Firefly Aerospace has officially filed for an initial public offering (IPO), joining a growing list of space companies opting for traditional paths to enter public markets. The company submitted its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) late on July 11, announcing plans to list its shares on the Nasdaq Global Market under the ticker symbol FLY.
While Firefly did not disclose the number of shares it intends to offer or their price range, the company confirmed it will remain a “controlled company” after the IPO. AE Industrial Partners, its current majority investor, will retain control post-listing.
The filing offers a glimpse into Firefly’s financial performance. The company generated $60.8 million in revenue in 2024, an increase from $55.2 million in 2023. However, net losses also deepened, reaching $231.1 million in 2024, compared to $135.5 million the previous year.
A notable boost came in early 2025, when Firefly recorded $55.9 million in revenue for the first quarter — a sharp rise from $8.3 million in Q1 2024. The revenue spike was largely due to milestone payments from the successful landing of the Blue Ghost 1 lunar lander in March. Despite the increased revenue, the company still posted a net loss of $60.1 million for the quarter.
The filing also revealed Firefly’s significant debt burden. As of the S-1 filing, the company reported $173.6 million in total debt, including $136.1 million from a loan facility. Firefly intends to use proceeds from the IPO to pay down this debt, settle accrued dividends on preferred shares, and support general corporate needs and working capital.
Firefly detailed its dual focus on launch vehicles and spacecraft. On the launch side, it currently operates the Alpha small satellite launcher and is co-developing the Eclipse medium-lift vehicle with Northrop Grumman. The spacecraft division includes the Blue Ghost lunar lander, with two more NASA-backed missions planned and a third for a commercial customer, along with the Elytra platform for orbital and lunar operations.
In 2024, Firefly earned $22.6 million from its launch business and $38.2 million from spacecraft operations. The company boasts a $1.1 billion contracted backlog, although it did not provide forward-looking revenue projections in the S-1.
Notably absent from the filing was any mention of the April 29 Alpha launch failure, when a stage separation issue reportedly damaged the upper-stage engine nozzle, preventing the rocket from reaching orbit. Firefly has not publicly released an investigation report or a timeline for resuming flights.
Firefly’s IPO marks a shift toward more conventional market strategies among space startups, contrasting with the previous trend of merging with special purpose acquisition companies (SPACs), many of which have since struggled.
Other recent public offerings in the sector include Karman Space and Defense, which raised over $500 million in February, and Voyager Technologies, which went public on June 11. Voyager shares surged over 80% on their debut and closed at $41.82 on July 11, reflecting ongoing investor interest in space and defense ventures.
Firefly’s move comes at a pivotal time for the commercial space industry, as companies balance bold ambitions with the financial realities of sustaining complex, capital-intensive operations.