Firefly Aerospace has submitted its paperwork to go public, aiming to raise capital via an initial public offering (IPO) on the Nasdaq Global Market under the ticker symbol FLY. The <strong>Form S-1 filed with the U.S. Securities and Exchange Commission doesn't specify the number of shares or their price, nor does it detail an IPO schedule. However, it reveals that post-IPO, Firefly will be a “controlled company,” with AE Industrial Partners retaining a majority stake.
Financially, Firefly reported strong revenue growth in 2024, reaching $60.8 million, up from $55.2 million in 2023. Despite this, the company also saw increased net losses, reaching $231.1 million in 2024, compared to $135.5 million the previous year. The first quarter of 2025 showed a significant revenue jump to $55.9 million, largely due to milestone payments from the successful landing of its Blue Ghost 1 lander in March. This increase, however, didn’t offset losses, with a net loss of $60.1 million reported for the quarter. “We have a substantial amount of indebtedness and may incur additional indebtedness in the future,” Firefly acknowledged in its filing. Total indebtedness stands at $173.6 million, including a $136.1 million loan facility.
Firefly intends to use IPO proceeds to repay loans and preferred stock dividends, with remaining funds allocated to general corporate and working capital. The company highlights its dual role as a developer of both launch vehicles (Alpha and the Eclipse medium-lift vehicle developed with Northrop Grumman) and spacecraft (including the Blue Ghost lander and the Elytra spacecraft). In 2024, launch business generated $22.6 million in revenue, while the spacecraft business contributed $38.2 million. While the S-1 doesn’t offer financial projections beyond 2024, it notes a backlog of $1.1 billion. Notably absent from the filing is mention of the April 29 Alpha launch failure, where a stage separation issue prevented orbit.
Firefly’s IPO follows a trend of aerospace companies opting for traditional IPOs over SPAC mergers, a strategy that has proven less successful in recent years. Karman Space and Defense, which went public in February, raised over $500 million. Voyager Technologies, which went public June 11, raised $383 million for its Starlab commercial space station and Golden Dome missile defense system projects. Its shares, initially priced at $31, closed at $41.82 on July 11.