Space stocks jumped in Monday trading. Viasat up 16%; Destiny Tech100 up 7%; Virgin Galactic up 3%; Intuitive Machines rose 2%.

Firefly Aerospace said last Monday that it plans to price its initial public offering between $35 and $39 per share, potentially valuing the commercial space technology company north of $5 billion.

The IPO, which Firefly filed a prospectus for earlier last month, will see the company offer 16.2 million shares, raising between $567 million and $631.8 million. The company said it plans to use the proceeds to pay back funds it has previously borrowed. Firefly said it has applied for a listing on the Nasdaq exchange, to debut under the "FLY" ticker.

Firefly said it expects to have about 140.55 million shares outstanding after the IPO, with its price range bringing the company's valuation between $4.92 billion and $5.48 billion. Its shares outstanding could also come close to 143 million if underwriters fully exercise their option to purchase additional shares, the company said.

Firefly was valued at more than $2 billion last November, when the company announced the closing of a $175 million Series D funding round, and earlier this year received a $50 million investment from defense contractor Northrop Grumman.

In March, Firefly's Blue Ghost lander successfully reached the moon's surface, making Firefly the first commercial company to "achieve a fully successful soft-landing on the Moon."

In its prospectus, Firefly said it generated $60.79 million in revenue in 2024, with a net loss of about $231.13 million, compared to $55.24 million in revenue and a $135.46 million net loss in 2023. In the first quarter of 2025, however, Firefly nearly eclipsed its full-year 2024 revenue mark at $55.86 million, with a net loss of $60.1 million.

The IPO market had a solid first half of the year, with Firefly's debut following several notable IPOs, including those of CoreWeave ( CRWV ) and stablecoin issuer   Circle Internet Group   ( CRCL ) .