截至8月7日收盘， Firefly Aerospace (FLY.US)涨34.11%，报60.35美元，市值84.82亿美 元。 Firefly Aerospace成立于2014年，最初名为Firefly Space Systems。2017年因投资人撤资，公司资金断裂并申 请破产保护。后由乌克兰企业家Max Polyakov收购资产并重启运营。然而，Polyakov也在2022年因美国政府 国家安全压力被迫退出持股。 这家总部位于得克萨斯州的航天科技企业专注于月球着陆器、运载火箭等太空技术的研发。 Firefly真正赢得市场信任的，是今年3月完成的一项里程碑式任务：旗下"蓝幽灵"（Blue Ghost）探测器成功 在月球表面软着陆，并保持完整姿态。这是目前唯一一台实现稳定着陆的私营月球探测器。 8月7日，美国商业航天公司Firefly Aerospace (FLY.US)成功登陆纳斯达克，成为继Rocket Lab之 后又一家闯出稳定增长路径的民营火箭企业。此次IPO， Firefly将发行股份数量增至1930万股，定 价45美元，募资约8.68亿美元，高于此前计划。 市场对其股票需求旺盛，认购订单是原计 ...

Core Viewpoint - Firefly, a Texas-based aerospace company, became the first private U.S. company to successfully land a spacecraft on the Moon, achieving this milestone on March 2, 2025, with its Blue Ghost lander [1][10]. Company Overview - Firefly was founded by Tom Markusic, a former engineer at NASA, Blue Origin, SpaceX, and Virgin Galactic, aiming to develop a low-cost rocket for small satellite launches [7]. - After facing bankruptcy in 2017, the company was acquired by Max Polyakov's Noosphere Ventures for approximately $75 million, followed by an additional $200 million investment for restructuring [9]. - The company shifted its strategy to a comprehensive delivery model, focusing on building a complete mission system from rockets to lunar landers [9][10]. Market Environment - The commercial launch market has been significantly impacted by SpaceX, which has reduced launch costs to below $2,000 per kilogram, down from an industry average of $20,000 [3]. - Firefly's strategy diverges from price competition; it aims to establish a complete space logistics chain, integrating launch, service, and delivery [5]. Product Line and Technology - Firefly's key products include the Blue Ghost lunar lander and the Elytra spacecraft, designed for flexible orbital operations [13][15]. - The Blue Ghost is capable of operating for approximately 14 days on the Moon and can support various scientific and commercial payloads [15]. - The Alpha rocket can deliver a payload of 1,030 kg to low Earth orbit and has been involved in over 30 future missions [16][17]. Financial Performance - In 2024, Firefly reported revenues of $60.79 million but incurred a net loss of $231.13 million, indicating significant operational challenges [24]. - By Q1 2025, revenues increased to $55.85 million, a sixfold increase year-over-year, but the company still faced a net loss of $60.09 million [24][25]. - As of June 30, 2025, the company had a negative free cash flow of $96.5 million and only $205 million in available cash [26]. Orders and Contracts - Firefly has secured over $1.1 billion in orders, primarily from NASA and the U.S. military, positioning itself as a long-term supplier within the government contract ecosystem [28]. - The company’s ability to execute complex tasks has led to its inclusion in critical government projects, enhancing its credibility and market position [21][23]. IPO and Valuation - Firefly plans to go public on August 7, 2025, with an estimated valuation of $5.6 billion, a significant increase from its previous valuation of $2 billion [3][12]. - The IPO is seen as a necessary step to secure funding for ongoing projects and to signal to clients its capability to continue delivering on contracts [32][33]. Competitive Landscape - Firefly operates in a different business model compared to competitors like RKLB and SpaceX, focusing on comprehensive mission management rather than high-frequency launches or a closed-loop ecosystem [34][38]. - The company’s primary clients are U.S. government agencies, which require high-value, long-term contracts, contrasting with the broader commercial client base of its competitors [34].