Investment Spotlight: Firefly Aerospace

Access to space, whether for Earth orbit, lunar exploration, or beyond, remains limited by cost, cadence, and reliability. Governments and commercial operators alike face long lead times and a narrow set of options for affordable and responsive delivery. Space exploration cannot scale until infrastructure catches up.

Firefly Aerospace, based in Cedar Park, Texas, is solving these challenges. The company offers rockets of different sizes, vehicles for lunar missions, and orbital transfer vehicles. In 2024, Firefly achieved an industry record for rapid launch readiness, sending a payload to orbit with just 24 hours’ notice. That speed and affordability are central to its mission of providing reliable access to space at lower cost.

The 4S Bay Partners Investment Committee approved investment into Firefly’s Series D round in late 2024. We were drawn to Firefly for several reasons:

• Integrated and adaptive technology platform: Firefly uses innovations such as automated fiber placement and scalable engine development to reduce manufacturing costs and enable a family of vehicles.

• Efficient operations supported by advanced in-house technology: A fully integrated ecosystem of manufacturing, testing, and operations facilities supports faster development cycles and better resource use.

• Positioned to capture multiple revenue streams: Firefly’s mix of launch services, lunar landers, and orbital transfer vehicles, backed by a contract pipeline through 2032, provides a strong foundation for growth in the expanding space economy.

• Experienced and diverse leadership team: The company is led by a team with over one hundred years of combined experience, including three women leading engineering, spacecraft, and marketing divisions.

  
  

Success Since Investment

On March 2, 2025, Firefly’s Blue Ghost lander made history by performing a successful landing on the Moon at Mare Crisium. It deployed ten NASA science and technology payloads under the Artemis CLPS program, making Firefly the first private company to complete a fully successful commercial lunar landing.

Firefly Goes Public

In August 2025, Firefly reached another landmark moment by entering the public markets. The company had planned to debut its shares at $45 dollars per share, a level that would raise nearly $868 million dollars and value the business at just over $6 billion dollars. That expectation was already ambitious, representing one of the largest space offerings ever attempted in the United States.

When trading began on the Nasdaq under the ticker “FLY”, the strength of demand was immediate and unmistakable. Shares opened at approximately $70 dollars per share, far above the planned price per share, and closed the day at just over $60 dollars per share. This first session lifted Firefly’s market capitalization above $8 billion dollars and sent a clear signal of investor conviction in its future.

The public debut marked more than a financial event. It demonstrated that Firefly’s years of investment in technology, its record of rapid launch readiness, and its historic lunar landing had built a level of confidence that extended beyond the space industry. The company had become a symbol of what is possible when technical ambition meets disciplined execution.

Mission Alignment

Firefly’s entry into the public markets underscores why we chose to support this company. It advances access to space in ways that are ambitious, purposeful, and commercially sound. The additional capital strengthens its ability to execute and scale, while the strong market response confirms broad confidence in its path forward.

For 4S Bay Partners, Firefly represents the alignment of mission and opportunity. It is a business that brings bold vision and technical leadership to one of the most important frontiers of our time, while building enduring value for all who believe in its future. This is exactly the kind of company we seek to champion: one where innovation creates both societal progress and lasting returns.