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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’s CEO steps down; Artemis II core stage leaves factory

19 July 2024 at 11:00
The core stage for NASA's second Space Launch System rocket rolls aboard a barge that will take it from New Orleans to Kennedy Space Center in Florida.

Enlarge / The core stage for NASA's second Space Launch System rocket rolls aboard a barge that will take it from New Orleans to Kennedy Space Center in Florida. (credit: NASA)

Welcome to Edition 7.03 of the Rocket Report! One week ago, SpaceX suffered a rare failure of its workhorse Falcon 9 rocket. In fact, it was the first time the latest version of the Falcon 9, known as the Block 5, has ever failed on its prime mission after nearly 300 launches. The world's launch pads have been silent since the grounding of the Falcon 9 fleet after last week's failure. This isn't surprising, but it's noteworthy. After all, the Falcon 9 has flown more this year than all of the world's other rockets combined and is fundamental to much of what the world does in space.

As always, we welcome reader submissions. 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.

Astra finally goes private, again. A long-simmering deal for Astra's founders to take the company private has been finalized, the company announced Thursday, capping the rocket launch company’s descent from blank-check darling to delisting in three years, Bloomberg reports. The launch company's valuation peaked at $3.9 billion in 2021, the year it went public, and was worth about $12.2 million at the end of March, according to data compiled by Bloomberg. Astra's chief executive officer, Chris Kemp, and chief technology officer, Adam London, founded the company in 2016 with the goal of essentially commoditizing launch services for small satellites. But Astra's rockets failed to deliver and fell short of orbit five times in seven tries.

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Feds who forced Ukrainian investor to sell rocket company backtrack years later

10 July 2024 at 13:09
Firefly Aerospace's board of directors in the late 2010s: Tom Markusic, Max Polyakov, and Mark Watt.

Enlarge / Firefly Aerospace's board of directors in the late 2010s: Tom Markusic, Max Polyakov, and Mark Watt. (credit: Firefly)

A long, messy affair between US regulators and a Ukrainian businessman named Max Polyakov seems to have finally been resolved.

On Tuesday, Polyakov's venture capital firm Noosphere Venture Partners announced that the US government has released him and his related companies from all conditions imposed upon them in the run-up to the Russian invasion ofΒ Ukraine.

This decision comes more than two years after the Committee on Foreign Investment in the United States and the US Air Force forced Polyakov to sell his majority stake in the Texas-based launch company Firefly.

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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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Rocket Report: China flies reusable rocket hopper; Falcon Heavy dazzles

28 June 2024 at 11:00
SpaceX's 10th Falcon Heavy rocket climbs into orbit with a new US government weather satellite.

Enlarge / SpaceX's 10th Falcon Heavy rocket climbs into orbit with a new US government weather satellite. (credit: SpaceX)

Welcome to Edition 6.50 of the Rocket Report! SpaceX launched its 10th Falcon Heavy rocket this week with the GOES-U weather satellite for NOAA, and this one was a beauty. The late afternoon timing of the launch and atmospheric conditions made for great photography. Falcon Heavy has become a trusted rocket for the US government, and its next flight in October will deploy NASA's Europa Clipper spacecraft on the way to explore one of Jupiter's enigmatic icy moons.

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.

Sir Peter Beck dishes on launch business.Β Ars spoke with the recently knighted Peter Beck, founder and CEO of Rocket Lab, on where his scrappy company fits in a global launch marketplace dominated by SpaceX. Rocket Lab racked up the third-most number of orbital launches by any US launch company (it's headquartered in California but primarily assembles and launches rockets in New Zealand). SpaceX's rideshare launch business with the Falcon 9 rocket is putting immense pressure on small launch companies like Rocket Lab. However, Beck argues his Electron rocket is a bespoke solution for customers desiring to put their satellite in a specific place at a specific time, a luxury they can't count on with a SpaceX rideshare.

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