Firefly Aerospace will price shares at $35 to $39 each in its upcoming initial public offering, a deal that would value the rocket maker at about $5.5 billion.

The Texas-based space company said in an updated prospectus Monday that it’s planning to sell about 16.2 million shares. The offering could raise up to $631.8 million.

Earlier this month, Firefly filed its plans to go public on the Nasdaq under the ticker symbol “FLY.”

Its debut comes amid a renewed push in the space race, as billionaire-led companies such as Elon Musk’s SpaceX funnel more money into space activities and startups try their luck at the public markets.

Space tech firm Voyager went public in June, while reusable rocket developer Innovative Rocket Technologies said it plans to debut through a $400 million special purpose acquisition company merger.

Firefly’s public market launch also coincides with a revival in IPO activity as debilitating interest rates and an overhang from President Donald Trump’s tariff plans begin to clear. Design software company Figma is slated to go public this week after raising its range.

Firefly makes rockets, space tugs and lunar landers, including satellite launching rockets known as Alpha. At the end of March, the company reported a sixfold jump in revenue from $8.3 million a year ago to $55.9 million.

The company also reported a net loss of about $60.1 million, up from a loss of $52.8 million a year ago, and said its backlog totaled about $1.1 billion.

Some of Firefly’s major backers include AE Industrial Partners, which led an early investing round in the company. Defense contractor Northrop Grumman invested $50 million in the startup this May, and Firefly says it has collaborated with Lockheed Martin, L3Harris and NASA.

WATCH: Firefly’s ambitious plan to become the next SpaceX