Firefly Aerospace has officially filed for an initial public offering (IPO), signaling its intent to enter the public markets and raise capital to fuel its expanding space ambitions. The Texas-based space company submitted its S-1 registration document with the U.S. Securities and Exchange Commission (SEC) on Friday, though key details like share count and price range remain undisclosed. The move follows a year of historic milestones for the company, including a notable commercial moon landing and a surge in government and commercial contracts.
The company plans to list on the Nasdaq Global Market under the ticker symbol $FLY.
Firefly Aerospace enters the IPO process with $176.9 million in cash and cash equivalents, which it claims will be sufficient to meet liquidity needs for the next 12 months. However, the company has also posted steep operational losses and carries substantial debt — a total of $173.6 million, including a $136.1 million term loan bearing a 13.87% interest rate. According to the S-1 filing, a portion of the proceeds from the IPO will go toward repaying this debt.
Despite these financial headwinds, Firefly has shown remarkable revenue growth. As of March 31, 2025, the company reported $55.8 million in revenue, a significant leap from $8.3 million during the same period in 2024. However, the high costs associated with aerospace hardware development meant nearly all of that income was absorbed by expenses — the cost of sales reached $53 million, leaving a modest $2.2 million gross profit.
For fiscal year 2024, Firefly reported a net loss of $231.1 million, a sharp increase from $135.5 million in 2023. Losses for Q1 of 2025 stood at $60.1 million.
Much of Firefly’s recent revenue — approximately $50 million — stems from its Blue Ghost lunar lander missions, categorized under “spacecraft solutions.” Launch services accounted for just $5 million, but that is poised to grow with upcoming programs and new vehicle developments.
The company has positioned itself for future growth through strategic partnerships, including a joint effort with Northrop Grumman to develop Eclipse, a reusable launch vehicle. It also boasts a multi-launch agreement with Lockheed Martin for up to 25 missions, alongside plans to debut Elytra commercially, Firefly’s spacecraft platform designed for in-space transportation and logistics.
Firefly’s future revenue outlook appears promising. As of March 31, the company had secured $1.1 billion in backlogged launch and spacecraft contracts, nearly doubling from $560 million a year earlier. This backlog includes three multi-launch agreements for its Alpha rocket and an additional lunar delivery contract for the Blue Ghost lander.
In its regulatory filing, Firefly disclosed that it intends to operate as a “controlled company” under Nasdaq rules. This means AE Industrial Partners, the private equity firm that acquired a majority stake in Firefly in 2022, will continue to wield substantial governance control even after the IPO. Such a structure may influence investor confidence and corporate oversight considerations moving forward.
Firefly’s IPO comes at a time when public offerings in the space sector have significantly slowed. After a wave of SPAC-driven listings in 2021–2022 — many of which have underperformed — traditional IPOs in the space industry have been scarce. Firefly’s move, following closely behind Voyager Space’s IPO registration last month, may signal a renewed investor appetite for space infrastructure and lunar delivery companies with credible roadmaps and growing revenues.
Firefly’s IPO offers a new opportunity for investors seeking exposure to the growing space economy, particularly lunar infrastructure and defense-aligned aerospace firms. A successful IPO could restore confidence in commercial space ventures after the collapse of many earlier SPAC-funded companies. With rising interest from defense and government agencies in lunar and cislunar capabilities, Firefly is emerging as a key player in space logistics and exploration.
Firefly will now proceed through the SEC review process. Once pricing and share count details are finalized, the company will be positioned for public trading under $FLY. If investor interest holds, Firefly’s IPO could serve as a bellwether for other private aerospace firms contemplating similar exits, particularly those with defense ties, lunar capabilities, and growing revenue pipelines.
