Firefly Aerospace
Overview
End-to-end space services company: Alpha small-lift rocket (1,170 kg to LEO), Blue Ghost lunar lander (NASA CLPS), Elytra orbital transfer vehicle, and MLV medium-launch vehicle (with Northrop Grumman). IPO'd on NASDAQ August 2025 raising $868M. FY2025 revenue $159.9M (+163%); 2026 guidance $420M–$450M driven by launch cadence, CLPS milestones, and SciTec defense acquisition.
Moat: Only company to have completed a fully successful commercial Moon soft-landing (Blue Ghost M1, March 2025). Multiple secured CLPS contracts totaling ~$450M provide government revenue anchor. Alpha rocket cadence growing with Air Force rideshare contracts. Northrop Grumman MLV partnership brings mission-assurance pedigree to medium-lift market.
Business
Primary customers
- Government: NASA (CLPS lunar delivery)
- Government: U.S. Space Force / DoD
- Commercial: Commercial satellite operators
Sectors
Launch Services · Lunar Delivery · Orbital Transfer Vehicles · Defense Space
Key Products
- Alphaoperational
Small-lift rocket (1,170 kg to LEO); 6+ successful operational flights
First flight: 2021-09-02
- Eclipse (MLV)development
Medium launch vehicle in development with Northrop Grumman
- Blue Ghostoperational
Lunar lander for NASA CLPS; M1 soft-landed March 2, 2025 — first successful commercial Moon landing
First flight: 2025-01-15
- Elytradevelopment
Orbital transfer vehicle for in-space mobility and hosted payloads
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| NASA | CLPS Blue Ghost Mission 1 — Mare Crisium lunar delivery | $93.3M (original task order) | 2021 | |
| NASA | CLPS Blue Ghost Mission 2 — Gruithuisen Domes (far-side relay via ESA Lunar Pathfinder) | $179.6M | 2023 | |
| NASA | CLPS Blue Ghost Mission 3 — Lunar South Pole delivery | $176.7M | 2024 |
Near-term Catalysts
- 2026 Q3–Q4
Blue Ghost Mission 2 — far-side Moon delivery with ESA Lunar Pathfinder relay
First commercial far-side lunar mission; expands lunar communications infrastructure
- 2026 Q4
FY2026 revenue execution ($420M–$450M guidance)
2.6–2.8× revenue growth validates post-IPO growth trajectory
- 2026
Elytra OTV first flight
Opens in-space mobility services market; potential DoD hosted-payload revenue
Top Risks
- Public market scrutiny: FLY stock down from $60 IPO pop to ~$32 by May 2026 — execution risk elevated
- Alpha launch cadence constrained by Vandenberg and Cape Canaveral scheduling
- Blue Ghost M2 far-side mission complexity higher than M1 (relay satellite dependency)
- Eclipse/MLV development timeline and Northrop Grumman partnership execution risk
Recent Milestones
- 2025-03-02
Blue Ghost Mission 1 soft-landed on the Moon — 14-day surface mission (346 hours); first fully successful commercial Moon landing in history
- 2025-08-07
IPO on NASDAQ (FLY) — priced at $45/share, raised $868M; shares closed at $60.35 (+34%) on debut; $8.5B opening-day market cap
- 2026-03-19
FY2025 results: $159.9M revenue (+163% YoY); 2026 guidance $420M–$450M; Q1 2026 record $80.9M
What investors should know
Q1When did Firefly Aerospace go public and at what valuation?⌄
Q2What was Firefly's Blue Ghost Mission 1 achievement?⌄
Q3What is Firefly's revenue and growth outlook?⌄
Q4What NASA CLPS contracts does Firefly hold?⌄
Q5What is Firefly's Eclipse (MLV) rocket?⌄
Q6Who is Firefly's CEO and what strategic direction is the company pursuing?⌄
Q7What is the Elytra orbital transfer vehicle?⌄
Peers
Compare side-by-side →Sources & References
Investor Relations
- Firefly Aerospace Investor Relations — SEC Filings · 2026-03-19
Press Release
- Firefly — IPO Pricing Announcement Aug 7 2025 · 2025-08-07
- Firefly — CLPS Blue Ghost M1 NASA Contract Original Award · 2021-02-04
- Firefly — CLPS $179M Gruithuisen Domes Contract · 2023-06-01
- Firefly — CLPS $177M South Pole Contract · 2024-01-01
Trade Press
- CNBC — Firefly Aerospace Soars 30%+ in Market Debut Aug 2025 · 2025-08-07(archived)