Firefly Aerospace has secured $175 million in a Series D funding round to ramp up production of its launch vehicles and spacecraft, with a particular focus on responsive space capabilities. Announced on Nov. 12, the oversubscribed round was led by new investor RPM Ventures, pushing Firefly’s valuation to over $2 billion, up from the $1.5 billion valuation it held after closing its Series C round in November 2023.
Credit: Firefly Aerospace
The new funding will drive increased production of Firefly’s Alpha launch vehicle, expand market access for its Elytra spacecraft, and accelerate hardware testing for additional vehicles under development. “This successful financing round solidifies Firefly as the undisputed leader in responsive space,” said Kirk Konert, chairman of Firefly’s board.
Firefly has recently demonstrated its responsive launch capabilities, notably with the Alpha launch of the U.S. Space Force’s Victus Nox mission in September 2023, which deployed a spacecraft on 24-hour notice. The company has since completed additional rapid-response launches, establishing itself as a key player in this niche.
For RPM Ventures, known primarily for investments in automotive and software industries, this marks its first entry into space technology. Managing director Marc Weiser praised Firefly’s focus, saying, “Few companies can say they’ve defined a new category in their industry—Firefly is one of those. They’ve become the pinnacle of a modern space and defense tech company, excelling in responsive space missions.”
With a growing portfolio of government and industry contracts, Firefly’s market reach is expanding rapidly. This year alone, the company secured a multi-launch agreement with Lockheed Martin for up to 25 Alpha launches and a five-year contract with L3Harris for up to 20 launches. In September, NASA selected Firefly for the Alpha launch of NOAA’s QuickSounder spacecraft.
Firefly has completed only one Alpha launch in 2024, a July mission for NASA deploying eight cubesats. Although the company initially projected up to four Alpha launches this year, it has yet to confirm the date of its next mission.
Meanwhile, Firefly is preparing for the inaugural flight of its Blue Ghost lunar lander, developed under NASA’s Commercial Lunar Payload Services program. Recently, the lander passed environmental testing and returned to Firefly’s headquarters for final preparations. Although originally slated to launch in the fourth quarter, uncertainties in SpaceX’s Falcon 9 manifest have left the exact date pending.
Firefly has also experienced a leadership change, with Jason Kim, formerly CEO of Millennium Space Systems, taking over as CEO in August following Bill Weber’s departure. Kim, who previously collaborated with Firefly on the Victus Nox mission, expressed his gratitude to Firefly’s investors. “Their support demonstrates a huge vote of confidence in our capabilities and future,” he said, adding that the investor interest allowed Firefly to close the round within just two months.
The funding round underscores growing confidence in Firefly’s strategy as the company scales production, positions itself for responsive space operations, and continues building a reputation as a major player in the space and defense sectors.
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