Firefly Aerospace Inc. (FLY) shares soared 5.02% over a 24-hour period, extending recent gains for the space and defense technology company. The move comes amid significant positive developments for the firm and broad investor enthusiasm for the commercial space sector.

The surge is primarily attributed to Firefly securing major new business from NASA. The company announced it was awarded a $75 million subcontract from NASA's Jet Propulsion Laboratory to deliver four drones to the Moon's south pole in support of the agency's MoonFall mission, targeted for launch no earlier than 2028. Furthermore, NASA selected Firefly among other space companies to support its broader Moon Base initiatives, which aim to establish a sustained U.S. presence on the lunar surface.

Adding to the positive sentiment, the entire space sector has been buoyed by 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 has drawn more investors to the space sector, benefiting publicly traded companies like Firefly that are positioned to capitalize on the growing commercial space economy.