FireFly Aerospace , a portfolio company of private equity firm AE Industrial Partners , is aiming to raise $300 million in a new funding round by the end of the year.
Bill Weber, CEO of FireFly, said the company would use the new capital to advance a medium-lift spacecraft through a development partnership with Northrop Grumman (NYSE: NOC).
The investment could also support the construction of Alpha rocket manufacturing facilities in Cape Canaveral, Florida, according to the report.
AEI became FireFly’s controlling shareholder when the private equity firm bought a significant stake previously held by Noosphere Venture Partners, a transaction that gave the space transportation services provider a valuation of more than $1 billion.
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