AEROEQUITY GP, LLC (GREENE MICHAEL ROBERT, ROWE DAVID H.) sold $384.0M of FLY (indirect holdings)

Firefly Aerospace (FLY) shares rose 5.3% after announcing a deal with Starcloud to demonstrate AI computing in lunar orbit. The SC-1L payload will fly on Firefly's Elytra vehicle for a 2028 mission, processing data from the Solux system. Firefly aims to support lunar infrastructure, with plans for a five-year orbital presence. Starcloud's CTO noted the demo will validate on-site data processing for off-Earth infrastructure.

SpaceX's Starship reached orbit for the first time on its 14th test flight, deploying 26 Starlink V3 satellites. Despite an engine issue, the mission was cut short with a controlled splashdown. SpaceX aims for routine Starship flights later this year. Analysts suggest smaller launch companies like Rocket Lab (RKLB) and Firefly (FLY) may benefit due to Starship's limitations in serving smaller customers with specific orbit needs. SpaceX stock (SPCX) rose 1.97% following the launch.

Firefly Aerospace (FLY) reported a 659% year-over-year Q2 revenue surge to $117.7M, with full-year guidance of $420M-$450M. The company secured a multi-launch deal with SSC Space for 2028, expanding its European market. Despite strong growth, heavy capital demands impact near-term cash flow. Institutional positioning reflects mixed views on execution risk and long-term potential.

Rocket Lab (RKLB), Firefly (FLY), Planet Labs (PL), and Redwire (RDW) outperformed SpaceX (SPCX) this week. RKLB rose 14%, FLY 10%, RDW 8%, and PL 7%, while SPCX fell 3%. RKLB's gains followed successful launches and a $122 price target from Cantor Fitzgerald. FLY expanded its cleanroom capacity, PL announced new initiatives, and RDW secured a $980M contract. SPCX's sentiment turned bearish.

Redwire (RDW), Rocket Lab (RKLB), and Firefly (FLY) are among 15 vendors selected for a $981 million Space Force contract for test and training tools through 2036. The contract has no guaranteed revenue split, and funds will be allocated via task orders. All three companies saw stock declines post-SpaceX's market debut.

Analysts from Jefferies and Bernstein maintained Buy ratings on Ferguson Enterprises (FERG) with price targets of $295 and $325, respectively. The stock closed at $221.13. Analysts at Goldman Sachs and Morgan Stanley gave Firefly Aerospace (FLY) Hold ratings with targets of $34 and $37, respectively. The stock closed at $22.02.