Firefly Aerospace is preparing to go public, with its initial public offering (IPO) expected as early as today. The company filed its amended S-1 with the U.S. Securities and Exchange Commission (SEC) on July 28, followed by updated financials on August 4. Firefly plans to sell 16.2 million shares at a price between $41 and $43, raising to $696.6 million. At the midpoint of $42, the company would be valued at over $6 billion.
That’s a sharp rise from its valuation just a year ago, when it was valued at about a third of that in private markets. It marks a major comeback for a company that had filed for bankruptcy just eight years ago. Firefly will list on the Nasdaq under the ticker “FLY.”
Who owns Firefly pre-IPO?
Currently, private equity firm AE Industrial Partners holds a 50% stake in Firefly, which was founded by Thomas Markusic, Eric Salwan, Michael A. Blum, P.J. King, and Max Polyakov. After the IPO, that stake is expected to drop to around 41%, depending on whether underwriters exercise their additional share options. Despite the reduction, AE Industrial and aligned investors will maintain majority control of the board, thanks to voting agreements.
Other investors include a mix of venture capital firms and Northrop Grumman, a strategic partner in Firefly’s rocket development. Northrop is collaborating with Firefly on a new medium launch vehicle named Eclipse, as well as an upgraded Antares rocket.
What makes Firefly stand out?
Firefly’s most high-profile success came earlier this year, on March 2, 2025, when it landed its Blue Ghost lunar lander on the moon. While not the first private company to do so, Firefly became the first to land upright and fully functional. This set it apart from rivals like Intuitive Machines, whose landers toppled after touchdown.
Firefly’s Alpha rocket is already operational, with several successful launches. In addition to Eclipse and Antares, the company is building a space vehicle line called Elytra. The first Elytra launch is expected later this year.
Backing up its ambitions is a backlog of $1.1 billion in signed contracts. The company’s mission manifest includes ten planned missions, including three additional moon landings between now and 2029. These contracts point to strong future demand for Firefly’s technologies and services.
Should you buy the Firefly stock?
Firefly’s technical milestones and future launch pipeline are undeniably impressive. However, the financials paint a more cautious picture. In 2024, Firefly generated $60.8 million in revenue but recorded a loss of $231.1 million. While its first-quarter 2025 revenue surged to $55.9 million, a 572% increase from the previous year, its quarterly loss still reached $60.1 million.
The rapid revenue growth indicates momentum, but the company remains far from profitable. Based on projected 2025 revenue and a $6 billion valuation, Firefly’s stock could be priced at 27 times current-year sales. That’s significantly higher than most public space startups, which typically trade at 2 to 4 times sales.
Such a premium suggests high investor expectations, but also introduces risk. Firefly will need to sustain rapid growth while narrowing its losses to justify its lofty valuation.
Firefly Aerospace brings real achievements in lunar landing, rocket development, and a strong contract pipeline. But with deep losses and a high valuation, the IPO will likely appeal most to investors comfortable with long-term risk and volatility.
