The company, in brief
Firehawk Aerospace is rebuilding how America manufactures rocket motors and munitions. The energetics that power rockets, missiles, and artillery shells are still made with WWII-era batch processes, and only two domestic companies serve the entire U.S. arsenal. Firehawk replaces that process with 3D-printed propellant — production in hours instead of weeks — and has turned that technology into real business: seven active DoD programs, an exclusive teaming agreement with General Dynamics, $42.5 million in Congressional appropriations, and over 1,000 acres of production capacity across Oklahoma, Mississippi, and Texas. Revenue is projected to grow from $34 million this fiscal year to $104 million in FY2027 as production ramps.
We are recommending an investment in Firehawk’s Series D — a ~$250 million round at a $1.0–1.25 billion pre-money valuation, with access secured through Nomi Capital, an existing Firehawk investor. The two-page brief below has the full picture.
The top five reasons
- A national supply crisis. Active conflicts are consuming munitions faster than America can build them, and only two domestic companies make the energetics that power every rocket, missile, and artillery shell. The Pentagon has flagged this as one of the most acute vulnerabilities in the defense industrial base — and rebuilding “magazine depth” is now a funded national priority.
- A real differentiator. Firehawk 3D-prints rocket propellant — production in hours instead of weeks, at roughly $150 per pound versus $300–$1,000 from incumbents, with 50–60% targeted gross margins versus the legacy players’ 20–30%.
- General Dynamics has signed. An exclusive teaming agreement on next-gen 155mm artillery motors, with 50,000-unit production beginning Q1 2027 — plus seven active DoD programs including the Army’s Hydra-70, projected at ~$123 million through 2029 from that program alone.
- Look who’s already invested. Raytheon, Hanwha Aerospace, Draper Associates, and 1789 Capital are all on the cap table, alongside $42.5 million of Congressional appropriations. When the prime, the strategics, and the government are all behind a company, the validation is structural.
- Momentum, and a visible path to exit. Firehawk just signed an MOU with Korea’s LIG Defense & Aerospace to jointly develop rocket motors for 70–140mm tactical weapons, is expanding into larger 5-inch motors, and is pulling senior hires from Anduril and Castelion. Based on our conversations with Firehawk’s executive team and Nomi Capital’s due diligence, we believe an IPO is on the cards — management has pointed to a $10 billion valuation; we’d be happy with $5 billion. Projected, not guaranteed.
- Round: Series D · ~$250M raise at $1.0–1.25B pre-money
- Access: co-investment via Nomi Capital, an existing Firehawk investor
- Eligibility: Qualified Purchaser
- Fees: one-time 4.0% fee · no management fee · 20% carried interest
- Expected hold: 3–4 years · allocation first come, first served
Key risks
- Illiquid — an earlier-stage private position with a 3–4 year expected hold
- Execution & program risk — production ramps, DoD program timing, and budget cycles
- Projections are targets only — revenue, margin, and exit scenarios may differ materially
- Scenario returns are hypothetical, gross of all fees and carried interest, and not predictions
Questions, or ready to discuss sizing? Call us at (424) 260‑1551 or email info@second50financial.com.
This material is provided exclusively to clients of Second 50 Financial, LLC for informational purposes. It is not an offer to sell or a solicitation of an offer to buy any security; any offering is made solely through the applicable confidential offering documents and subscription agreements, which investors should review in full before any decision. Second 50 Ventures is the private-markets co-investment platform of Second 50 Financial, LLC, an SEC-registered investment adviser; registration does not imply a certain level of skill or training. Firehawk Aerospace, General Dynamics, Raytheon, Hanwha Aerospace, Draper Associates, 1789 Capital, LIG Defense & Aerospace, and Nomi Capital are not affiliated with Second 50. Private investments are speculative, illiquid, and involve substantial risk, including loss of the entire investment. Scenario and return figures are hypothetical, based on Nomi Capital’s underwriting, presented gross of vehicle-level fees, carried interest, and advisory fees, and are not predictions; actual results may differ materially. Forward-looking statements, including revenue projections and any potential IPO or exit valuation, depend on government programs, production ramps, and execution and may not be realized; future financing rounds may dilute the position or may not occur. Participation is limited to clients who meet applicable eligibility requirements and follows an individual suitability review. Figures are from company and Nomi Capital materials and have not been independently verified. Past performance is not indicative of future results. Please do not redistribute.