Firefly Aerospace (FLY) Rockets 8.7% — Thanks to SpaceX Again

Firefly Aerospace Inc. (NASDAQ:FLY) is one of the 10 Stocks Making Monster Moves.

Firefly Aerospace climbed by 8.71 percent on Monday to close at $43.95 apiece, as sentiment was bolstered by the growing optimism for space stocks, thanks to new updates on SpaceX’s looming initial public offering (IPO).

SpaceX, one of the largest players in the space sector, is looking to raise $75 billion in fresh funds from a public offering, aiming for a valuation close to $2 trillion.

Photo from Firefly Aerospace website

It is targeting to officially list on the Nasdaq exchange on June 12, and investors are now keeping an eye on the release of the official prospectus anytime this week.

For investors, SpaceX’s IPO, also touted as the largest public offering in history, shows a huge vote of confidence for the sector, with optimism spilling over to key players, including Firefly Aerospace Inc. (NASDAQ:FLY).

In other news, a subsidiary of Firefly Aerospace Inc. (NASDAQ:FLY) recently bagged a new contract from the Air Force Research Laboratory (AFRL) to help advance state-of-the-art sensor system research and development, in a bid to enhance the US government’s future capabilities in global persistent awareness.

Firefly Aerospace Inc. (NASDAQ:FLY) said that under the agreement, AFRL will implement deep learning and other advanced algorithms on small Size, Weight, and Power (SWaP) processors to support enhanced target detection, tracking, and custody, and ultimately heighten mission performance, among others.

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