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

BRIGGS, Texas—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 rocket—known, for now, only as the Medium Launch Vehicle (MLV)—but officials revealed new details of the plan during a recent visit by Ars to Firefly's rocket factory in rural Central Texas.

“Northrop 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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