Firefly's new CEO is intensely focused on expanding launches, spacecraft, and moon missions.

• Jason Kim, Firefly Aerospace's new CEO, stated that he will "work maniacally" to expand the company's efforts, which include rocket launches and moon landings.
• Firefly's product lines are generating revenue, and the company has started fundraising with a new lead investor.
• Kim stated in his first interview as Firefly CEO that as long as we execute, we can continue to grow and take bigger risks.

Jason Kim has recently landed one of the most highly sought-after yet demanding executive positions in the aerospace sector.

As the new CEO of Firefly Aerospace, he is no longer under the umbrella of his previous role as head of their satellite-making subsidiary Millennium. He has joined an exclusive operation, being one of only four U.S. companies with an operational orbital rocket, and with expanding spacecraft and lunar lander product lines.

Now, a new player is entering the launch market, which is currently dominated by SpaceX, while legacy player ULA and rising challenger Blue Origin are also intensifying their efforts.

Kim remains unperturbed. He perceives opportunities in the market for Firefly's Alpha and upcoming MLV rockets, which fit into the small-to-heavy class of vehicles.

Kim, who joined Firefly this month, believes that space is the next big transportation advancement. He stated this in his first interview with CNBC, where he discussed the company's role in creating a new category in this field.

Firefly collaborated with Millennium on the Space Force's experimental Victus Nox mission last year, and Kim observed the "unstoppable" attitude and "calculated risk-taking" of Firefly employees.

Kim expressed excitement about being here and stated her determination to work tirelessly to support the team in realizing their visionary ideas.

Firefly has experienced a tumultuous past decade, with its CEO resigning after allegations of an inappropriate relationship, following a series of challenges including bankruptcy, restart, and a federally-forced-ownership swap.

Firefly has pushed forward with its rocket development, launching its Alpha rocket five times from California's Vandenberg Space Force Base, achieving its intended orbit successfully on two of those attempts.

This summer, AE Industrial Partners swiftly recruited Kim from Millennium after Firefly's previous leader departed. Kim stated that becoming CEO of Firefly was not part of his plan but expressed enthusiasm for the opportunity.

Kim stated that running multiple companies has taught him the value of autonomy, which he believes is crucial for making the best decisions and scaling effectively. He emphasized that autonomy allows for the efficient use of funds and the creation of differentiators, which are essential for rapid growth and innovation. Kim concluded that autonomy and Firefly are intertwined, and that it will be the key to their continued growth, evolution, and sustainability.

Firefly's three main product lines are its rockets, Alpha and MLV; space tugs, called Elytra, and lunar landers, known as Blue Ghost. Kim stated that all of the company's product lines generate revenue, though he did not disclose the exact amount. Additionally, Firefly has begun fundraising a new round of capital with a new lead investor.

Kim stated that there is already significant demand from investors, and more will come soon, which will aid in the scaling process.

More rockets

Firefly's rockets are the core of its bid to become a comprehensive space transportation company.

At a height of 95 feet, Alpha is built to transport 1,000 kilograms of cargo into space for $15 million per launch.

The MLV, a 183-foot rocket, is being developed by two companies to launch up to 16,300 kilograms of payload to orbit. The Antares rockets successor, MLV is expected to have its maiden launch in 2026.

Both Alpha and MLV occupy a position in the rocket market, situated between Rocket Lab's "lightweight" Electron and the "heavyweight" rockets such as SpaceX's Falcon 9.

All market needs can be supported by the small-medium-large model, according to Kim. However, a one-size-fits-all approach is not applicable.

Kim believes that Firefly's Reaver engines, which power the Alpha rockets, are a significant advantage due to their reliability and efficiency. Additionally, Kim notes that Firefly has scaled up its engine technology to create Miranda, allowing for a more efficient and streamlined spacecraft design.

"Kim stated that we have made significant progress on MLV as we have already conducted 50 Miranda engine tests."

In the third quarter of next year, Firefly will deliver a first stage similar to MLV's, while Northrop's Antares 330 rocket will also be part of MLV's debut before it launches.

The MLV designed by Firefly's Alpha is intended for reuse.

Kim stated that we are now closer to understanding SpaceX's approach to rocket reuse, as seen in the Falcon 9 rockets' landing capability that was added over time.

"We want to prioritize getting launches into orbit before focusing on the 'return to launch site' aspect of the program," Kim stated. "I believe that reusability will aid in the launch cadence of the MLV program, but for Alpha, we will simply aim to meet our targets through sheer cadence."

Alpha has a backlog of launches with Firefly, with over 50 deals signed, including bulk orders from and , as well as three launches for True Anomaly, one being part of the Space Force's latest responsive launch mission, Victus Haze.

The company prioritized infrastructure expansion this year, resulting in Rocket Ranch's footprint expanding to more than 200,000 square feet of floor space. In the upcoming year, Kim plans for Firefly to conduct four to six Alpha launches, with the goal of doubling that number annually until Alpha is flying twice a month, or 24 launches per year.

Kim stated that although we could have focused on increasing Alpha launches this year, we instead prioritized expanding for the future.

A variety of spacecraft

The Blue Ghost lunar lander, Firefly's first major debut, is scheduled to launch in December and will land on the moon's surface 45 days after that.

NASA's Commercial Lunar Payload Services program is flying cargo with Blue Ghost, a seven-foot-tall and twelve-foot-diameter spacecraft. Firefly, one of three U.S. companies to win CLPS mission contracts, was awarded a $93 million contract for the Blue Ghost Mission 1 in 2021, which involves delivering 10 research payloads to the moon.

"Whenever we visit the moon, the entire world observes us. When we successfully land there, like Simone Biles executes a perfect landing in the Olympics, we will become a different company," Kim stated.

Elytra line of space tugs, also known as orbital transfer vehicles, is Firefly's other spacecraft. The trio —Dawn, Dusk, and Dark — are increasingly large spacecraft that can delivery spacecraft and payloads to orbits ranging from low-above Earth to orbiting the moon.

Elytra is currently receiving the least attention from Firefly publicly, but in five years, it will become a flywheel constellation program that serves various missions. As a satellite manufacturer, my expertise lies in transforming Elytra into a multi-mission constellation capability.

Kim, who recently joined Firefly, stated that he already has a clear understanding of the company's progression needs.

Kim stated, "I've managed companies previously. Ultimately, it boils down to execution. We must establish a rhythm. … As long as you execute, you can continue to expand and take on increasingly ambitious projects."