After rebirth from bankruptcy and successfully landing on the moon, Firefly Aerospace officially went public with a valuation exceeding $7 billion

After experiencing bankruptcy, equity turmoil, and management changes, the American commercial aerospace company Firefly Aerospace has made a stunning turnaround.

On Thursday local time, this Texas-based commercial aerospace company officially listed on the New York Stock Exchange, becoming another private rocket company to carve out a stable growth path after Rocket Lab.

In this IPO, Firefly will increase the number of shares issued to 19.3 million, priced at $45, raising approximately $868 million, higher than previously planned. The market demand for its stock is strong, with subscription orders being 10 times the originally planned issuance. Based on fully diluted equity, the company's valuation exceeds $7 billion.

"Moon Landing" Becomes a Key Turning Point, NASA Continues to Support with Orders

What truly earned Firefly the market's trust was a milestone task completed in March this year: its "Blue Ghost" lander successfully soft-landed on the lunar surface and maintained its integrity. This is currently the only privately operated lunar lander to achieve stable landing.

Firefly is not only a partner of NASA but has also secured multiple lunar contracts. This year, its fourth lunar mission has received $177 million in funding from NASA. Although the company's active Alpha small rocket has experienced ups and downs, it has gradually accumulated reliability and plans to use the IPO funds to accelerate the launch frequency of Alpha.

At the same time, Firefly is collaborating with Northrop Grumman, a North American aerospace giant, to develop a larger Eclipse rocket to challenge SpaceX's Falcon 9. The company is also advancing a satellite product line called "Elytra," which can perform on-orbit maintenance and accelerate other satellites, aiming to transform into a comprehensive aerospace service platform.

CEO Jason Kim stated, "The market demand for launches and on-orbit services far exceeds supply, and we hope to better meet this demand."

From Near Bankruptcy to IPO, Entrepreneurs and Early Investors Reap Huge Profits

Firefly was founded in 2014, initially named Firefly Space Systems. In 2017, due to investor withdrawals, the company faced a funding crisis and filed for bankruptcy protection. It was then acquired by Ukrainian entrepreneur Max Polyakov, who restarted operations. However, Polyakov was also forced to exit his stake in 2022 due to national security pressures from the U.S. government.

This listing has brought substantial returns to the founders and early shareholders. Co-founder and Chief Technology Officer Tom Markusic's shares are valued at $557 million, making him the largest individual shareholder; while the early backer Astera Institute (supported by crypto billionaire Jed McCaleb) holds shares valued at nearly $589 million, with an investment return exceeding 10 times Although Kim does not hold shares directly, he is expected to gain $81 million through options. He will take over as CEO in 2024, leading the company's final sprint towards marketization and commercialization.

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