Firefly Aerospace rakes in more cash as competitors struggle for footing
Firefly Aerospace, a Texas-based company resurrected from bankruptcy, is riding high these days. In a few months, Firefly will attempt to become the second company to safely place a commercial lander on the Moon. Firefly's Alpha rocket has reached orbit four times, and engineers are developing a larger medium-class rocket in partnership with Northrop Grumman, one of the largest US aerospace and defense contractors.
There's also an orbital transfer vehicle, named Elytra, in Firefly's diversified portfolio. This diversification is proving attractive to investors. Firefly announced Tuesday that it completed a $175 million Series D fundraising round, resulting in a valuation of more than $2 billion. This follows a banner year of fundraising in 2023, when Firefly reported investors funneled approximately $300 million into the company at a valuation of $1.5 billion.
"Firefly is extremely grateful for our existing and new investors whose support demonstrates a huge vote of confidence in our capabilities and future," said Jason Kim, who took over as the company's CEO in October. He replaced Bill Weber, who resigned as chief executive after reports of an alleged inappropriate relationship with a female employee.