Investment

• Northrop Grumman’s Space Systems segment is expected to post a 24.3% year-over-year revenue decline in Q2 2025 due to reduced activity in restricted space programs, Commercial Resupply Services, and satellite work for the Space Development Agency. This underperformance contrasts with growth in other segments and may weigh on the company’s overall results.

• NASA’s Jet Propulsion Lab is reportedly attempting to sell off several Earth science satellites (some already launched, others like GLIMR still awaiting deployment) amid deep budget cuts proposed by the Trump administration for FY2026. The move signals broader concerns over the future of NASA’s climate and environmental monitoring efforts, as JPL seeks government or private buyers to salvage programs previously targeted for termination.

• Firefly Aerospace has filed for an initial public offering (IPO) and plans to list on the Nasdaq under the ticker symbol “FLY.” The Texas-based space and defense tech company has not yet disclosed the number of shares or price range but is moving toward public market entry with top-tier underwriters including Goldman Sachs and J.P. Morgan.

Partnerships

• Viasat, in collaboration with SSTL and MDA Space, is leading UK efforts on ESA’s Moonlight program to develop a lunar communications satellite system, aiming for initial capability by 2028. The system will serve as a “data highway” between Earth and the Moon, enabling future lunar exploration, space tourism, and industrial activity, while positioning the UK as a key player in the emerging lunar economy.

• Australia’s Defence Department has partnered with Optus and leading universities to co-develop a LEO satellite equipped with experimental communications and research payloads, aiming to strengthen sovereign space capabilities. Backed by $4 million in Defence funding and additional investment through the iLAuNCH Trailblazer program, the mission will advance optical and radio-frequency communications and is set to launch in 2028.

• Astroscale U.S. has signed a Space Act Agreement with NASA’s Goddard Space Flight Center to test its Refueler spacecraft’s rendezvous and docking capabilities ahead of refueling missions for U.S. DOD satellites in GEO. The partnership leverages GSFC’s advanced in-space servicing facilities to validate Astroscale’s RPOD technology in a high-fidelity environment.

Applications

• Expedition 73 astronauts aboard the ISS conducted a range of health and systems maintenance tasks, including heart scans, blood pressure monitoring, and wearable sensor tests to study microgravity’s effects on cardiovascular and respiratory systems. The crew also maintained critical life support and scientific equipment, while supporting plant biology and international collaboration experiments.

• ESA and UK-based Frazer-Nash have launched INVICTUS, a hypersonic flight research program aiming to develop a reusable, Mach 5-capable aerospace vehicle with horizontal launch capabilities. Backed by ESA and the UK Space Agency, the project will test air-breathing, hydrogen-fueled propulsion systems and advanced cooling tech like SABRE, with the goal of enabling future spaceplanes and dual-use mobility systems.

• Researchers have demonstrated a new in-situ resource utilization (ISRU) technology that extracts water from lunar soil and uses it to convert CO₂ into oxygen and fuel precursors. While still in early stages, the integrated photothermal system could reduce the cost and logistical complexity of transporting water and fuel from Earth, making it a high-impact application for future commercial lunar infrastructure and deep space missions.

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• Northrop Grumman has invested $50 million in Firefly Aerospace to accelerate the development of their jointly built medium launch vehicle, now officially named Eclipse.
• Eclipse, based on Northrop’s Antares and Firefly’s Alpha, combines proven avionics and new propulsion systems to deliver 16 metric tons to low Earth orbit, with testing and flight hardware production already underway.
• With its debut set for 2026 from Wallops Island, Eclipse targets missions including national security launches, space station resupply, and constellation deployments across LEO, MEO, GEO, and TLI.

PRESS RELEASE – Northrop Grumman Corporation (NYSE: NOC) has invested $50 million into Firefly Aerospace to further advance production of their co-developed medium launch vehicle, now known as Eclipse. The companies continue to make progress in the development of Eclipse flight hardware with qualification testing underway and more than 60 Miranda engine hot fire tests performed to date.

“Firefly is incredibly grateful for Northrop Grumman’s investment that further solidifies our first-of-its-kind partnership to build the first stage of Antares 330 and jointly develop Eclipse,” said Jason Kim, CEO of Firefly Aerospace. “Eclipse represents two powerful forces coming together to transform the launch market with decades of flight heritage, a rapid, iterative approach, and bold innovation. With a 16 metric ton to orbit capability, Eclipse is a sweet spot for programs like NSSL Lane 1 and a natural fit to launch proliferated constellations in LEO, MEO, GEO, and TLI.”

Built upon Northrop Grumman’s Antares and Firefly’s Alpha rocket, Eclipse offers a significant leap in power, performance, production cadence, and payload capacity. The launch vehicle retains the flight-proven avionics from the Antares program with additional upgrades, including a larger 5.4 meter payload fairing. Eclipse also utilizes the same first stage Firefly is developing for Antares 330 and retains scaled-up versions of Alpha’s propulsion systems and carbon composite structures, allowing the team to rapidly build and test Eclipse with significant production efficiencies and economies of scale.

Firefly utilized the same patented tap-off cycle architecture from Alpha’s Reaver and Lightning engines for Eclipse’s Miranda and Vira engines, and completed mission duty cycle with a 206 second Miranda hot fire, matching the longest time the engine will burn during a flight. Following several development test campaigns, flight hardware has been manufactured for the common dome propellant tanks, engine bay and interstage.

“Eclipse gives customers the right balance between payload capacity and affordability,” said Wendy Williams, vice president and general manager, launch and missile defense systems, Northrop Grumman. “Our partnership with Firefly builds on our capacity to provide crucial spaced-based communication, observation, and exploration for civil and national security customers.”

Filling a void in an underserved market, Eclipse is equipped to deliver 16,300 kg of cargo to low Earth orbit or 3,200 kg of cargo to geosynchronous transfer orbit. Eclipse will first launch from Wallops Island, Virginia, as early as 2026 and is able to support space station resupply, commercial spacecraft, critical national security missions and scientific payloads for the domestic and international markets.

• A Firefly Aerospace Alpha rocket failed to reach orbit on April 29 after a second-stage ignition issue caused the upper-stage engine to lose thrust, sending the rocket and its Lockheed Martin payload into the Pacific Ocean.
• The mishap interrupted the debut mission of Lockheed Martin’s LM 400 Technology Demonstrator, a new satellite bus intended for military, commercial, and civil applications.
• The launch was the first in a five-year agreement between Firefly and Lockheed Martin covering up to 25 missions; an investigation with Lockheed, the Space Force, and FAA is underway to determine the root cause.

A Firefly Aerospace Alpha rocket failed to reach orbit on April 29 after a problem during the rocket’s second-stage ignition, sending it and its payload, a Lockheed Martin satellite, into the ocean.

According to Firefly, the Alpha FLTA006 mission lifted off at 11:00 a.m. PDT from California’s Vandenberg Space Force Base, but a mishap during the separation between the rocket’s first and second stages led to the loss of the nozzle extension on the upper-stage Lightning engine, substantially reducing its thrust.

“Initial indications showed Alpha’s upper stage reached 320 km in altitude,” the company noted in a statment. “However, upon further assessment, the team learned the upper stage did not reach orbital velocity, and the stage and payload have now safely impacted the Pacific Ocean in a cleared zone north of Antarctica.”

Firefly indicated the company is working with Lockheed Martin, the U.S. Space Force, and FAA to investigate and determine the cause.

“We recognize the hard work that went into payload development and thank our mission partners at Lockheed Martin for their continued support,” the company said.

According to Lockheed Martin and Firefly, the LM 400 Technology Demonstrator on board was designed to validate the performance of Lockheed Martin’s newest satellite bus, a modular mid-sized platform tailored for a range of military, civil, and commercial missions. The demo was part of Lockheed’s self-funded efforts to accelerate development of new technologies and prove system reliability for prospective customers.

The flight marked the first in a broader agreement between Firefly and Lockheed Martin, which includes up to 25 launches over five years.

Last week, on April 23, Firefly announced it had been awarded a contract from the Air Force Research Laboratory (AFRL) at Edwards Air Force Base to develop a ceramic matrix composite (CMC) nozzle extension for use in liquid rocket engines.

• Firefly Aerospace has selected Honeybee Robotics to build the lunar rover for its 2028 NASA mission to explore the Moon’s Gruithuisen Domes, marking a continued collaboration between the two companies.
• The rover, delivered to the Moon via Firefly’s Blue Ghost lander and deployed after orbital insertion by the Elytra Dark transfer vehicle, will carry NASA’s Lunar-VISE instruments to study the domes’ unique volcanic composition and terrain.
• This mission is Firefly’s third to the Moon and will feature six NASA-sponsored payloads, with Honeybee’s rover traversing boulder fields and craters to support 14 days of surface operations and contribute to long-term lunar exploration goals.

A 2028 NASA-backed Firelfy Aerospace mission to explore an unvisited part of the Moon’s surface will use a Honeybee Robotics rover.

According to the companies, Firefly selected the Blue Origin subsidiary Honeybee to build the lunar rover that will be deployed by Firefly’s Blue Ghost lunar lander during its mission to explore the Gruithuisen Domes.

“We’re excited to support Firefly’s mission to the Gruithuisen Domes by providing surface mobility, a key capability for lunar permanence,” said Paul Ebertz, senior vice president of In-Space Systems, Blue Origin. “With this rover, Honeybee Robotics builds on its legacy of advanced robotics and hardware designed for exploration throughout our Solar System.”

Firefly’s Elytra Dark transfer vehicle will first place the Blue Ghost lander into lunar orbit, where it will remain to provide communications support. Blue Ghost will then land on the Moon’s surface and deploy the Honeybee rover with an array of NASA instruments.

“Firefly is proud to partner with Honeybee Robotics to help us explore the challenging Gruithuisen Domes terrain on our third mission to the Moon,” said Shea Ferring, Chief Technology Officer at Firefly Aerospace, adding that the company has worked closely with Honeybee on two previous payloads on the first Blue Ghost Moon mission. – the Lunar PlanetVac and LISTER subsurface drill. “Their stellar team, robust rover solution, and flight proven technologies made Honeybee the obvious choice.”

The rover will traverse the dome’s southern edge, navigating a boulder field and ultimately reaching the rim of a recent impact crater. It will then return to the lander before sunset, enabling the instruments to re-examine targets under different lighting conditions.

Honeybee’s rover will help investigate the subsurface composition of the Gruithuisen Gamma Dome with elements of NASA’s Lunar Vulkan Imaging and Spectroscopy Explorer (Lunar-VISE) suite, according to NASA. Lunar-VISE has multiple instruments, including two cameras attached to Firefly’s Blue Ghost lander that will characterize the landing site and rover’s path, along with an infrared multi-spectral camera system and a spectrometer that will measure gamma ray and neutron emissions.

The mission is expected to last approximately 14 days.

This mission follows Firefly’s successful first lunar mission in March 2025, which landed in the Mare Crisium region. The company’s second mission, scheduled for 2026, will involve operations both in lunar orbit and on the Moon’s far side.

• Firefly Aerospace’s Blue Ghost lander successfully completed the first commercial lunar landing under NASA’s Commercial Lunar Payload Services (CLPS) program, delivering 10 science and technology instruments to the Moon.
• The lander, which touched down near Mons Latreille in Mare Crisium, will operate for about 14 Earth days, conducting experiments on lunar surface conditions, radiation tolerance, and navigation technologies.
• NASA’s CLPS program, with contracts worth up to $2.6 billion through 2028, aims to accelerate lunar research and establish a commercial supply chain for future Moon missions.
• Image: First image captured by Firefly’s Blue Ghost lunar lander, taken shortly after confirmation of a successful landing at Mare Crisium on the Moon’s near side. This is the second lunar delivery of NASA science and tech instruments as part of the agency’s Commercial Lunar Payload Services initiative. (Firefly Aerospace)

Firefly Aerospace’s Blue Ghost lander touched down on the Moon early Sunday, marking the first commercial lunar landing under NASA’s initiative to use private companies for space exploration, according to a NASA statement. The spacecraft, carrying 10 NASA science and technology instruments, landed in an upright and stable position near a volcanic feature called Mons Latreille in the Moon’s Mare Crisium basin.

The landing is part of NASA’s Commercial Lunar Payload Services (CLPS) program, which is meant to reduce costs and accelerate lunar research by contracting private companies to transport scientific instruments. Blue Ghost is Firefly’s first mission under CLPS and a step toward a growing lunar economy.

“This incredible achievement demonstrates how NASA and American companies are leading the way in space exploration for the benefit of all,” said NASA acting Administrator Janet Petro. “We have already learned many lessons – and the technological and science demonstrations onboard Firefly’s Blue Ghost Mission 1 will improve our ability to not only discover more science, but to ensure the safety of our spacecraft instruments for future human exploration – both in the short term and long term.”

Blue Ghost launched from Florida’s Kennedy Space Center on Jan. 15 and traveled more than 2.8 million miles before landing. Along the way, it transmitted 27 gigabytes of data and conducted science experiments, including testing a navigation system that showed Earth’s GPS technology can function at the Moon’s distance.

Last year, Houston-based Intuitive Machines’ Odysseus lander made a lopsided touchdown Reuters reported, landing mostly intact but dooming many of its onboard instruments.

The lander’s scientific payloads will operate for about 14 Earth days, or one lunar day. The instruments will study the Moon’s surface, measure radiation levels, test computing systems for deep space, and investigate how dust moves in lunar conditions. Data collected from the mission will help NASA plan future crewed missions and long-term lunar operations.

“The science and technology we send to the Moon now helps prepare the way for future NASA exploration and long-term human presence to inspire the world for generations to come,” said Nicky Fox, associate administrator for science at NASA Headquarters in Washington. “We’re sending these payloads by working with American companies – which supports a growing lunar economy.”

Among the payloads on board, the Lunar Magnetotelluric Sounder is measuring changes in the Moon’s magnetic field, while the Radiation-Tolerant Computer System is testing hardware designed to survive the harsh conditions of space. One instrument is drilling into the Moon’s regolith to analyze the composition of the soil.

The lander will also attempt to capture images of the lunar sunset and study how dust particles behave at dusk, a phenomenon first observed by Apollo 17 astronaut Eugene Cernan. The mission is expected to continue operating for several hours into the lunar night before shutting down.

“On behalf of our entire team, I want to thank NASA for entrusting Firefly as their lunar delivery provider,” said Jason Kim, CEO of Firefly Aerospace. “Blue Ghost’s successful Moon landing has laid the groundwork for the future of commercial exploration across cislunar space. We’re now looking forward to more than 14 days of surface operations to unlock even more science data that will have a substantial impact on future missions to the Moon and Mars.”

NASA has awarded contracts to five companies for 11 CLPS deliveries, sending more than 50 instruments to different parts of the Moon, including the lunar South Pole. The program’s contracts are valued at up to $2.6 billion through 2028.

By outsourcing lunar transportation, NASA aims to establish a supply chain that supports both scientific exploration and commercial development. The success of Blue Ghost’s mission strengthens the role of private companies in spaceflight and moves the agency closer to its goal of a sustained human presence on the Moon.

Learn more about NASA’s CLPS initiative at: https://www.nasa.gov/clps

• Firefly Aerospace secured a $21.81 million contract to launch the VICTUS SOL mission for the U.S. Space Force, supporting rapid-response space capabilities.
• Firefly’s Alpha rocket will remain on standby until the Space Force issues a launch order, building on lessons from the VICTUS NOX and VICTUS HAZE missions.
• The company demonstrated its rapid-launch capability in September 2023 by executing the first-ever 24-hour responsive space launch for VICTUS NOX and will launch VICTUS HAZE later this year.
• Firefly’s vertically integrated operations and Alpha rocket’s performance enable flexible, cost-effective launch solutions, reinforcing its role in tactically responsive space.
• Image Credit: Firefly Aerospace, Inc.

PRESS RELEASE — In a recent release, Firefly Aerospace, Inc. announced it had been awarded a $21.81 million contract to launch the VICTUS SOL mission for the U.S. Space Force’s Space Systems Command. The mission, part of the Tactically Responsive Space initiative, is designed to provide rapid-response launch capabilities for national security operations.

The VICTUS SOL contract was awarded under the Orbital Services Program-4 Indefinite Delivery Indefinite Quantity contract, managed by the Rocket Systems Launch Program within SSC’s Assured Access to Space Program Executive Office. The Space Safari Office, responsible for leading the U.S. Space Force’s TacRS initiatives, will oversee the mission.

VICTUS SOL builds on lessons from previous Firefly missions, VICTUS NOX and VICTUS HAZE, to refine rapid-response space launch capabilities. Under this contract, Firefly’s Alpha rocket will remain on standby, ready to launch at an unspecified time when directed by the Space Force.

“With VICTUS SOL, Firefly is humbled and proud to continue serving the Space Force on tactically responsive space with two follow-on missions after VICTUS NOX,” said Jason Kim, CEO of Firefly Aerospace, in a company press release. “As our country’s deterrence and responsive space needs grow exponentially, Firefly has ramped up our Alpha production line to meet that demand and provide flexibility to support the Space Force’s urgent needs that keep us ahead of the game.”

According to the release, Firefly Aerospace is the only company to have successfully executed a 24-hour responsive space launch. In September 2023, the company launched VICTUS NOX, demonstrating its ability to meet short-notice deployment requirements. Later this year, Firefly will also launch the VICTUS HAZE mission in partnership with True Anomaly, further expanding its contributions to TacRS operations.

Firefly’s vertically integrated operations, which combine co-located manufacturing, testing, and launch capabilities, enable efficient mission execution. The Alpha rocket, currently the only operational one-metric-ton-class launch vehicle, is optimized for high mass-to-orbit performance, allowing Firefly to provide affordable, flexible, and rapid launch solutions.

By securing this contract, Firefly Aerospace reinforces its contributions in tactically responsive space, supporting the U.S. military’s evolving space defense strategy.

• The Texas Space Commission awarded $47.7 million in grants to five aerospace companies—Blue Origin, Firefly Aerospace, Intuitive Machines, SpaceX, and Starlab Space.
• The grants function as reimbursements, ensuring funds are distributed only after companies meet project deliverables outlined in their agreements.
• This funding is part of a $150 million initiative under the Texas Aerospace Research & Space Economy Consortium (TARSEC), established to advance commercial, military, and civil aerospace activity in Texas.
• Texas continues to strengthen its aerospace ecosystem, with future funding rounds planned for March 2025.

PRESS RELEASE — The Texas Space Commission has approved $47.7 million in grants through the Space Exploration and Research Fund (SEARF) to five aerospace companies operating in Texas. The funding, awarded after an open meeting of the TSC board of directors, is part of the state’s broader initiative to support commercial, military, and civil aerospace activities.

The recipients include Blue Origin, Firefly Aerospace, Intuitive Machines, SpaceX, and Starlab Space. These grants are structured as reimbursements, meaning funds will be disbursed only after companies meet the project deliverables outlined in their grant agreements.

This funding is part of a larger $150 million allocation by the Texas Legislature to support aerospace research and economic development through the Texas Aerospace Research & Space Economy Consortium (TARSEC), established under House Bill 3447 in 2023.

Breakdown of Grant Recipients

Blue Origin – $7 million
Based in Van Horn, TX, Blue Origin is a private spaceflight company founded by Jeff Bezos. The company is developing New Shepard, a suborbital rocket for commercial space tourism, and New Glenn, a heavy-lift launch vehicle designed for orbital missions. Blue Origin is also contributing to NASA’s Artemis program through its Blue Moon lunar lander.

Firefly Aerospace – $8.2 million
Operating out of Cedar Park, TX, Firefly Aerospace specializes in small-to-medium launch vehicles and in-space transportation. The company’s Alpha rocket is designed to carry payloads up to 1,170 kg to low Earth orbit (LEO), making it a key player in the growing small satellite launch market. Firefly is also developing Elytra, an orbital transfer vehicle capable of in-space maneuvering, satellite deployment, and servicing.

Intuitive Machines – $10 million
Houston-based Intuitive Machines is at the forefront of lunar exploration. The company is working on Nova-C, a lunar lander contracted under NASA’s Commercial Lunar Payload Services (CLPS) initiative to deliver scientific and commercial payloads to the Moon. Nova-C is scheduled to be one of the first commercial landers to reach the lunar surface, carrying instruments for NASA and private clients.

SpaceX – $7.5 million
Headquartered in California but with significant operations in Brownsville, TX, the company’s Starbase facility in Texas is central to the development and testing of Starship, a fully reusable spacecraft designed for missions to Mars and deep space. The company’s long-term goal is to develop a system capable of high-frequency, cost-effective space travel.

Starlab Space – $15 million
Starlab Space, based in Houston, TX, is working on a commercial space station intended to replace the International Space Station (ISS). The company, a joint venture between Voyager Space and Airbus, is developing a free-flying low Earth orbit (LEO) research platform designed for scientific experiments, manufacturing, and commercial activities. As NASA plans for the ISS’s retirement, private space stations like Starlab will become critical to sustaining human presence in orbit.

Texas Strengthens Its Aerospace Ecosystem

The TSC’s latest round of funding reflects Texas’s investment in the commercial space sector. The state is already home to major spaceflight infrastructure, including SpaceX’s Starbase, NASA’s Johnson Space Center, and multiple private launch sites.

“Today’s awards will support Texas companies as we grow commercial, military, and civil aerospace activity across the state,” said Gwen Griffin, chair of the TSC board.

The Texas Space Commission will continue reviewing additional grant applications, with the next round of awards expected in March 2025. The SEARF funding is a key part of the state’s long-term vision to build a self-sustaining space economy, ensuring Texas remains central to space exploration and commercialization.