Firefly Aerospace IPO: Space Startup Ups Valuation Target To $6 Billion

Firefly Aerospace has upped its valuation target to $6 billion from $5.5 billion through its initial public offering, according to a regulatory filing by the company. 

The Texas-based space and defense technology startup is offering 16.2 million shares for subscription, with the price range set between $41 and $43 per share, aiming to raise $696.6 million.

The increase in the funds expected to be raised through the IPO is due to the price range being bumped up from $35 to $39 per share. Firefly Aerospace will trade on the Nasdaq under the symbol ‘FLY’.

Lead underwriters of the Firefly IPO are Goldman Sachs, JPMorgan Chase, and Wells Fargo Securities, according to the company’s regulatory filing.

Firefly said that, on its request, the IPO underwriters have reserved the option to subscribe to 5% of the shares being offered through the initial public offering. Founded in 2017, Firefly Aerospace makes small- to medium-lift launch vehicles, orbital vehicles, and lunar landers. It claims it can launch satellites to orbit at a 24-hour notice.

According to the company’s S-1 filing, it had $176.9 million in cash and cash equivalents at the end of March. Its debt stood at $173.6 million, of which $136.1 million was via a term loan. The company cited its partnership with SpaceX as one of its competitive strengths. It has also teamed up with Blue Origin's subsidiary to procure a rover that will accompany its lunar lander on an upcoming NASA mission.

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