Portco highlight: Firefly Aerospace

Aerospace

R/capital

Republic Capital made an investment in Firefly Aerospace in Q3 2021

In portfolio since	Q3 2021
invested amount	$31,049,400
Note eligibility	25% of corporate carry

Founded in 2014 by Tom Markusic, a former SpaceX engineer, along with Michael Blum and P.J. King, Firefly Aerospace was born from a bold vision to transform space access. What began as a startup challenging the traditional aerospace market has rapidly evolved into a comprehensive space services company.

From the beginning, Firefly distinguished itself by developing launch vehicles specifically designed for small satellites. The Alpha rocket's successful launch in 2019 marked their first major technological milestone, proving the company could deliver where others couldn't. Their subsequent development of the Beta rocket and expansion into in-space services demonstrated an ability to think far beyond traditional launch approaches.

They continue to expand their space capabilities across multiple fronts. Firefly secured a $179.6 million NASA contract for a 2028 mission to the Gruithuisen Domes, and was awarded a $21.81 million U.S. Space Force contract to support the VICTUS SOL Tactically Responsive Space mission.

Firefly isn't just about lunar missions. Firefly's rapid response capabilities are setting new industry standards. During a previous Space Force mission, they completed launch preparations in just 24 hours and launched a satellite within 27 hours of receiving the order.

On March 2, 2025, Firefly made history as the first commercial company to successfully soft-land on the Moon. The Blue Ghost lunar lander touched down in Mare Crisium. The mission carried out important scientific experiments, such as drilling beneath the lunar surface, capturing X-ray images, and taking unique photos of lunar dust and solar activity.

Firefly isn't just another rocket company. They've built a complete ecosystem of space services that has caught the investors’ attention. In November 2024, they closed a $175 million Series D funding round, valuing the company at over $2 billion.

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