{"slug":"firefly-aerospace","name":"파이어플라이 에어로스페이스","name_en":"Firefly Aerospace","ticker":"FLY","updated_at":"2026-07-12T04:08:55.99+00:00","canonical":"https://valuechain.wiki/firefly-aerospace","same_as":["https://finance.yahoo.com/quote/FLY","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1860160"],"citable":"밸류체인 그래프 기준 파이어플라이 에어로스페이스의 직접 연결 기업은 4곳(관계 기준 공급 1·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Firefly Aerospace is directly linked to 4 companies (1 supply, 2 revenue, 1 investment relationships) and reaches 8 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"Alpha 발사체·Blue Ghost 달착륙선","kicker_en":"Alpha launcher and Blue Ghost lunar lander","lead":"파이어플라이 에어로스페이스는 2025년 3월 Blue Ghost 미션 1로 민간 기업 최초의 완전 성공 달 착륙(목표 17개 전부 달성)을 해낸 우주 기업이다. 2025년 8월 나스닥에 상장(공모가 45달러, 약 8억6,800만 달러 조달)했고, 2025년 매출은 1억5,990만 달러(+163%)에 백로그 약 14억 달러다. NASA CLPS 태스크오더 3건이 남아 있고, Lockheed Martin과 최대 25회·L3Harris와 최대 23회의 Alpha 다회 발사 계약을 보유하며, Northrop Grumman의 5천만 달러 지분 투자로 중형발사체 Eclipse를 공동개발 중이다. 상위 5개 고객이 매출의 86%를 넘는 집중 구조다.","lead_en":"Firefly Aerospace achieved the first fully successful commercial Moon landing with Blue Ghost Mission 1 in March 2025, completing all 17 objectives. It listed on Nasdaq in August 2025 ($45 IPO, ~$868M raised), posting FY2025 revenue of $159.9 million (up 163%) with a ~$1.4 billion backlog. Three NASA CLPS task orders remain, multi-launch agreements cover up to 25 Alpha missions for Lockheed Martin and up to 23 for L3Harris, and the Eclipse medium launcher is co-developed with a $50 million Northrop Grumman equity investment. Its top five customers exceed 86% of revenue.","segments":{"parts":[{"desc":"소형위성용 Alpha 로켓 — 록히드·L3해리스 다회 발사 계약이 수요를 담보하는 발사 서비스 축.","name":"Launch (Alpha 소형발사체)"},{"desc":"달착륙선 Blue Ghost·궤도 이동체 Elytra — NASA CLPS 매출의 핵심이자 달 착륙 신뢰의 근거.","name":"Spacecraft Solutions (Blue Ghost·Elytra)"},{"desc":"노스럽 $50M 지분으로 공동개발하는 중형발사체 — Alpha 기술과 Antares 유산을 결합한 미래 성장 옵션.","name":"Eclipse (Northrop 공동개발 중형발사체)"}],"total":"FY2025 매출 $159.9M (+163%)","concentration":"상위 5개 고객 86%+, 백로그 ~$1.4B(상위 5개사 81%)"},"segments_en":{"parts":[{"desc":"The Alpha rocket for small satellites — the launch-services axis whose demand is backed by Lockheed and L3Harris multi-launch agreements.","name":"Launch (Alpha small launcher)"},{"desc":"The Blue Ghost lunar lander and Elytra orbital vehicle — the core of NASA CLPS revenue and the basis of Moon-landing credibility.","name":"Spacecraft Solutions (Blue Ghost, Elytra)"},{"desc":"A medium launcher co-developed with Northrop's $50M stake — combining Alpha technology and Antares heritage as a future growth option.","name":"Eclipse (medium launcher co-developed with Northrop)"}],"total":"FY2025 revenue $159.9M (+163%)","concentration":"Top-5 customers 86%+; backlog ~$1.4B (top-5 = 81%)"},"returns_yearly":{"2026":7.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":3,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":4.3}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":3,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":2,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"intuitive-machines","name":"인튜이티브 머신스","name_en":"Intuitive Machines","tier":2,"returns_yearly":{"2022":3.7,"2023":-74.4,"2024":610.8,"2025":-10.6,"2026":-0.6}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":1,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":1,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}}],"benefiting":[{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":1,"returns_yearly":{"2026":0.7}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":1,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":2,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"wolfspeed","name":"울프스피드","name_en":"Wolfspeed","tier":3,"returns_yearly":{"2026":102.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}}],"analysis":"파이어플라이의 투자 논점은 '증명된 달 착륙 신뢰 위에 쌓인 백로그 옵션'이다. Blue Ghost 미션 1로 민간 최초 완전 성공 달 착륙(17개 목표 전부)을 해내며 신뢰를 확보했고, 매출 $159.9M(+163%)·백로그 약 $14억이 그 뒤를 받친다 — 다만 상위 5개 고객이 매출의 86%를 넘는 집중이 리스크다. 그래프상 하류로 NASA CLPS(최대 매출원)·록히드마틴(최대 25회 발사)·L3해리스(최대 23회)가 Alpha 수요를 선확정하고, 상류로는 정작 자사 달착륙선을 SpaceX Falcon 9로 쏘는 의존이 있으며, 노스럽이 $50M 지분으로 중형발사체 Eclipse를 공동개발한다. 관건은 발사 케이던스(양산·성공률)와 Eclipse 개발이며, 리스크는 고객 집중과 적자·발사 실패다.","analysis_en":"Firefly's thesis is 'a backlog option built on proven Moon-landing credibility.' Blue Ghost Mission 1 delivered the first fully successful commercial Moon landing (all 17 objectives), earning trust, with revenue of $159.9M (+163%) and a ~$1.4B backlog behind it — though top-five customers exceeding 86% of revenue is a concentration risk. In the graph, NASA CLPS (its largest revenue source), Lockheed Martin (up to 25 launches) and L3Harris (up to 23) pre-commit Alpha demand downstream, while upstream it ironically depends on SpaceX Falcon 9 to launch its own lunar lander, and Northrop co-develops the Eclipse medium launcher with a $50M equity stake. The keys are launch cadence (throughput and success rate) and Eclipse development; the risks are customer concentration, losses and launch failure.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NASA (CLPS·Blue Ghost)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_award","unit":"USD million","as_of":"2024-12-18","basis":"NASA CLPS 4번째 태스크오더 계약금액(6개 NASA 장비를 Gruithuisen Domes로 전달·운용)","value":179.6,"period":"2028 mission (Blue Ghost Mission 3)","basis_en":"NASA CLPS 4th task-order contract value (deliver/operate six NASA instruments to the Gruithuisen Domes)"},"note":"NASA CLPS 프로그램이 파이어플라이 최대 매출원. Blue Ghost Mission 1(2025-03 성공, Mare Crisium에 NASA 10개 탑재체 전달) 완료 후 추가 태스크오더 3건 보유. 최신 확인 태스크오더는 Blue Ghost Mission 3(Gruithuisen Domes, 2028) 약 $179.6M로 파이어플라이의 4번째 CLPS 태스크오더. Mission 2도 별도 $112M+$18M(RF 교정) 규모. 관계 현재성: 10-K(2025-12-31)에서 CLPS 태스크오더 3건 유지 확인.","note_en":"NASA CLPS is Firefly's largest revenue source. After the successful Blue Ghost Mission 1 (2025-03, delivered 10 NASA payloads to Mare Crisium), Firefly holds three additional CLPS task orders. Most recent confirmed award is Blue Ghost Mission 3 (Gruithuisen Domes, 2028) at ~$179.6M, Firefly's fourth CLPS task order. Relationship confirmed current in the FY2025 10-K.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1860160/000119312526116309/fly-20251231.htm","title":"Firefly Aerospace Inc. Form 10-K (회계연도 2025-12-31)","title_en":"Firefly Aerospace Inc. Form 10-K (FY ended Dec 31, 2025)","excerpt":"Firefly is the only company to achieve a fully successful Moon landing, completing all 17 objectives set out before launch. After completing our Blue Ghost Mission 1, we have a total of three additional missions under our NASA Commercial Lunar Payload Services (CLPS) task orders.","excerpt_en":"Firefly is the only company to achieve a fully successful Moon landing, completing all 17 objectives set out before launch. After completing our Blue Ghost Mission 1, we have a total of three additional missions under our NASA Commercial Lunar Payload Services (CLPS) task orders."},{"stance":"mentions","publisher":"뉴스스페이스","publisher_en":"NewsSpace (Korea)","kind":"news","lang":"ko","published_at":"2025-07-13","url":"https://www.newsspace.kr/news/article.html?no=7980","title":"'블루고스트의 달 착륙 성공' 파이어플라이 에어로스페이스, 나스닥 IPO 도전장…매출 6배 급증·11억 달러 수주잔고","title_en":"After Blue Ghost's Moon landing, Firefly Aerospace files for Nasdaq IPO; revenue up 6x, $1.1B backlog","excerpt":"수주잔고는 11억 달러로, 1년 전 5억6000만 달러에서 두 배 가까이 급증했다.","excerpt_en":"Backlog reached $1.1 billion, nearly doubling from $560 million a year earlier."},{"stance":"confirms","publisher":"GlobeNewswire (Firefly Aerospace 보도자료)","publisher_en":"GlobeNewswire (Firefly Aerospace press release)","kind":"news","lang":"en","published_at":"2024-12-18","url":"https://www.globenewswire.com/news-release/2024/12/18/2999413/0/en/Firefly-Awarded-179-Million-NASA-Contract-for-Moon-Delivery-to-Gruithuisen-Domes.html","title":"Firefly, Gruithuisen Domes 달 전달 위한 $179M NASA 계약 수주","title_en":"Firefly Awarded $179 Million NASA Contract for Moon Delivery to Gruithuisen Domes","excerpt":"Firefly Aerospace, Inc., the leader in end-to-end responsive space services, was awarded an approximately $179.6 million NASA contract to deliver and operate six NASA instruments in the Gruithuisen Domes on the Moon's near side in 2028.","excerpt_en":"Firefly Aerospace, Inc., the leader in end-to-end responsive space services, was awarded an approximately $179.6 million NASA contract to deliver and operate six NASA instruments in the Gruithuisen Domes on the Moon's near side in 2028."}]},{"direction":"investor","counterparty":"Northrop Grumman","counterparty_slug":"northrop-grumman","confidence":"high","metric":{"type":"equity_investment","unit":"USD million","as_of":"2025-12-31","basis":"Eclipse 공동개발 지분 투자","value":50,"period":"2023~","basis_en":"Equity investment supporting Eclipse co-development"},"note":"Northrop Grumman은 중형발사체 Eclipse의 독점 공동개발 파트너이자 지분 투자자다. 5천만 달러 지분 투자로 개발을 지원하며, Eclipse는 파이어플라이 Alpha 기술과 Northrop의 Antares 로켓 유산을 결합한다.","note_en":"Northrop Grumman is the exclusive co-development partner and equity investor behind the Eclipse medium launch vehicle, supporting development with a $50 million equity investment; Eclipse combines Firefly's Alpha technology with Northrop's Antares heritage.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1860160/000119312526116309/fly-20251231.htm","title":"Firefly Aerospace Inc. Form 10-K (회계연도 2025-12-31)","title_en":"Firefly Aerospace Inc. Form 10-K (FY ended Dec 31, 2025)","excerpt":"Northrop Grumman: We have an exclusive partnership with Northrop Grumman for the development of Eclipse... Supported by a $50 million equity investment from Northrop Grumman, Eclipse builds on our Alpha rocket technology and Northrop Grumman's Antares rocket, with the first partnership of its kind between the best of legacy and new space.","excerpt_en":"Northrop Grumman: We have an exclusive partnership with Northrop Grumman for the development of Eclipse... Supported by a $50 million equity investment from Northrop Grumman, Eclipse builds on our Alpha rocket technology and Northrop Grumman's Antares rocket, with the first partnership of its kind between the best of legacy and new space."}]},{"direction":"revenue","counterparty":"Lockheed Martin","counterparty_slug":"lockheed-martin","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"2024-06-05 체결한 Alpha 로켓 다회 발사 계약. 향후 5년간 최대 25회 미션(예약 15회 + 옵션 10회)을 서부·동부 해안 발사장에서 수행. 10-K(2025-12-31)에서 '최대 25회 미션' 관계 현재성 재확인. 계약 총액은 미공개. 2026-05에는 Lockheed·Seagate와 해상 발사 협력도 발표.","note_en":"Multi-launch agreement signed 2024-06-05 for up to 25 Alpha missions over five years (15 reservations + 10 options) from Firefly's west/east coast sites. FY2025 10-K reaffirms the up-to-25-mission relationship as current. Total contract value undisclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1860160/000119312526116309/fly-20251231.htm","title":"Firefly Aerospace Inc. Form 10-K (회계연도 2025-12-31)","title_en":"Firefly Aerospace Inc. Form 10-K (FY ended Dec 31, 2025)","excerpt":"Lockheed Martin: We have a multi-launch agreement with Lockheed Martin that includes up to 25 missions over the next five years. Under this agreement, we plan to routinely launch a variety of future Lockheed Martin spacecraft, including new payload technologies, into LEO from our launch facilities on the west and east coasts of the United States.","excerpt_en":"Lockheed Martin: We have a multi-launch agreement with Lockheed Martin that includes up to 25 missions over the next five years. Under this agreement, we plan to routinely launch a variety of future Lockheed Martin spacecraft, including new payload technologies, into LEO from our launch facilities on the west and east coasts of the United States."},{"stance":"confirms","publisher":"Lockheed Martin","publisher_en":"Lockheed Martin","kind":"news","lang":"en","published_at":"2024-06-05","url":"https://news.lockheedmartin.com/2024-06-05-Lockheed-Martin-Purchases-Up-to-25-Rocket-Launches-from-Firefly-Aerospace","title":"Lockheed Martin, 파이어플라이로부터 최대 25회 로켓 발사 구매","title_en":"Lockheed Martin Purchases Up to 25 Rocket Launches from Firefly Aerospace","excerpt":"Lockheed Martin has signed a multi-launch agreement with Firefly Aerospace for 25 launches on Firefly's Alpha rocket through 2029, including 15 launch reservations and 10 optional launches.","excerpt_en":"Lockheed Martin has signed a multi-launch agreement with Firefly Aerospace for 25 launches on Firefly's Alpha rocket through 2029, including 15 launch reservations and 10 optional launches."}]},{"direction":"cost","counterparty":"SpaceX","counterparty_slug":"spacex","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"달 착륙선 Blue Ghost는 자사 Alpha가 아니라 SpaceX Falcon 9로 발사된다. 미션 1은 2025년 1월 15일 케네디우주센터 LC-39A에서 발사됐고, 미션 2(2026년 말)도 Falcon 9로 Elytra 이동체와 함께 발사될 예정이다. 발사 계약 금액은 비공개.","note_en":"The Blue Ghost lunar lander launches on SpaceX Falcon 9 rather than Firefly's own Alpha: Mission 1 lifted off from KSC LC-39A on January 15, 2025, and Mission 2 (late 2026) will also fly on Falcon 9 with the Elytra transfer vehicle. Launch contract values undisclosed.","sources":[{"stance":"confirms","publisher":"Firefly Aerospace","publisher_en":"Firefly Aerospace","kind":"ir","lang":"en","published_at":"2025-01-15","url":"https://fireflyspace.com/news/firefly-aerospaces-blue-ghost-mission-1-successfully-launches-and-begins-45-day-transit-to-the-moon/","title":"Firefly Aerospace's Blue Ghost Mission 1 Successfully Launches and Begins 45-Day Transit to the Moon","title_en":"Firefly Aerospace's Blue Ghost Mission 1 Successfully Launches and Begins 45-Day Transit to the Moon","excerpt":"Blue Ghost Mission 1, named Ghost Riders in the Sky, launched from Launch Complex 39A at NASA's Kennedy Space Center in Florida... The Blue Ghost lunar lander launched on a SpaceX Falcon 9 rocket, successfully acquired signal, and completed on-orbit commissioning.","excerpt_en":"Blue Ghost Mission 1, named Ghost Riders in the Sky, launched from Launch Complex 39A at NASA's Kennedy Space Center in Florida... The Blue Ghost lunar lander launched on a SpaceX Falcon 9 rocket, successfully acquired signal, and completed on-orbit commissioning."},{"stance":"confirms","publisher":"NASA","publisher_en":"NASA","kind":"news","lang":"en","published_at":"2025-01-15","url":"https://www.nasa.gov/blogs/missions/2025/01/15/liftoff-firefly-lunar-lander-begins-journey-to-the-moon/","title":"Liftoff! Firefly Lunar Lander Begins Journey to the Moon","title_en":"Liftoff! Firefly Lunar Lander Begins Journey to the Moon","excerpt":"Firefly Aerospace's Blue Ghost Mission 1 launched on a SpaceX Falcon 9 rocket from Launch Complex 39A at NASA's Kennedy Space Center in Florida.","excerpt_en":"Firefly Aerospace's Blue Ghost Mission 1 launched on a SpaceX Falcon 9 rocket from Launch Complex 39A at NASA's Kennedy Space Center in Florida."}]},{"direction":"revenue","counterparty":"L3Harris","counterparty_slug":"l3harris","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"Alpha 로켓 다회 발사 계약처. 2027~2031년 연 2~4회, 최대 20회 발사 계약이 기존 3회 발사 계약에 추가됨. 10-K(2025-12-31)에서 현재성 확인. 계약 총액 미공개.","note_en":"Multi-launch customer for the Alpha rocket: up to 20 launches (two to four per year from 2027 to 2031) added on top of an existing three-mission agreement. Confirmed current in the FY2025 10-K. Total value undisclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1860160/000119312526116309/fly-20251231.htm","title":"Firefly Aerospace Inc. Form 10-K (회계연도 2025-12-31)","title_en":"Firefly Aerospace Inc. Form 10-K (FY ended Dec 31, 2025)","excerpt":"L3Harris: We have a multi-launch agreement with L3Harris for up to 20 launches on our Alpha rocket, including two to four missions per year from 2027 to 2031 depending on customer needs. The new agreement is in addition to our existing multi-launch agreement with L3Harris for three Alpha missions.","excerpt_en":"L3Harris: We have a multi-launch agreement with L3Harris for up to 20 launches on our Alpha rocket, including two to four missions per year from 2027 to 2031 depending on customer needs. The new agreement is in addition to our existing multi-launch agreement with L3Harris for three Alpha missions."}]},{"direction":"cost","counterparty":"미 우주군 발사장 (Vandenberg 등)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"Alpha 상시 발사 운용을 캘리포니아 Vandenberg Space Force Base(SLC-2)에서 수행, 미 우주군 사거리·발사장 인프라 이용에 따른 비용처. 추가 발사장으로 버지니아 Wallops Island(Mid-Atlantic Regional Spaceport), 스웨덴 Esrange, 플로리다 Cape Canaveral 확장 중. 발사장 임차·사거리 비용 구체 금액은 미공개. 10-K(2025-12-31) 확인.","note_en":"Firefly conducts ongoing Alpha launch operations from Vandenberg Space Force Base (SLC-2) in California, a cost relationship for use of U.S. Space Force range/launch infrastructure. Additional pads under construction at Virginia's Wallops Island (Mid-Atlantic Regional Spaceport), Esrange (Sweden) and Cape Canaveral (Florida). Lease/range cost amounts undisclosed. Confirmed in the FY2025 10-K.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1860160/000119312526116309/fly-20251231.htm","title":"Firefly Aerospace Inc. Form 10-K (회계연도 2025-12-31)","title_en":"Firefly Aerospace Inc. Form 10-K (FY ended Dec 31, 2025)","excerpt":"We arrange ongoing launch operations from the Vandenberg Space Force Base launch site in California. Additional launch sites are under construction at Virginia's Mid-Atlantic Regional Spaceport on Wallops Island and the Esrange Space Center in Sweden, and we plan to unlock future launch pad capacity from expected expansion at the Cape Canaveral Space Force Station in Florida.","excerpt_en":"We arrange ongoing launch operations from the Vandenberg Space Force Base launch site in California. Additional launch sites are under construction at Virginia's Mid-Atlantic Regional Spaceport on Wallops Island and the Esrange Space Center in Sweden, and we plan to unlock future launch pad capacity from expected expansion at the Cape Canaveral Space Force Station in Florida."}]}]}