Firefly Aerospace Inc. (FLY) shares soared 5.06% during intraday trading on Wednesday, driven by significant contract wins and buoyant sentiment in the commercial space sector.

The surge is primarily attributed to the company securing a major $75 million subcontract from NASA's Jet Propulsion Laboratory. The contract involves utilizing Firefly's Elytra spacecraft to deliver drone equipment to the lunar south pole in support of the agency's MoonFall mission, targeted for launch no earlier than 2028. NASA has also selected Firefly to support its broader Moon Base initiatives, aimed at establishing a sustained U.S. presence on the lunar surface.

Adding to the positive momentum, the entire space sector is experiencing a lift from optimism surrounding SpaceX's activities, including a recent Starship rocket test and the potential for a record-setting initial public offering. Analysts note that SpaceX's progress is drawing more investors to the space sector, benefiting publicly traded companies like Firefly. Furthermore, the company reported strong first-quarter fundamentals with revenue of $80.9 million, representing 45% year-over-year growth, and earnings that exceeded market expectations.