Firefly Aerospace Raises $868M in Nasdaq IPO

Firefly Aerospace, a Texas-based space technology firm known for its Blue Ghost lunar lander, debuted strongly on the Nasdaq under the ticker FLY, with shares opening at $70—over 50% higher than its $45 IPO price—before settling in the $62–$65 range. The IPO raised $868 million from the sale of over 19 million shares and resulted in a market capitalization exceeding $9 billion. The event marks the third space company IPO of 2025 and is seen as an indicator of renewed investor interest in both the U.S. IPO and space sectors. Firefly plans to use some of the IPO proceeds to reduce debt. Despite reporting first-quarter revenue of $55.9 million, the company remains unprofitable with a net loss of $60.1 million. Its clients include the U.S. Space Force and major defense contractors.