Firefly Aerospace Rockets to $9.8 Billion Valuation in Nasdaq Debut with 55.6% Surge

Firefly Aerospace (FLY.O) soared 55.6% in its Nasdaq debut on Thursday, securing a valuation of $9.84 billion as investor enthusiasm continues for companies supporting the U.S. space and defense sectors. The Texas-based firm’s shares opened at $70, sharply above the IPO price of $45, and reached an intraday high of $71.16.

Firefly’s IPO raised $868.3 million, marking the largest U.S. space tech listing of 2025, with a $6.32 billion valuation at pricing—surpassing competitors Karman Holdings and Voyager Technologies. The company made headlines earlier this year by becoming the first private company to successfully land on the moon with its Blue Ghost lunar lander.

CEO Jason Kim highlighted the company’s milestones, including its lunar landing, rapid Pentagon rocket launches, and plans to offer maneuverable spacecraft to the U.S. Space Force. Firefly’s origins trace back to 2014, recovering from bankruptcy in 2017 and a management overhaul. It was acquired by AE Industrial Partners after national security concerns led to the forced sale of majority stake previously held by Ukrainian investor Max Polyakov.

Firefly’s medium-sized Alpha rocket and spacecraft business are positioned to serve expanding government and commercial lunar markets. The company had a $1.1 billion backlog and 30+ planned launches as of March 31, although it expects to post net losses for several upcoming years.

The company is also poised to contribute to U.S. military space programs, including the “Golden Dome” missile defense initiative. Partnerships with defense contractors like Northrop Grumman support its production scale-up and align with national security priorities.

The IPO success follows renewed momentum in U.S. public offerings after volatility earlier this year and demonstrates investor appetite for space industry innovators.