Firefly Aerospace made a powerful entrance to the public markets on Thursday, surging more than 50% in its Nasdaq debut.
Trading under the ticker symbol FLY, the stock opened at $70 per share, significantly above its IPO price of $45.
The company had priced its shares late Wednesday above the expected range of $41 to $43, raising $868 million.
Earlier in the week, Firefly had already revised its initial range from $35 to $39 in response to strong demand.
The debut gives Firefly a valuation close to $10 billion, highlighting investor enthusiasm around the space technology sector.
While the stock ticked lower after the open, the sharp initial gains reflected confidence in the company’s growth trajectory and space ambitions.
Firefly becomes the third space-focused company to go public in 2025, following Voyager Technology and Karman Holdings.
The broader IPO market, especially in tech and aerospace, has shown signs of recovery this year after a prolonged lull due to macroeconomic headwinds.
Contracts, revenue growth, and a lunar landing
Firefly specializes in rockets and lunar landers and has secured a growing list of high-profile clients.
Its customer base includes major defense contractors such as Lockheed Martin and L3Harris.
The company recently received a $50 million investment from Northrop Grumman and won a $177 million contract with NASA last month.
CEO Jason Kim told CNBC on Thursday that demand is strong for Firefly’s Alpha rocket launches, particularly among national security clients, commercial entities, and hypersonic missile testers.
“It’s all about execution,” Kim said. “We’re focused on rating up our Alpha rockets because there’s so much demand for the response of dedicated one-ton launches.”
In a significant milestone, Firefly’s Blue Ghost lunar lander successfully touched down on the moon earlier this year during a NASA-funded mission.
The achievement added credibility to the company’s capabilities and likely bolstered investor sentiment ahead of the IPO.
Firefly’s IPO filing showed strong top-line momentum.
Revenue in the most recent quarter jumped sixfold to $55.9 million, up from $8.3 million a year ago.
However, the company continues to post losses, reporting a net loss of $60.1 million compared to $52.8 million in the same period last year.
As of the end of March, Firefly’s backlog stood at approximately $1.1 billion.
AE Industrial Partners maintains control
Private equity firm AE Industrial Partners is the largest stakeholder in Firefly, owning more than 41% of the company, according to the IPO prospectus.
The firm retains control of Firefly through board influence, with five out of nine directors affiliated with AE.
The Florida-based investment firm manages $6.4 billion in assets and focuses on defense, aerospace, and industrial technology sectors.
Firefly’s debut comes amid renewed investor appetite for tech IPOs. Companies such as Figma, Circle, and CoreWeave have all launched successful public offerings in 2025, marking a rebound in equity capital markets.
With its strong public debut, established customer base, and expanding government contracts, Firefly is now positioned as a key player in the new era of commercial space exploration.
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