Cedar Park-based rocket startup Firefly Aerospace has landed $30.2 million, the first tranche of a massive $300 million series C funding round the company is raising.
The company, which last raised money from investors at a valuation of more than $1 billion, noted that its new funding round is coming with an even higher, though undisclosed, valuation.
“This is an ideal time for customers and investors alike to consider joining Firefly Aerospace as we gear up for an active 2023,” Firefly CEO Bill Weber said in a statement provided to Austin Inno. “The technology is flight-proven, contract awards have been won, and we are a team motivated by our ability to make the dream of space exploration achievable for everyone.”
Firefly's fundraising comes as it continues to expand its lineup of rockets, as well as its Blue Ghost lunar lander that is projected to go to the moon in 2024 as part of NASA's commercial lunar payload services contract, valued at $93 million.
The new money also comes ahead of multiple planned launches in coming months. Though a date hasn't been set, the company has contracted with the U.S. Space Force to demonstrate a "responsive launch," in which the company will have 24 hours' notice to set up its rocket, launch it and deploy an unnamed asset into orbit. It also has an upcoming NASA mission to deploy satellites and two other missions on its docket. Launch dates haven't yet been announced.
Meanwhile, Firefly has been expanding its testing and production site north of Cedar Park near Briggs as part of its collaboration with Northrop Grumman to develop its larger Antares 330 rocket, which will be capable of delivering larger payloads to orbit.
The new developments follow the company's first successful rocket launch and satellite deployments back in October 2022. That was preceded by its first attempt in 2021, which exploded after launch because one of its four engines stopped working and safety crews blew it up as a precaution.
Firefly is among a growing crop of rocket startups competing with companies such as SpaceX for new government and commercial contracts that will rapidly expand the nation's arrays of satellites and space exploration vehicles.
Texas has a prominent position in developing these next generation rockets and space technologies. In addition to Firefly, Texas is home to SpaceX's Boca Chica launch site, as well as Jeff Bezos' Blue Origin launch site in Van Horn.
A recent study by PricewaterhouseCoopers said that Texas was the most inviting state in the nation for aerospace and defense activity, followed by Georgia and North Carolina. Texas has held the top spot for two years in a row.
