Overview

• Firefly Aerospace filed its Form S-1 with the SEC Friday seeking to list on the Nasdaq Global Market under the ticker FLY with Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo as lead bookrunners and Morgan Stanley, Deutsche Bank and Cantor as joint bookrunners.
• The company enters the offering with $176.9 million in cash against $173.6 million in debt and has not yet determined its share count or price range.
• Net proceeds are earmarked in part to repay a $136.1 million term loan at 13.87% interest and to reduce overall leverage.
• Revenue surged to $55.9 million in the first quarter of 2025 and the firm holds a $1.1 billion backlog after the Blue Ghost lunar lander mission.
• Under Nasdaq’s controlled-company rules, AE Industrial Partners will retain majority governance as Firefly taps renewed investor interest in space-tech listings.