Spacecraft Maker Firefly Raises $868 Million in Upsized IPO

Firefly Aerospace Inc. raised $868 million in an upsized initial public offering, pricing its shares above a marketed range in a reflection of the surging demand for satellite launch services.

The Cedar Park, Texas-based developer of launch vehicles and spacecraft sold 19.296 million shares for $45 each after marketing them for $41 to $43 per share, according to a statement Wednesday.

At the IPO price, Firefly would have a market value of $6.5 billion, based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Accounting for stock options and warrants, the company would have ...