🚀 Firefly Space Files for IPO

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The Space Scoop

Week Ended 07.11.2025

Happy Friday! Some juicy news this week so lets dive right in.

Market Max-Q

Top Stories

1) SpaceX is reportedly seeking a $400B valuation in its next insider share sale.

• Per Bloomberg this week, SpaceX is rumored to be discussing plans to raise money and sell insider shares. If completed, this would make SpaceX the most valuable private company in the US.

• This report comes on the back of CEO Elon Musk’s 2023 claim that SpaceX no longer needed outside funding.

• Clearly Musk's public feud with President Donald Trump hasn't appeared to slow things down. More to come.

2) Firefly Aerospace has filed registration statements to go public.

• Announced late on Friday afternoon, the space and defense company will soon IPO on public markets. The number of shares to be offered and the price range for the offering have not yet been determined. The Company plans to trade on the Nasdaq under ticker symbol $FLY.

• Some financial tidbits from the S-1 include:

  • Cash & Equivalents: $176.9M

  • Revenue: $55.8M as of 3/31

  • Backlog: $1.1B (Launch & Spacecraft)

  • Net Loss: $(231.1)M for FY2024

  • Debt Load: $173.6M

• Is the space company IPO window slowly but surely starting to open up? You buying this one?

In Other News

TradrETFs Launches 2X Long ASTS ETF (Co)Launched on Friday, the fund "seeks two times daily performance" of $ASTS. 🅰️mob and other investors can now get double the long exposure to their beloved AST SpaceMobile for the long-term or for shorter-term investments. Trade at your own risk!Varda Raises $187M Series C (PRN)The startup manufacturing in microgravity and hypersonic reentry startup will plan to ramp up the flight cadence in pursuit of its one-flight-per-day future. The round was led by Natural Capital and Shrug Capital, with participation from Founders Fund, Peter Thiel, Lux Capital, Khosla Ventures, Caffeinated Capital and Also Capital. Read a Q&A with CEO Will Bruey here.Interstellar Technologies Raises ¥8.9B Series F (SN)The Japanese launch startup will use the capital to boost development of its Zero rocket and R&D of satellite systems. Unfortunately they also pushed back the debut flight until 2027. Funding was sourced from Japanese financial institutions, VC funds and debt financing.CisLunar Industries Raising Seed Round (PS)

The in-space power infrastructure hardware startup will use the capital to expand headcount and scale production of its power processing units (PPUs). The round, which is not yet closed, is being led by the Colorado ONE Fund.

Chart of the Week

SpaceX Valuation: Honestly, presented without much comment. SpaceX is reaching new heights. Quite the 23-year journey of trials and tribulations. Congrats to prior, existing and future shareholders.

Links

• Transportation Secretary Sean Duffy Named As Interim Head of NASA• Globalstar ($GSAT) Signs Launch Services Agreement with SpaceX• Redwire ($RDW) Successfully Integrates Hammerhead Spacecraft for Upcoming ESA Demonstration Mission• BlackSky ($BKSY) Signs Gen-3 Early Access Agreement With Current Gen-2 Customer in Support of Ukraine• Satellogic ($SATL) Announces Inclusion in Russell 3000 Index• Planet ($PL) Announces Six-Figure Contract With Farmdar• Redwire ($RDW) Expands International Collaboration With SpaceData• Spire ($SPIR) Launches Aircraft Exposure Analytics for Weather-Related Aircraft Risk• Rocket Lab ($RKLB) Selects Bollinger Shipyards To Support Modification of Neutron Landing Platform• MDA ($MDA) Aurora Achieves Satellite Digital Beam Forming• Virgin Atlantic To Install Starlink Terminals for In-Flight Connectivity in Mid-2026

Opinion

• The Narrative• We’ve Lost Our Ability To Be Awed by Space• Rocket Lab ($RKLB): Runway Still Clear• Iridium ($IRDM): Time To Hit Pause After Recent 50% Rally

Earnings Calendar

• $IRDM: Jul 24 - Before Market Open• $LMT: Jul 24 - Before Market Open• $HON: Jul 24 - Before Market Open• $GD: Jul 23 - Before Market Open• $BA: Jul 29 - Before Market Open

*Company confirmed dates only.