Firefly Aerospace (FLY) has fallen about 75% from its all-time high of $73.80 per share in August 2025 and recently traded around $18.23, a market cap of roughly $3 billion. Its Blue Ghost lander made a successful Moon landing, and the company reported record second-quarter 2026 revenue of $117.7 million, up 659% year over year, versus about $160 million for all of 2025. A $144 million NASA contract for another Blue Ghost mission brings its contracted lunar missions to six, and the Space-ng acquisition adds autonomous navigation technology. The company is not profitable and trades at roughly 10 times trailing annual revenue, and the article flags rocket development costs, mission failure risk and uneven government contract revenue. The author calls it a high-risk speculative stock, one he says suits investors comfortable with volatility and a multi-year holding period.
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