Firefly Aerospace shares are down roughly 26% so far in 2026 and 70% from their one-year high set in May, despite a successful Moon landing, a Pentagon contract, and a partnership with Lockheed Martin. The article attributes the pullback to waning hype around defense tech and space stocks after SpaceX's public debut, along with rotation toward AI-exposed companies. Concerns about expanding losses and financing needs have also weighed in, as the operating loss widened to about $190.9 million in the first half of the year from $112.9 million a year earlier. The company is valued at roughly 6.9 times expected forward sales, and the article says a rebound may require new contract wins and partnerships or a shift in broader market dynamics.
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