Shares rocket higher in a splashy Nasdaq debut after the company’s Blue Ghost lander touched down on the Moon this year—capping a run of venture-backed listings that most recently featured design‑software darling Figma.

LEDE

Shares of Firefly Aerospace blasted off in their first day of trading on Thursday, opening around $70 on the Nasdaq—more than 55% above the IPO price of $45—before closing at $60.35 for a 34% gain. The offering raised roughly $868 million and valued the Austin‑area space and defense company at about $8½–$10 billion, depending on the share count used. Coming on the heels of Figma’s blockbuster debut last week, Firefly’s takeoff is the clearest signal yet that public investors have re‑embraced high‑growth venture names—provided they bring real revenue, government contracts and a path to scale.

WHY THIS LISTING POPPED

Three forces powered the first‑day surge. First, the company enters the market with operational bona fides: in early 2025 Firefly’s Blue Ghost Mission 1 successfully landed on the Moon’s Mare Crisium and delivered a suite of NASA and commercial payloads—only the second soft lunar landing by a private firm, after Intuitive Machines in 2024. Second, investors have rotated into defense‑adjacent space plays as wars in Europe and the Middle East drive demand for surveillance, communications and counter‑drone tech. Firefly’s order backlog stood around the billion‑dollar mark heading into the roadshow. Third, the deal tapped a thawed IPO market in which tech and infrastructure names have been rewarded for profitability roadmaps and visible government programs.

WHAT FIREFLY DOES NOW

Founded in 2014 and rescued from near‑collapse in 2017, Firefly straddles launch, in‑space services and lunar logistics. Its Alpha rocket has closed the small‑to‑medium lift gap for government and commercial customers, while Blue Ghost aims to be a recurring lunar delivery platform under NASA’s Commercial Lunar Payload Services (CLPS) program. The company also builds responsive‑launch systems for the U.S. Space Force and partners with larger primes on propulsion and spacecraft components. Management says IPO proceeds will pay down debt, settle accrued preferred dividends and fund expansion across lunar and on‑orbit services.

THE NUMBERS UNDER THE HEADLINE

Firefly sold about 19.3 million shares at $45 apiece, above the range after an upsizing late in the book‑build. With roughly 140–155 million shares outstanding, the debut implied an equity value between $8.5 billion and $9.8 billion. The stock cooled on Friday, slipping in early trading as first‑day flippers took profits—a familiar pattern in 2025’s IPO tape—but remains well above issue price. Renaissance‑style data show this year’s $100‑million‑plus IPO cohort is averaging a healthy first‑day ‘pop,’ with space names among the stand‑outs.

CONTEXT: A REOPENED LAUNCH WINDOW FOR VC DARLINGS

Figma’s rousing reception last week—its shares more than tripled from the offer—put wind in bankers’ sails after a dreary 2022–23 pipeline. Circle, the stablecoin issuer, and a handful of industrial tech names have also traded well. The common thread: businesses that sit at the junction of software and hard infrastructure, or that plug directly into government demand. Firefly sits squarely in that sweet spot, pairing lunar cachet with defense cash flow.

MOON MATH MEETS MARKET MATH

Investors are paying up for a growth story, but it’s not without hurdles. The lunar business remains lumpy and technically exacting: even after this year’s landing, mission cadence and payload mix will shape gross margins for years. Launch is brutally competitive and capital‑hungry. And the company is still loss‑making, with profitability dependent on execution across multiple lines at once. Bulls argue the combination of CLPS task orders, Space Force contracts and commercial rideshare demand can smooth revenue; bears worry about cost blowouts and schedule slips.

WHAT TO WATCH NEXT

• Lock‑ups and liquidity: how the stock trades as early investors and employees hit unlocking dates.

• Contract flow: additional NASA task orders for Blue Ghost and new Defense Department awards.

• Alpha’s cadence: quarterly launch tempo and reliability metrics.

• Gross‑margin proof points: unit economics on lunar payload delivery versus launch and space‑services work.

• Competitive response: how peers such as Intuitive Machines, ispace and Astrobotic position after Firefly’s post‑landing momentum.

BOTTOM LINE

For a market in search of ‘real stuff’ tech, Firefly offers an unusually tangible mix: a working lunar lander, an operational rocket and customers that pay in dollars, not hype. The stock’s ignition on day one reflects more than meme‑era exuberance. It is a vote that the new space economy—rooted in government missions and dual‑use hardware—has durable cash flows. Execution, not exuberance, will decide whether this launch escapes gravity.