Firefly IPO Surges, Valuation Hits $10 Billion

Firefly Aerospace raised $868 million in its Nasdaq debut under the ticker FLY, selling 19.3 million shares at $45 each and reaching a valuation as high as $10 billion during first-day trading. The Texas-based company saw its shares surge over 50% amid robust investor demand, despite reporting a $231 million net loss in 2024. Firefly’s revenue grew sixfold year-over-year to $55.9 million in Q1 2025, and it holds a $1.1 billion contract backlog with clients such as NASA, Northrop Grumman, and the U.S. Space Force. The company recently completed a notable moon landing with its Blue Ghost lander and is developing new vehicles like the Eclipse reusable rocket. Firefly’s IPO marks the largest U.S. space tech listing so far in 2025, outpacing recent offerings by Karman Holdings and Voyager Technologies. While operational milestones and strategic contracts have strengthened its market position, Firefly is expected to remain unprofitable as it continues investing in expansion.