Firefly Aerospace Raises IPO Share Price Range to Over $6 Billion, Eying $697 Million in Funding for Space Technology Venture

Space technology company Firefly Aerospace has raised its share price range for its upcoming initial public offering (IPO), potentially valuing the firm at over $6 billion. In a filing on Monday, the company revealed it expects to offer shares at between $41 and $43 each.

At the upper end of this new range, Firefly’s IPO could raise nearly $697 million. This represents an increase from its previously announced price per share of $35 to $39, which aimed for a valuation of $5.5 billion.

Firefly unveiled its plans to go public last month amid surging interest in space technology and increasing funding for companies like Elon Musk’s SpaceX. The industry has recently begun exploring the public markets following a period of low IPO activity, with space tech firm Voyager debuting in June.

Firefly specializes in creating rockets, space tugs, and lunar landers, including the well-known satellite launching rocket known as Alpha. The company has formed partnerships with major defense players such as Lockheed Martin, L3Harris, and NASA, and received a $50 million investment from defense contractor Northrop Grumman.

Firefly’s revenues grew significantly over the past year, increasing from $8.3 million to $55.9 million by the end of March. However, the company’s net loss increased to $60.1 million, compared to $52.8 million the previous year.