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yesterday

Firefly Aerospace Raises $868 Million in Above-Range IPO, Debuts on Nasdaq

With proceeds earmarked for lunar mission contracts, the IPO underwrites expansion of launch-vehicle production.

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CEO Jason Kim at the Firefly Aerospace mission operations center in Leander, Texas, in July.
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Overview

  • Firefly sold 19.3 million shares at $45 apiece, above its $41–$43 range, raising approximately $868 million in new capital.
  • The stock opened at $70 on Nasdaq under ticker FLY, boosting its implied market value near $10 billion.
  • Private equity backer AE Industrial Partners saw its stake diluted to about 41.8% but retains majority voting control through alliances.
  • Firefly entered its trading debut with a $1.1 billion backlog and a $176.7 million NASA contract to deliver payloads to the Moon’s South Pole in 2029.
  • Despite Q1 net losses of $60 million and a full-year 2024 loss of $231.1 million, revenue surged 572% to $55.9 million and losses are expected to continue.