Texas-based space company Firefly Aerospace (FLY) saw its stock plunge on Friday, just one day after its trading debut. This drop wiped out most of the gains from Thursday, when excitement around the company’s IPO pushed shares up sharply. The dip suggests that investor excitement may be cooling off after a strong initial surge, but the company is still in the spotlight following its high-profile market entry.
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Indeed, the company raised nearly $870 million through an upsized IPO and saw its shares close 34% above the offering price of $45. This comes after Firefly overcame some major challenges in recent years, including bankruptcy and rocket development delays. In fact, the firm is gaining traction with big clients, such as the U.S. Space Force, and claims to be the first private company to achieve a soft landing on the Moon.
Firefly is also part of the current trend of successful IPOs in 2025. Other new listings, like stablecoin issuer Circle (CRCL) and design software company Figma (FIG), have also performed well. According to Renaissance Capital, this year’s $100 million-plus IPOs have seen a median first-day gain of over 18%, the best since 2021. In addition, the Renaissance IPO ETF (IPO), which tracks these companies, is up 12% so far this year, thereby outperforming the S&P 500’s (SPY) 8% gain.
Is FLY Stock a Buy?
It’s too early for analysts to rate Firefly Aerospace’s stock. So instead, we’ll look at the performance of its rival, Voyager Technologies (VOYG), which went public recently. As one can see below, the stock currently has a Moderate Buy consensus rating based on five Buys and two Holds issued in the last three months. Furthermore, the average VOYG price target of $49 implies 59.7% upside from current levels.
