CEDAR PARK, Texas — A private equity firm, AE Industrial Partners, has a new majority stake of Firefly Aerospace based in Cedar Park. The acquisition comes as the aerospace company makes arrangements for its second rocket launch after the first ended in an intentional blast over the Pacific Ocean.
Firefly Aerospace managed to fundraise roughly $75 million in a move led by AE Industrial Partners and, according to a report from KVUE's news partners at the Austin American-Statesman, Firefly says their value sits at around $1 billion.
The company set up shop in Cedar Park after initially being headquartered in California. Since its founding in 2014, Firefly has sought to position itself as a competitor in the small satellite market. The industry has seen an emerging number of launch providers to government and commercial customers to deliver payloads into space.
Firefly’s flagship unmanned rocket, the Alpha, took off from Vandenberg Air Force Base in California last year but it only remained in flight for 2.5 minutes before Space Force officials detonated the rocket. Officials cited the intentional explosion over the rocket’s trajectory, which changed after it began tipping sideways and steered off course.
The acquisition of Firefly comes as the company intends to launch a second rocket later this year. In addition to a new rocket launch, the company says it just finished a “critical design review” phase of its Blue Ghost lunar lander. Final prefabrication of the lander is expected to be completed next month.
Firefly CEO Tom Markusic told the Austin American-Statesman the new ownership marks an exciting new chapter for his company.
“These investments allow Firefly to build on the momentum from last year’s financing, and better position us for future growth. We’re eager to work with the AEI team and benefit from their industry and financial markets experience,” he said.
As the new injection of capital unfolds at the company, the Cedar Park area is poised to see significant growth in Cedar Park, according to the company. Firefly leaders say they want to quadruple the workforce and add hundreds of jobs at its headquarters in coming years as it expands into a new facility.
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