Shares of Firefly Aerospace (FLY) surged approximately 6.24% on Thursday following the successful completion of the company’s Alpha Flight 7 “Stairway to Seven” mission launched the previous evening.
$FLY: Firefly just launched “Stairway to Seven,” the 7th and final flight of Alpha Block 1 from Vandenberg Space Force Base, marking the end of the current configuration before the upgraded Block II Alpha takes over.
Stay tuned for mission progress.
— Space Investor (@SpaceInvestor_D) March 12, 2026
Liftoff occurred at 5:50 pm PDT on March 11 from Space Launch Complex 2 located at Vandenberg Space Force Base in California. The mission achieved orbital insertion and successfully delivered a demonstration payload for Lockheed Martin (LMT).
The achievement represents Firefly’s fourth successful orbital mission across seven total Alpha launch attempts beginning in 2021. It signaled a significant comeback for the program after being sidelined due to last year’s incident.
Only five months earlier, an Alpha booster was destroyed in a pre-launch explosion at the company’s Briggs, Texas facility. Investigators determined the incident resulted from fluid contamination stemming from an operational mistake.
In response to the accident, Firefly implemented a comprehensive assessment of its engineering, manufacturing, testing, and operational protocols. CEO Jason Kim noted the organization “took a hard look at our processes” and implemented multiple enhancements before resuming launch activities.
“Alpha Flight 7 was flawlessly executed with all mission requirements completed,” Kim said in a statement.
FLY shares finished Wednesday’s regular trading session with a 6.3% gain, then added another 4.8% to 5.6% in after-hours trading. By Thursday morning, the stock was hovering around $20.60, though premarket trading showed some retreat to approximately $19.33.
Beyond achieving orbit, the Flight 7 mission accomplished additional objectives. The Alpha rocket successfully executed a second stage engine relight and verified essential elements of the forthcoming Block II configuration.
Enhancements validated during this flight included a newly developed in-house avionics suite alongside an upgraded thermal protection system. These components will be integrated into the comprehensive Block II redesign scheduled for Alpha Flight 8.
The Block II variant extends the rocket’s length by seven feet and features reinforced carbon composite structures manufactured using automated equipment. Battery systems and avionics will be unified and produced internally.
Adam Oakes, Vice President of Launch, described Flight 7 as “a critical opportunity to validate Alpha’s performance ahead of our Block II upgrade.”
Even with Thursday’s increase, FLY continues trading approximately 54% beneath its initial public offering price. The stock made its Nasdaq debut in August 2025 at a valuation that temporarily elevated its market capitalization near $10 billion following a first-day surge exceeding 50%.
The 52-week trading range extends from $16.00 to $73.80, positioning the current price considerably below peak levels.
Analyst sentiment toward the stock remains generally optimistic. Among the eight analysts providing coverage on FLY, five assign it a Buy rating or stronger. Three analysts rate it Hold, with no sell recommendations, based on Koyfin data.
The average analyst price target stands at $38.29, suggesting potential upside of approximately 90% from present trading levels.
The company now turns its attention to finalizing preparations for Alpha Flight 8, which will debut the complete Block II configuration.
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