Firefly Aerospace IPO Oversubscribed as iQiyi Targets $300M, Heartflow Eyes $1.46B Valuation, WhiteFiber and xAI Raise Funds

Firefly Aerospace, a space technology company known for its successful lunar landing earlier this year, is set to begin trading its initial public offering (IPO) on Thursday. The IPO was upsized and is expected to price above the increased range, with reports indicating it is oversubscribed by double digits. This move comes amid a strong market interest in space-related stocks, exemplified by the $UFO ETF's nearly 35% year-to-date gain. In other IPO news, Chinese streaming firm iQiyi, owned by Baidu, plans to raise $300 million in a Hong Kong market debut later this year, marking a shift from its 2018 US listing. Medical technology company Heartflow has increased the potential size of its US IPO to as much as $300 million, targeting a valuation of up to $1.46 billion, reflecting robust investor demand. Fractyl Health announced the pricing of a $20 million underwritten public offering. Additionally, AI infrastructure firm WhiteFiber raised $159.4 million in its IPO, pricing shares at the top of its marketed range. Separately, xAI Holdings Corp reported raising $5.32 billion in equity financing from a total offering amount of $6.39 billion, according to an SEC filing.