed Karman Holdings and Voyager Technologies, which went public earlier this year. U.S. initial public offerings have picked up pace after tariff-driven volatility hampered listings in April, reigniting a long-awaited recovery of first-time share sales. "I think we will continue to see strong debuts for large-cap IPOs for the remainder of the year," said Ross Carmel, partner at law firm Sichenzia Ross Ference Carmel. "In the event the Federal Reserve decides to cut interest rates, I think we can see this trickle down to both mid-cap and small-cap IPOs as well." Formed in 2017, Firefly specializes in cost-effective launch vehicles and spacecraft, including lunar landers, to provide space launch and mission services. While Houston-based Intuitive Machines was the first private firm to reach the moon last year, its Odysseus lander made a lopsided touchdown. Firefly's Blue Ghost landed safely on the moon in March. "Firefly has already demonstrated responsive launch capabilities and delivered a lunar payload-proof points that matter to the Space Force and NASA," said Ali Javaheri, emerging technology analyst at PitchBook. The company had a backlog of roughly $1.1 billion and more than 30 planned launches under contract as of March 31. "Investors will likely focus on backlog growth, gross margin trends as production scales, and Firefly's cash runway post-IPO," Javaheri said. The company, however, expects to incur net losses for the next several years, according to filings. SPACE SCRUTINY Rising geopolitical tensions and deteriorating international relations have put a spotlight on space and defense contractors, as U.S. President Donald Trump aims to bolster military and civil space programs with the efficiencies of for-profit companies. Elon Musk's SpaceX — which has about $22 billion in government contracts — has grown critical to the global satellite network, potentially managing a crucial element of the "Golden Dome" missile shield planned by Trump. Musk's latest tensions with Trump, however, have prompted officials to solicit bids from other rocket and tech manufacturers, with some citing national security concerns around concentrated dependency. In early 2022, pressure from certain U.S. government bodies led to Ukrainian entrepreneur Max Polyakov divesting his ownership in Firefly to AE Industrial Partners, which currently owns more than 40 per cent of the Texas-based company. Since then, Firefly has attracted a robust mix of investors. "Northrop Grumman's involvement signals alignment with national security priorities, while Mitsui's presence opens pathways to Asia and helps shore up supply-chain resilience," PitchBook's Javaheri said. U.S. defense contractor Northrop Grumman, which invested $50 million into Firefly in May, is one of the three suppliers of solid rocket motors to the U.S. Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo Securities are the lead underwriters for the IPO.
