Firefly Aerospace has filed for an initial public offering on the Nasdaq under the ticker ‘FLY,’ aiming to turn its recent momentum into capital for expansion. The Texas-based space and defense company made headlines in March 2025 with the successful lunar landing of its Blue Ghost lander. The mission, part of NASA’s Commercial Lunar Payload Services program, marked the first time a commercial vehicle landed and operated on the Moon for over 14 days. NASA paid $145 million for delivery and science experiments combined.
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Sound Financials and Rising Revenue
The company’s revenue jumped 6x to $55.9 million in the most recent year. More importantly, Firefly holds a $1.1 billion contract backlog across launch and lunar services. That includes work with NASA, Lockheed Martin (LMT), and Northrop Grumman (NOC), giving it a level of revenue visibility that many early-stage aerospace firms lack.
Firefly’s main launch vehicle, the Alpha rocket, has experienced a few hiccups since its debut in 2021. The rocket reached operational status in 2023 and has since completed missions for NASA and other commercial customers. Alpha’s design features carbon composite materials and proprietary engine technology. It can carry up to 1,030 kg to low Earth orbit. As of April 2025, Alpha has six launches under its belt, with four experiencing partial or full failure. Despite that, Firefly is increasing production to support rideshare and dedicated launches.
The company is also developing a medium-lift rocket called Eclipse in partnership with Northrop Grumman, which invested $50 million in May 2025. Eclipse is expected to carry 16,300 kg to low Earth orbit and 3,200 kg to geosynchronous transfer orbit. It uses upgraded versions of Alpha’s propulsion systems and components from Northrop’s Antares program. The first launch is targeted for 2026.
Not Competing Directly with SpaceX
Firefly operates in the small to medium payload segment, a part of the market that remains less crowded than heavy-lift. Its backlog suggests strong demand, while the Blue Ghost mission demonstrated its ability to deliver complex government payloads on time. Firefly is not directly competing with larger players like SpaceX in the mega-constellation or heavy-lift categories. Still, it does offer bundled services including launch, lunar delivery, and orbital support.
The FLY IPO will be one to watch for investors looking for exposure to commercial space firms with real revenue, government contracts, and a proven track record in both launch and lunar missions.
Using TipRanks’ comparison tool, we’ve assembled and compared the notable tickers in the Aerospace and Defense sector. This helps investors gain a proper perspective on each stock’s performance and the industry as a whole.
