Firefly Aerospace (FLY.US) soared more than 34% on its first day of trading, with a total market value reaching $8.5 billion.

US space technology company Firefly Aerospace (FLY.US) successfully listed on the Nasdaq, with the stock price soaring 34.11% on the first day of trading, closing at $60.35, an increase of $15.35 from the offering price, with a market value of approximately $8.5 billion. For this listing, Firefly set the offering price at $45 per share, higher than the previously revised offering range of $41 to $43, and significantly higher than the initial estimate of $35 to $39. Through this IPO, the company raised approximately $868 million, making it the third space company to go public successfully this year after Voyager Technologies (VOYG.US) and Karman Holdings (KRMN.US). In recent years, as Elon Musk's SpaceX continues to attract funding and government contracts, the space technology sector has been heating up, with Firefly being one of the beneficiaries. The company focuses on the development and manufacturing of rockets and lunar landers, with key defense contractors such as Lockheed Martin Corporation (LMT.US) and L3Harris Technologies (LHX.US) among its clients. Earlier this year, Northrop Grumman Corp. (NOC.US) also invested $50 million in the company. In addition, in July, Firefly won a $177 million contract awarded by NASA. "Everything now depends on execution," said CEO Jason Kim in an interview. "We are focused on accelerating the mass production progress of the Alpha rocket because the demand for one-ton payload launches is very strong for national security, commercial needs, and hypersonic missile tests." Earlier this year, Firefly successfully completed its "Blue Ghost" lunar lander's first lunar mission, funded by NASA. Additionally, the company's most famous product, the Alpha rocket, has also garnered attention. According to its prospectus, as of the end of March this year, Firefly's outstanding order backlog amounted to approximately $1.1 billion. Financially, Firefly's latest quarterly revenue reached $55.9 million, more than six times higher year-over-year, compared to $8.3 million in the same period last year; however, losses also expanded, with a net loss of $60.1 million, up from $52.8 million in the same period last year. Firefly is majority-owned by private equity firm AE Industrial Partners in the defense and aerospace sector, which holds over 41% of the company and controls operations through the board of directors. According to the prospectus, five of the nine members of Firefly's board of directors come from AE Industrial Partners. According to its official website, the private equity firm currently manages assets worth $6.4 billion.