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Firefly Aerospace rakes in more cash as competitors struggle for footing

13 November 2024 at 16:20

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.

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Rocket Report: Firefly delivers for NASA; Polaris Dawn launching this month

Four kerosene-fueled Reaver engines power Firefly's Alpha rocket off the pad at Vandenberg Space Force Base, California.

Enlarge / Four kerosene-fueled Reaver engines power Firefly's Alpha rocket off the pad at Vandenberg Space Force Base, California. (credit: Firefly Aerospace)

Welcome to Edition 7.01 of the Rocket Report! We're compiling this week's report a day later than usual due to the Independence Day holiday. Ars is beginning its seventh year publishing this weekly roundup of rocket news, and there's a lot of it this week despite the holiday here in the United States. Worldwide, there were 122 launches that flew into Earth orbit or beyond in the first half of 2024, up from 91 in the same period last year.

As always, we welcome reader submissions, and if you don't want to miss an issue, please subscribe using the box below (the form will not appear on AMP-enabled versions of the site). Each report will include information on small-, medium-, and heavy-lift rockets as well as a quick look ahead at the next three launches on the calendar.

Firefly launches its fifth Alpha flight. Firefly Aerospace placed eight CubeSats into orbit on a mission funded by NASA on the first flight of the company’s Alpha rocket since an upper stage malfunction more than half a year ago, Space News reports. The two-stage Alpha rocket lifted off from Vandenberg Space Force Base in California late Wednesday, two days after an issue with ground equipment aborted liftoff just before engine ignition. The eight CubeSats come from NASA centers and universities for a range of educational, research, and technology demonstration missions. This was the fifth flight of Firefly's Alpha rocket, capable of placing about a metric ton of payload into low-Earth orbit.

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Firefly is building fast and breaking things on path to a reusable rocket

A test version of Firefly's Miranda engine fires up on a test stand in Briggs, Texas.

Enlarge / A test version of Firefly's Miranda engine fires up on a test stand in Briggs, Texas. (credit: Firefly Aerospace)

BRIGGS, Texasβ€”The new medium-lift rocket under development by Firefly Aerospace and Northrop Grumman will eventually incorporate a recoverable booster that will return to its launch site in Virginia for reuse.

Firefly has previously suggested rocket reuse is on the roadmap for the new rocketβ€”known, for now, only as the Medium Launch Vehicle (MLV)β€”but officials revealed new details of the plan during a recent visit by Ars to Firefly's rocket factory in rural Central Texas.

β€œNorthrop and Firefly have a similar perspective and that is, for that class of rocket, reusability is a requirement for a bunch of reasons," said Bill Weber, Firefly's CEO. "Economically, it becomes an advantage because we don't have to go build additional floor space... Similarly, the pricing structure for customers starts to get super competitive, which we absolutely love, and we’ll be right in the middle of.”

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