Rocket and spacecraft maker Firefly Aerospace is expected to secure a $110 million loan from the U.S. Export-Import Bank (EXIM), according to a document reviewed by Reuters. The loan is intended to help fund the expansion of the company's spacecraft production facilities in Texas.
The EXIM bank's board members are scheduled to vote on the loan on Tuesday morning. This funding is part of an EXIM initiative designed to help U.S. firms compete globally in sectors such as artificial intelligence and space, against foreign competitors.
Firefly Aerospace, based in Austin, Texas, has been active in the space industry, having successfully landed a spacecraft on the moon with its uncrewed Blue Ghost last year. The company also launches customer satellites using its Alpha rocket and develops satellite platforms.
Sources familiar with the terms indicate the loan will have a 12-month availability period and a 10-year repayment period. The planned expansion in Texas is anticipated to create approximately 200 jobs.
The competition in satellites and spacecraft platforms has intensified globally, with China's rapidly growing space industry targeting foreign customers. Many European nations are also developing their own national space systems, which have become crucial for both conflict and everyday connectivity.
EXIM's "Make More in America Initiative" aligns with broader efforts to bolster U.S. companies' international competitiveness, including through executive orders and programs aimed at attracting foreign buyers to high-tech U.S. products. Companies like SpaceX, Blue Origin, and Rocket Lab are also expanding their spacecraft production capabilities.