Aerospace company Starfighters Space, which operates the world’s only commercial supersonic aircraft fleet out of NASA’s Kennedy Space Center, is down double digits after major gains following completion of its initial public offering (IPO) last week.
Starfighters Space’s stock price has had a volatile ride in the days since, and Tuesday was no exception.
On Tuesday, shares of the stock, which are trading under the ticker symbol FJET, were down 55%, just one day after Monday’s record gains, when it soared a whopping 371%.
The Florida-based company completed its IPO last Wednesday, with shares beginning to trade on the NYSE American the next day. The company raised $40 million in its Regulation A offering.
The stock opened at $10 per share, and peaked at $17.72 on Thursday before sliding back down to $6.69 on Friday, according to Investor’s Business Daily.
In midday trading on Tuesday at the time of this writing, FJET was trading at $14.18 a share.
What is Starfighters Space?
The company owns and operates the largest commercial fleet of supersonic aircraft, which consists of seven Lockheed F-104 Starfighters adapted for space missions, and is based out of NASA’s Kennedy Space Center in Cape Canaveral, Florida.
Starfighters is developing a StarLaunch program, which uses the jets to deploy satellites and small payloads into space, with the capability to fly at MACH 2 speed.
Founded just three years ago in 2022, the company also offers pilot and astronaut training, in-flight testing services, and solutions for both defense and private sector industries. Current customers include Lockheed Martin, GE, Innoveering, Space Florida, and the U.S. Air Force Research Laboratory.
Starfighters Space financials
Starfighters Space Inc. had an approximate market capitalization of $395 million at the time of this writing.
“The public listing . . . reflects growing investor interest in companies providing real-world aerospace capabilities aligned with national security, space access, and advanced testing requirements,” Starfighters CEO and founder Rick Svetkoff said in a recent statement. “The Company is well positioned to deliver services to a range of customers through our fast, innovative and unique platform.”