Firefly Aerospace, the US-based rocket builder that reached orbit in space in October 2022, joining the likes of Rocket Lab and SpaceX, is looking for almost $300 million in a private fundraising round, according to sources.
Firefly is yet to specify the valuation it is seeking. The space company was valued at over $1 billion when private equity firm AE Industrial Partners became its controlling shareholder in March 2022.
The firm, located in Cedar Park, Texas aims to complete the funding round by the end of 2022, said the sources.
Firefly’s CEO Bill Weber told Reuters in an interview in October 2022 that the firm was raising funds but did not provide details. A Firefly spokesperson declined to comment when asked about the fundraising.
CEO Weber said in the interview that fresh funding would help the firm complete the construction of manufacturing facilities for its Alpha rocket in Florida’s Cape Canaveral, and accelerate the development of a bigger rocket the firm plans to build with Northrop Grumman Corp.
Firefly is already taking orders of roughly $15 million per launch for its 95-foot tall Alpha rocket, offering governments and satellite firms a medium-sized spaceship. Rocket Lab’s smaller Electron rocket costs $7 million and SpaceX’s bigger Falcon 9 rocket costs $62 million.
Investments in space firms with capital-intensive projects have fallen in the third quarter, as rapidly rising rates and decades-high inflation for investors to focus on firms with viable products.