Good morning,

Firefly Aerospace lit up the public markets last week, debuting on Nasdaq with a $9B valuation after a 55% jump over its IPO price. With $868M raised and a $1.1B contract backlog, the company’s next milestones (specifically its reusable Eclipse rocket and annual lunar missions) will test whether investor excitement translates to revenue.

In Europe, ESA is weighing how to chart its own course as NASA budget cuts threaten joint programs like Lunar Gateway and the Rosalind Franklin rover. Meanwhile, Belgian startup EDGX is bringing AI edge-compute to satellites, pointing to the next wave of in-orbit intelligence.

More from today’s issue:
🌕️ Going lunar-nuclear
🇪🇺 Europe’s space autonomy challenge
🚀 Rocket Lab’s tactically responsive mission for the U.S. Space Force

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SECTOR SITUATION REPORT

Firefly Aerospace IPO ignites renewed investor focus on space.