Firefly Aerospace (FLY.US): Taking a closer look at SciTec

Deutsche Bank attended Firefly's Ultimate High Ground Investor Summit and came away with greater appreciation for its acquisition of SciTec (acquired for $855m last year), a profitable software-centric business focused on advanced missile-defense capabilities. SciTec develops software for remote sensing, mission data processing, and command-and-control, with FORGE as its flagship US Space Force program. Recent awards expanded the disclosed FORGE Enterprise OPIR Services contract value from $263m to $372m and added ground-based radar digitization, cloud-based C2, and Golden Dome space-based interceptor programs. DB estimates SciTec will contribute over $250m in revenue this year (well above the $164m TTM run-rate at deal time). Three growth drivers: expanding sensor integration, ground architecture proliferation, and broader allied adoption. Rating: Buy; Price Target $35.00 vs. $21.13 close (11 Sep 2026).