Firefly IPO – How to trade Firefly Aerospace shares

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When was the Firefly IPO?

Firefly Aerospace (FLY) launched its initial public offering on the Nasdaq Global Market on 7 August 2025, offering around 19.3m shares of common stock at $45 per share. The firefly IPO raised approximately $868.3m, with FLY reaching a market valuation of $9.8bn on its debut, according to Reuters.

Goldman Sachs, JP Morgan, Jefferies, and Wells Fargo Securities acted as lead underwriters, joined by Morgan Stanley, Deutsche Bank Securities, and Cantor as co-underwriters. Underwriters had the option to purchase up to 4.9m additional shares.

Firefly’s former owner, AE Industrial Partners, retained around 40% of the company’s outstanding shares.

Following the IPO, FLY shares began trading during standard US stock market trading hours:

• Daylight Saving Time (March to November): 1:30pm to 8:00pm UTC

• Standard Time (November to March): 2:30pm to 9:00pm UTC

What happened on FLY’s first week of trading?

Past performance is not a reliable indicator of future results.

Firefly (FLY) listed on the Nasdaq Global Market on 7 August 2025, opening at around $70 per share – 55.6% above its IPO price. Firefly’s first trading session reflected early volatility, with FLY reaching an intraday high of $71.16 before settling back towards its initial range. By the close of trading on 12 August 2025, FLY was changing hands at around $53 – a fall of nearly 24% from the first-day open, but still 17.8% above the IPO price.

What is Firefly?

Firefly Aerospace is a US-based space and defence technology provider that specialises in launch, lunar, and on-orbit solutions for government and commercial customers. Founded in 2014 in Texas as ‘Firefly Space Systems’ by CEO Tom Markusic, the company was renamed to Firefly Aerospace following its acquisition in 2017. As of August 2025, Firefly employs a team of over 800 employees.

Firefly describes itself as: 'The only commercial company to launch a satellite to orbit with 24-hour notice,' supporting regular launches, cislunar missions, and lunar landings, including: 'The only fully successful commercial Moon landing to date.'

Recent contracts include missions for NASA and the US Department of Defense. As of August 2025, Firefly’s main facilities are located in Texas, with plans for further international expansion in the coming years.

Key milestones in Firefly Aerospace’s history

• 2014 – founded in California as ‘Firefly Space Systems’ by Tom Markusic, P.J. King, and Michael Blum.

• 2017 – acquired and relaunched as ‘Firefly Aerospace, Inc.’ following new investment from Noosphere Ventures.

• 2019 – announced new manufacturing facilities and a launch site at Cape Canaveral.

• 2023 – completed the first US Department of Defense mission using the Alpha rocket.

• 2025 – awarded $177m NASA contract for a mission to the Moon’s south pole.

Firefly Aerospace was listed on the Nasdaq Global Market under the ticker symbol ‘FLY’, after its $868.3m August 2025 IPO.

How does Firefly make money?

Firefly provides launch and spacecraft solutions to government and commercial customers, including small and medium launch services, lunar landers, and orbital vehicles – with a focus on national security and commercial satellite deployment.

Here’s more on Firefly’s revenue streams.

What might influence the Firefly (FLY) share price?

Following the Firefly IPO, the Firefly (FLY) share price could be shaped by a mix of operational, financial and external factors.

Earnings, growth, and profitability

Firefly Aerospace has posted losses in recent years, and management has stated it expected further losses as investment in new technology and capacity scales up. Signs of revenue growth, cost control and progress towards profitability could support the stock. Conversely, any setbacks – such as larger-than-expected losses or missed revenue targets – may lead to selling pressure.

Launch cadence and operational track record

Delays or technical issues, such as the April 2025 Alpha-rocket anomaly and subsequent FAA investigation, may weigh on revenue and confidence until resolved. A return to flight for Alpha is subject to FAA approval, so any prolonged grounding or launch failures could hit the share price. Conversely, a resumption of regular missions, new vehicle roll-outs, or high-profile contract completions may boost sentiment.

Contract pipeline and customer concentration

Firefly’s revenue depends on a small number of government and commercial contracts – its top five customers represented over 99% of revenue in Q1 2025. Major contract wins or renewals, particularly from NASA or the US Department of Defense, could drive shares higher. However, any loss or deferral of large orders, especially from key clients, or a reduction in government spending, is likely to weigh on the stock.

Market and regulatory environment

Firefly operates in an evolving commercial space sector where policy changes, tariffs and global economic conditions can have an impact. The company faces regulatory risk from US and international authorities, with launch permissions, export controls and security requirements in play. Delays in approvals, changes to government budgets or new compliance costs could create headwinds for the share price.

Competition and technology development

Competition in small- and medium-launch services is increasing, with established aerospace firms and new entrants competing on price, capability and reliability. Firefly’s success may depend on its ability to innovate and maintain its technical edge. If rivals achieve higher launch frequency or greater cost efficiency, or if Firefly’s development projects stall, upside in the shares may be limited.

How to trade Firefly share CFDs

You can trade Firefly (FLY) shares using contracts for difference (CFDs) on a regulated trading platform, such as ours. CFDs let you go long or short on Firefly’s share price without owning the underlying shares. Here’s how to get started:

• Choose a CFD broker: select a regulated provider offering Firefly share CFDs. Check the available margin requirements and stock market trading hours.

• Open and verify your account: register with your broker, then complete the identity verification process and suitability test.
• Make a deposit: fund your account using your preferred payment method.
• Monitor Firefly’s share performance: track FLY’s price movements, earnings reports, and key industry news.
• Place your trade: decide whether to open a buy or sell position on Firefly CFDs. Consider stop-loss or take-profit orders to manage risk. Stop-loss orders aren’t guaranteed, while guaranteed stop-loss orders (GSLOs) incur a fee once activated.

You can stay abreast of market developments with insights from our in-house experts. Check out our news and analysis section for more.

Which aerospace share CFDs can I trade right now?

While Firefly (FLY) shares are now available to trade following its August 2025 IPO, there are several other aerospace companies also accessible via share CFDs:

• Rocket Lab (RKLB) – a commercial launch provider offering regular missions for government and private sector clients. Focused on responsive launch and small satellite delivery.

• Virgin Galactic (SPCE) – developing sub-orbital human spaceflight and tourism, noted for its ‘first-mover advantage in commercial space tourism’, according to the firm’s latest filings.

• Lockheed Martin (LMT) – a major defence and aerospace group involved in satellite systems, launch vehicles and advanced technology for government and commercial applications.

• Northrop Grumman (NOC) – specialises in launch systems, national-security space, and in-orbit servicing. Supports NASA, DoD, and allied space missions.

Learn more about shares and stock markets in our comprehensive share CFD trading guide.

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