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Firefly Aerospace, the first commercial company to successfully land on the moon, just announced the target per-share pricing for its proposed initial public offering (IPO). In a filing with the U.S. Securities and Exchange Commission (SEC) today, the Texas-based company shared that it applied to list its common stock on the Nasdaq exchange, with an offer of 16.2 million shares, each priced between $35 and $39 per sharea launch that could raise as much as $631.8 million for Firefly. The company plans to trade its stock under the ticker symbol FLY. According to Firefly, net proceeds from the IPO would be used to repay outstanding borrowings under its credit agreement, pay any accrued and unpaid dividends on certain series of its preferred stock, and for general corporate purposes. If the IPO is approved by the Nasdaq, it will be the latest in a series of tech-focused listings that have drawn renewed investor interest this year, a group that includes fintech company Chime, stablecoin issuer Circle, and digital health platform Hinge Health. Firefly has not announced an expected date for the listing, but said in a press release on Monday that it has launched its “road show.” Fast Company has reached out for more information on the timing. What is Firefly Aerospace? Firefly Aerospace is a private company focusing on building small- to medium-lift launch vehicles, lunar landers, and orbital vehicles from its headquarters in Cedar Park, Texas. Its proposed IPO comes just months after the company landed on the moon for the first time through a partnership with NASA. The Blue Ghost Lunar Lander Mission 1, dubbed Ghost Rider in the Sky, was a collaboration between Firefly and NASAs Commercial Lunar Payload Services (CLPS) initiative, which offers fixed contracts to commercial partners. In all, CLPS awarded Firefly $101 million to craft a four-legged lander that could deliver 10 NASA payloads (weighing 340 pounds) to the moons surface. These payloads were designed to study topics like the behavior of lunar dust, the moons internal structure, and the Earths magnetosphere. The mission launched on January 15 and successfully touched down on March 2. It just shows that the private industry, the commercial world, has a lot of affordable, responsive technology and systems that could provide NASA a frequent means to go to the moon and carry out all these high-stakes critical-science missions for lower cost, as well as do it sustainably, Firefly CEO Jason Kim told Fast Company in January. Currently, Firefly is gearing up to complete two more missions for NASA in 2026 and 2028. The companys success, alongside the growing prominence of other players like Elon Musk’s SpaceX and Jeff Bezos’s Blue Origin, shows that private companies are becoming increasingly powerful in todays space racea trend that may make FLY stock a valuable asset to potential future investors.
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E-Commerce
The Trump administration’s so-called “Big, Beautiful Bill,” which the president signed into law on July 4, could have some unwelcome impacts on U.S. grocery storesespecially those that are independently owned or in low-income neighborhoods. The bill slashed government spending on items like Medicare and Medicaid and gave massive tax cuts to corporations and the wealthiest Americans. But it also cut Supplemental Nutritional Assistance Program (SNAP) benefits, a federal program which at least 41.7 million received last year. According to the National Grocers Association (NGA), which represents independent community grocers across the U.S., as well as their wholesalers, roughly 12% of grocery store payments come from SNAP. In some rural and low-income neighborhoods, closer to 70% of sales are made using the assistance program. That means that neighborhood stores in those areas will almost undeniably see dwindling sales. In May, the Center for American Progress identified at least 27,000 grocery retailers that were likely to be the hardest hit by the bills cuts. “The impacts of cuts to SNAP are likely to be felt most strongly in areas with the highest rates of SNAP participation,” the report noted. “In these communities, even if a family doesnt personally see their budget for food reduced, community residents could see their local grocer close.” Amid economic challenges that were present before the bill’s passing, even major chains have been attempting major moves to stay competitive. Last year, grocery store giants Kroger and Albertsons attempted to merge. The move, which would’ve been the largest supermarket merger in history, was blocked by a judge after the FTC sued. “This historic win protects millions of Americans across the country from higher prices for essential groceriesfrom milk, to bread, to eggsultimately allowing consumers to keep more money in their pockets,” the FTC said in a statement at the time. “This victory has a direct, tangible impact on the lives of millions of Americans who shop at Kroger or Albertsons-owned grocery stores for their everyday needs, whether thats a Frys in Arizona, a Vons in Southern California, or a Jewel-Osco in Illinois.” While SNAP recipients and grocers may suffer due to the massive cuts, some republicans have pointed to an alleged uptick in fraudulent SNAP payments as a reason for the SNAP cuts. House Speaker Mike Johnson cited a USDA statistic, which says SNAP transactions jumped 55% between the last quarter of FY2024 and the first quarter of FY2025. Those fraudulent charges, however, arent from SNAP beneficiaries themselves, but from scams that target recipients who rely on the program.
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E-Commerce
Tesla has signed a $16.5 billion deal to source chips from Samsung Electronics, a move that could bolster the South Korean tech giant’s unprofitable contract business but is unlikely to help Tesla sell more EVs or roll out robotaxis more quickly. Tesla CEO Elon Musk said late on Sunday that Samsung’s new chip factory in Taylor, Texas would make Tesla’s next-generation AI6 chip. This could re-energize Samsung’s project, which has faced long delays because the company had trouble retaining and attracting major clients. Samsung shares on Monday closed up 6.8% on hopes that this deal would help the world’s top memory chip maker in the race to produce artificial intelligence chips, where it trails rivals such as TSMC. With production still years away, the deal is unlikely to help Tesla address immediate challenges, including ongoing declines in its EV sales and efforts to scale its emerging robotaxi service. Tesla shares still rose 4.2% on Monday. Musk has said that future AI inference chips, including AI6, would be deployed in self-driving vehicles and its Optimus humanoid robots, though he has noted the substantial computing power could enable broader AI applications. Inference chips are used to run AI models and make real-time decisions. “Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress. And the fab is conveniently located not far from my house,” Musk said in a post on X on Monday. “The $16.5B number is just the bare minimum. Actual output is likely to be several times higher,” Musk said in another post. It was unclear whether the deal is related to ongoing trade talks between South Korea and the U.S. Seoul is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25% U.S. tariffs. A South Korean trade ministry official told Reuters he had not heard that the specific deal was part of the trade negotiations. According to a senior analyst at NH Investment & Securities, Ryu Young-ho, Samsung’s Taylor factory “so far had virtually no customers, so this order is quite meaningful,” although the deal may represent a small portion of its logic chip revenue annually. In October, Reuters reported that Samsung had postponed taking deliveries of ASML chipmaking equipment for its Texas factory as it had not yet won any major customers for the project. It has already delayed the plant’s operational start to 2026. Production timeline While no timeline was provided for AI6 chip production, Musk has previously said that next-generation AI5 chips will be produced at the end of 2026, suggesting AI6 would follow. Musk confirmed during Tesla’s earnings call last week that AI5 chips would enter “buying production” by the end of next year. Lee Dong-ju, an analyst at SK Securities, expects production in 2027 or 2028, but Tesla has a history of missing its targets. Samsung currently makes Tesla’s AI4 chips, which power its Full Self-Driving (FSD) driver assistant system, while TSMC is slated to make the AI5, initially in Taiwan and then Arizona, Musk has said. Samsung, the world’s top memory chip maker, also produces logic chips designed by customers through its foundry business. The Texas project is central to Samsung Chairman Jay Y. Lee’s strategy to expand beyond its bread-and-butter memory chips into contract chip manufacturing. It holds just 8% of the global foundry market, far behind TSMC, which has a 67% share, data from market researcher Trendforce show. Pak Yuak, an analyst at Kiwoom Securities, said the deal would help reduce losses at Samsung’s foundry business, which he estimates exceeded 5 trillion won ($3.6 billion) in the first half of the year. ($1 = 1,378.7000 won) Heekyong Yang, Hyunjoo Jin, Wen-Yee Lee, Jack Kim, Akash Sriram, and Chris Kirkham, Reuters Additional reporting by Jihoon Lee.
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E-Commerce
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