Firefly Aerospace, the Texas-based space and defense technology company, has updated its S-1 registration statement with the U.S. Securities and Exchange Commission, signaling its intent to offer 16.2 million shares at a price range of $35 to $39 per share. This proposed pricing implies a market capitalization of approximately $5.2 billion at the midpoint of $37 per share, as revealed in the recent filing. The move positions Firefly Aerospace for a significant public debut on the Nasdaq under the ticker symbol “FLY.”
The updated S-1 filing also details a significant ownership structure, with new investors expected to hold approximately 12% of the company's shares. Crucially, AE Industrial Partners (AEI) funds are slated to retain 41.8% of the shares and will control over 50% of the voting power for electing directors. This arrangement will allow Firefly Aerospace to operate as a "controlled company" on Nasdaq, a status that permits certain governance exemptions.
AE Industrial Partners initially acquired a significant stake in Firefly Aerospace in 2022, taking majority control. This strategic investment has been pivotal in fueling Firefly’s growth and its ambitious projects in the space sector. The private equity firm specializes in aerospace, defense, and government services, providing both financial backing and strategic guidance to its portfolio companies.
Firefly Aerospace, established in 2017, is a prominent player in the burgeoning commercial space industry. The company develops small- to medium-lift launch vehicles, lunar landers, and orbital vehicles, offering end-to-end space transportation services to government and commercial clients. Its offerings include the Alpha launch vehicle and the Blue Ghost lunar lander, which recently achieved a historic commercial moon landing.
The net proceeds from the initial public offering are intended to be used, in part, to repay existing debt and to further scale operations. Firefly Aerospace reported a substantial backlog of $1.1 billion in launch contracts and spacecraft orders as of March 31, 2025, underscoring the demand for its services. Despite its rapid growth and significant contract backlog, the company has incurred notable net losses, reporting $231.1 million for the 2024 fiscal year and $60.1 million for the first quarter of 2025.