The Cedar Park-based company, which plans to trade on the Nasdaq market as FLY, would launch with a valuation of about $5.5 billion.

Northrop Grumman-backed space technology startup Firefly Aerospace is targeting a valuation of about $5.5 billion in its U.S. initial public offering, as investor appetite for high-growth sectors shows signs of a sustained rebound.

Firefly Aerospace unveiled terms of a planned initial public offering that could give the space and defense technology company a market capitalization topping $5.5 billion.