Late summer is firefly season: Firefly Aerospace (FLY Proposed) unveiled the terms for its $599.4 million IPO in an SEC filing early today – Monday, July 28, 2025. Firefly Aerospace is offering 16.2 million shares at a price range of $35.00 to $39.00 to raise $599.4 million – at a market cap of $5.2 billion – if the IPO is priced at the $37.00 mid-point of its range. Bankers expect to price Firefly’s IPO next week. (Please see our IPO Calendar.) This is a NASDAQ listing.
Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo Securities are the lead joint book-runners of the Firefly Aerospace IPO. Morgan Stanley, Deutsche Bank Securities and Cantor are also on the joint book-running team.
Firefly Aerospace plans to use some of the IPO proceeds to repay about $136.1 million outstanding debt under a credit agreement, according to the prospectus.
Firefly Aerospace, based in Cedar Park, Texas, is a space and defense technology company that’s working with Northrop Grumman to develop Eclipse, a reusable version of Alpha, a U.S.-based orbital rocket, for a launch in early 2026, according to the prospectus. The company is also known for its Blue Ghost program.
Firefly Aerospace is not profitable, according to financial statements in the prospectus: Net loss of $238.45 million on revenue of $108.33 million for the 12 months that ended March 31, 2025.
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