Firefly Aerospace set terms for its U.S. initial public offering, saying it will sell about 16.2 million shares at $35 to $39 each, a range that would value the Texas-based rocket maker at roughly $5.5 billion. The sale could raise as much as $631.8 million before an underwriters’ option, and the stock is slated to list on Nasdaq under the ticker “FLY.” Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo are leading the deal. The offering is among the largest from a space-industry newcomer since the market slump of 2022-24 and adds momentum to a tentative revival in U.S. IPO activity this year. Lower interest rates and renewed risk appetite have already brought listings from firms such as Chime and Circle, and analysts say defense-linked space businesses remain a draw for investors seeking growth and government spending exposure. Founded in Cedar Park, Texas, Firefly builds launch vehicles, space tugs and lunar landers. The company reported first-quarter revenue of $55.9 million, six times the prior-year period, alongside a net loss of $60.1 million and an order backlog of about $1.1 billion. Its investors include private-equity firm AE Industrial Partners and defense contractor Northrop Grumman, which injected $50 million in May. Firefly’s uncrewed Blue Ghost lander touched down on the Moon in March, and the company aims to conduct annual lunar missions.