High-profile IPOs on the market: space startup Firefly Aerospace could be valued at $5.5B, Figma grows to $18.8B

American space company Firefly Aerospace plans to conduct an initial public offering (IPO) at a price of $35 to $39 per share, which will value the company at approximately $5.5 billion.

According to an updated prospectus cited by CNBC, Firefly plans to offer about 16.2 million shares, which could raise up to $631.8 million for the company.

Texas-based Firefly intends to list on the Nasdaq under the ticker symbol FLY. The company’s debut comes amid a new round of space race — major players led by Elon Musk and his SpaceX are investing in space projects, and startups are actively seeking funding in public markets.

In particular, space company Voyager went public in June, and reusable rocket developer Innovative Rocket Technologies plans to make its public debut through a $400 million merger with a SPAC company.

Firefly’s plans coincide with a revival in the IPO market after a prolonged period of high rates and uncertainty related to President Donald Trump’s tariff policy. This week also sees the planned IPO of Figma, which has raised its price range and is now seeking a valuation of $18.8 billion.

IPO resumption

As TechCrunch previously reported, filing for an IPO in the current climate of uncertainty is an unexpected move: due to concerns over Trump’s trade policy and new tariffs, other large tech companies — including Klarna and StubHub — put their IPOs on hold back in April and have yet to announce new dates for going public.

Firefly manufactures rockets, space tugs, and lunar landing modules, including Alpha rockets for launching satellites. At the end of March, the company reported a sixfold increase in revenue, from $8.3 million to $55.9 million for the year. At the same time, net losses rose to $60.1 million, compared to $52.8 million a year earlier. The company’s order backlog is approximately $1.1 billion.

Among Firefly’s main investors is AE Industrial Partners, which led one of the first rounds of financing. In May this year, defense contractor Northrop Grumman invested $50 million in the startup. In addition, Firefly collaborates with Lockheed Martin, L3Harris, and NASA.