Firefly Aerospace IPO Targets $5.5B Valuation

Firefly Aerospace Inc. is seeking to raise as much as $643 million in an initial public offering that would value the company at $5.5 billion.

In a new filing with the U.S. Securities and Exchange Commission, the Cedar Park-based rocket maker said it will offer 16.2 million shares of common stock at from $35 to $39 per share, which could raise up to $631.8 million.

Based on those figures, Firefly’s valuation could reach $5.5 billion, the Wall Street Journal reported. The company was previously valued at about $2 billion after raising $175 million in November.

IPO underwriters — including Goldman Sachs & Co., J.P. Morgan, Jefferies and Wells Fargo Securities — have the option to purchase an additional 2.4 million shares.

AE Industrial Partners, one of Firefly’s lead investors, is expected to hold 41.8% of the company’s outstanding common stock after the IPO. According to the filing, AE Industrial would enter into a director nomination agreement to form a group controlling more than 50% of total voting power.

Firefly drew international attention in March 2025 when it became the first commercial company to successfully land on the moon. It plans to trade on the Nasdaq under the ticker symbol FLY.

The SEC is reviewing the company’s IPO plan. If it approves, Firefly can proceed with its initial public offering and begin trading shares on the Nasdaq. A launch date has not yet been announced.

In its initial filings, Firefly reported $60.79 million in revenue for 2024, up from $55.24 million in 2023. The company appears on track to surpass those totals this year, reporting $55.86 million in revenue in the first quarter of 2025 alone.

However, its losses have also widened. Firefly posted a net loss of $135.46 million in 2023 and $231.13 million in 2024. For the first quarter of this year, the loss widened to $60.09 million, up from $52.77 million in the same period last year.

The company said its backlog — or the estimated future revenue from contracts — nearly doubled in the first quarter to $1.12 billion, boosted by new deals for its Alpha rocket and engineering services.

The company cited the growing aerospace industry and the growing demand to launch more small satellites into low Earth orbit.

After its successful Blue Ghost mission, CEO Jason Kim said the company was increasing its launches this year. Firefly, which is already planning future Blue Ghost lunar missions, is planning its inaugural Elytra orbiter launch this year. The company has already faced setbacks on its launch schedule after the Federal Aviation Administration grounded the Alpha rocket in May after a failed launch.

“You’re going to see several other successes this year by the team,” Kim said in an earlier interview. “We’ve got the team to do it. … Firefly should be a household name if it isn’t by now. They’ve made it easy look easy and by no means is it easy.”