Companies · Space / Aerospace

Firefly Aerospace Inc.

CEDAR PARK · Space / Aerospace · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Firefly Aerospace Inc. — recommendation, valuation, rhythm, risks.
$492.0M
Total raised · real
5
Rounds
14.3×
Latest step-up
Top 3%
Sector rank · raised
Series D+
Latest stage · inferred · Thu Oct 31 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Firefly Aerospace Inc. has raised $492M over 5 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the space/aerospace sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Quiet
  • Last raise 20 mo ago; this sector typically re-raises about every 12 months.
  • Slightly overdue versus sector cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Space / Aerospace

Firefly Aerospace Inc. is one of 133 Space / Aerospace companies tracked from CEDAR PARK. By capital raised it ranks among the largest (ahead of 98% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

space/aerospace

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
10
Investors (latest)
2024-10-31
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BSeries C · 2021-04-16 Raised $75M (real) Modeled valuation $1.5B (est)$75M$1.5BSeries C2021Series C · 2022-03-22 Raised $50M (real) Modeled valuation $778M (est)$50M$778MSeries C2022Series B · 2023-02-02 Raised $30M (real) Modeled valuation $312M (est)$30M$312MSeries B2023Series D+ · 2023-02-02 Raised $179M (real) Modeled valuation $2.5B (est)$179M$2.5BSeries D+2023Series D+ · 2023-07-17 Raised $12M (real) Modeled valuation $152M (est)$12M$152MSeries D+2023Series D+ · 2024-10-31 Raised $176M (real) Modeled valuation $1.6B (est)$176M$1.6BSeries D+2024+$50M+$30M+$179M+$12M+$176MCumulative $522M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$75.0M · 2021
Series C extension$50.0M · 2022
Bridge · Series C-stage$30.2M · 2023smaller follow-on
Series D+$179.3M · 2023
Series D+ extension$12.3M · 2023
Series D+ extension$175.5M · 2024

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$1.6B
Base estimate est.
$845.5M
Conservative case
$2.1B
Upside case
$1.5B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the space/aerospace sector profile. Directional, not a quoted figure.

Series C · modeled $1.5B · 2021-04-162021Series C · modeled $777.6M · 2022-03-22Series B · modeled $311.7M · 2023-02-02Series D+ · modeled $2.5B · 2023-02-02Series D+ · modeled $151.7M · 2023-07-17Series D+ · modeled $1.6B · 2024-10-312024
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
72%
Survival probability
58% low · 80% high
1.28×/yr
Annual markup
1.43×/yr upside case
1.7 yr
Elapsed time used
1.7 yr actual, capped for stale marks
space/aerospace
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
9 mo
Avg between rounds
$138.9M/yr
Capital velocity
5.2 yr
On record since
2021
First round
6
Rounds on file
How it compares to the market

Benchmarked against 133 companies in Space / Aerospace. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 104× above median
This company$492.0M
Sector median$4.7M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.5× above median
This company$175.5M
Sector median$117.1M
Modeled value — vs sector median (estimate, all stages) 42× above median
This company$1.6B
Sector median$38.2M

Raised more than 98% of sector peers (real $). Modeled value above 96% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

Not enough valued peers in this cohort to chart positioning.

CompanyStageRaised · realValue · estvs peer med.
West Star Aviation Investments, LLCSeries D+$224.1M$3.9B1.42×
Firefly Aerospace Inc. this companySeries D+$492.0M$1.6B0.58×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$75.0M2021-04-16$500.0M$1.5B90%
Series C$50.0M2022-03-22$333.3M$777.6M90%
Series B$30.2M2023-02-02$168.0M$311.7M90%
Series D+$179.3M2023-02-02$1.5B$2.5B90%
Series D+$12.3M2023-07-17$102.1M$151.7M90%
Series D+$175.5M2024-10-31$1.5B$1.6B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$75.0M2021-04-16
    • First recorded raise — entered as Series C.
    • 8 investors on this round.
  2. Series C$50.0M2022-03-22
    • Raised 11 mo later, in step with the ~12 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  3. Series B$30.2M2023-02-02
    • Raised 10 mo later, in step with the ~12 mo sector norm.
    • Round 1.7× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  4. Series D+$179.3M2023-02-02
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 5.9× larger than the prior — scaling up.
    • 9 investors on this round.
  5. Series D+$12.3M2023-07-17
    • Came back fast: 5 mo vs the ~12 mo sector norm.
    • Round 14.6× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  6. Series D+$175.5M2024-10-31
    • Raised 16 mo later, in step with the ~12 mo sector norm.
    • Round 14.3× larger than the prior — scaling up.
    • 10 investors on this round.
Intelligence
2025 ~Q3
Modeled next raise · ~9mo cadence
$526.6M
Modeled next size est.range $342.3M$842.5M
14.3×
Last step-up
$138.9M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Kirk Konert6 other2022-03
David Wheeler5 other2024-10
Jed McCaleb3 other2022-03
Jason Kim2 other2024-10
Darren Ma1 other2022-03
Pamela Braden1 other2022-03
Pete Cannito1 other2023-02
Thomas E. Markusic1 other2021-04
Brad E. Schneider2021-04
Chris Emerson2023-02
Chris Shea Emerson2024-10
Dan Fermon2023-02
Daniel Fermon2024-10
Darren E. Ma2021-04
Deborah E. James2021-04
Eric Salwan2022-03
Jed E. McCaleb2021-04
Jed Shea McCaleb2024-10
Kirk Shea Konert2024-10
Marc Shea Weiser2024-10
Paul E. Starnes2021-04
Peter Schumacher2022-03
Pete Starnes2022-03
Robb E. Kulin2021-04
Registry & provenance

Firefly Aerospace Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1860160
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Science CorpOther TechnologySeries D+$407.0M$1.7Bnetwork1 shared operator · same stage
West Star Aviation Investments, LLCSpace / AerospaceSeries D+$224.1M$3.9Bsame sector · same stage
Spaceflight Industries, Inc.Space / AerospaceSeries D+$183.2M$1.0Bsame sector · same stage
IA Aviation Pipelines Holding (UA-AIE) LPSpace / AerospaceSeries D+$145.6M$3.8Bsame sector · same stage
Loft Orbital Solutions Inc.Space / AerospaceSeries D+$114.8M$2.1Bsame sector · same stage
CH Ultimate Holdings, LLCOtherSeries C$45.2M$775.8Mnetwork2 shared operators
Gryphon Parent, LLCOtherSeries B$28.0M$465.2Mnetwork2 shared operators
Yellowstone Ultimate Holdings, LPOther TechnologyGrowth/Late$555.1M$10.8Bnetwork1 shared operator
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Firehawk Aerospace Inc.Space / AerospaceSeries A$2.2M89%
SpaceCraft, Inc.Space / AerospaceSeed$32.7M84%
Spaceflight Industries, Inc.Space / AerospaceSeries D+$1.0B83%
Frontier Aerospace CorpSpace / AerospaceSeries A$59.6M82%
Venus Aerospace Corp.Space / AerospaceSeries B$148.3M81%
FreeFall Aerospace, Inc.Space / AerospaceSeed$2.2M81%
Pierce Aerospace IncSpace / AerospaceSeed$19.6M81%
FireFly Energy Solutions, LLCEnergy / ClimatePre-Seed$2.8M81%
Frequently asked
How much funding has Firefly Aerospace Inc. raised?
Firefly Aerospace Inc. has raised approximately $492.0M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Firefly Aerospace Inc.'s estimated valuation?
Provath's modeled valuation for Firefly Aerospace Inc. is approximately $1.6B (modeled range $845.5M–$2.1B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Firefly Aerospace Inc. at?
Firefly Aerospace Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Thu Oct 31.
What does Firefly Aerospace Inc. do and where is it based?
Firefly Aerospace Inc. operates in the Space / Aerospace sector, based in CEDAR PARK.
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