Firefly Aerospace, a Texas-based space and defense firm backed by AE Industrial Partners, has filed for an initial public offering in the United States. In a filing submitted July 5, the company reported 2024 revenue of $60.8 million, up from $55.2 million the year prior, marking a 10 percent increase.
Firefly plans to list on the Nasdaq under the symbol FLY. Goldman Sachs, JPMorgan, Jefferies, and Wells Fargo are serving as lead underwriters.
Momentum builds after lunar milestone
Firefly develops small and medium-lift rockets, lunar landers, and orbital transfer vehicles. Its profile rose significantly in March when its Blue Ghost spacecraft achieved a successful Moon landing. That mission positioned Firefly among a small group of private companies reaching the lunar surface.
The company also disclosed a growing backlog of contracts. As of March 31, Firefly had secured $1.1 billion in backlogged launch and spacecraft orders. That total nearly doubled from the $560 million reported a year earlier. Key drivers of this increase include launch agreements with Lockheed Martin, a new lunar delivery contract, and multiple deals involving Firefly’s Alpha rocket.
Losses continue despite revenue growth
Despite its progress, Firefly continues to post financial losses. The company reported a net loss of $231.1 million for fiscal year 2024, up from $135.5 million the year before. Its first-quarter 2025 loss stood at $60.1 million.
Firefly held $176.9 million in cash and cash equivalents at the end of March, alongside $173.6 million in total debt. That includes a $136.1 million term loan with an interest rate of 13.87 percent. According to the filing, a portion of the IPO proceeds will be used to repay that loan.
IPO part of broader market resurgence
Firefly’s listing comes as interest in space IPOs begins to rebound. Companies like Voyager Space and Karman Holdings received positive market responses earlier this year. Firefly noted it will qualify as a "controlled company," allowing AE Industrial Partners to retain significant governance control after the IPO.
The number of shares and pricing details for the offering have not yet been disclosed.
