Firefly Aerospace IPO Filing: Details & What Investors Need to Know

Firefly Aerospace Announces Plans for Initial Public Offering

Firefly Aerospace is preparing to become a publicly traded company, signaling its ambitious goals in the orbital launch sector. Following a year of notable achievements, including a groundbreaking commercial lunar landing, the company formally submitted its IPO declaration to regulatory bodies on Friday, with plans to launch the offering later this year.

Financial Overview and Debt

The S-1 filing with the U.S. Securities and Exchange Commission offers detailed insights into Firefly’s financial standing and corporate governance. While the specific number of shares and price range remain undisclosed, the ultimate valuation is still pending determination.

Currently, Firefly holds $176.9 million in cash and cash equivalents. Despite experiencing negative cash flow and operational losses, the company projects sufficient liquidity to cover its needs for at least the next 12 months.

The company carries a substantial debt load of approximately $173.6 million, including a $136.1 million term loan with an interest rate of 13.87%. Proceeds from the IPO are earmarked, in part, for the repayment of this existing debt, as outlined in the S-1 document.

Revenue Growth and Expenses

As of March 31, Firefly reported revenue of $55.8 million, a significant increase from $8.3 million during the same period in 2024. A considerable portion of this revenue—around $50 million—is attributed to its “spacecraft solutions,” specifically the Blue Ghost lunar lander missions. Launch services contributed $5 million.

However, the development of space hardware is a costly undertaking. Firefly’s expenses nearly matched its revenue, totaling approximately $53 million as of March 31, resulting in a gross profit of only $2.2 million.

For the 2024 fiscal year, the company recorded a net loss of $231.1 million, compared to $135.5 million in 2023. The net loss for the first quarter of the current fiscal year reached $60.1 million.

Future Prospects and Partnerships

Despite current losses, Firefly anticipates substantial growth, citing several key developments. These include a major collaboration with Northrop Grumman for the development of Eclipse, a new reusable launch vehicle, and a launch agreement with Lockheed Martin for up to 25 launches.

Furthermore, the company is preparing for the commercial launch of Elytra, a line of spacecraft designed for in-space transportation services.

As of March 31, Firefly reported a backlog of approximately $1.1 billion in launch orders and spacecraft contracts, doubling the $560 million backlog from the previous year. This increase stems from multiple multi-launch agreements for the Alpha rocket and an additional lunar delivery contract for the Blue Ghost lander.

Governance and Control

The regulatory filing also indicates Firefly’s intention to operate as a “controlled company.” This means the company will utilize Nasdaq regulations to allow AE Industrial Partners, the private equity firm that acquired a majority stake in 2022, to maintain significant control over the company’s governance even after becoming publicly listed.

IPO Details and Market Context

Firefly plans to list on the Nasdaq Global Markets under the ticker symbol $FLY. This IPO arrives after a period of relative inactivity in space company public offerings. A wave of space companies went public through SPAC mergers in 2021 and 2022, with many subsequently underperforming.

Firefly’s IPO is expected to inject much-needed liquidity into the market. It follows Voyager Space’s recent filing of its IPO paperwork, as Voyager is developing the private space station Starlab.