Firefly Aerospace Files for Nasdaq IPO Amid $1.1B Backlog

Firefly Aerospace, a Texas-based space and defense technology company known for its successful Blue Ghost lunar landing in March 2025, has filed confidentially for an initial public offering (IPO) aiming to raise up to $100 million on the Nasdaq under the ticker symbol FLY. The company reported $108 million in revenue for the 12 months ending March 31, 2025, with a significant backlog of $1.1 billion and more than 30 launches under contract, reflecting strong growth and investor demand in the space sector. Despite posting a net loss of $231.1 million for fiscal year 2024 and carrying $173.6 million in debt, Firefly plans to use part of the IPO proceeds to repay outstanding loans and fund ongoing development, including its reusable Eclipse launch vehicle in partnership with Northrop Grumman. Firefly's platform includes the operational Alpha launch vehicle and spacecraft solutions such as the Blue Ghost lander and Elytra spacecraft, with future lunar missions and at least five Alpha launches planned for 2025. The offering is being led by major underwriters including Goldman Sachs, JPMorgan, Jefferies, and Wells Fargo, reflecting renewed investor enthusiasm for space technology IPOs under President Donald Trump's administration. The SEC review process is underway, and the company projects continuing growth driven by new contracts and defense partnerships.