SCHEDULE: Firefly Aerospace: Key Investors Disclose Significant Stakes

Major shareholders, including AeroEquity GP and Thomas Markusic, have filed Schedule 13G reports detailing their beneficial ownership in Firefly Aerospace Inc.

Summary

• AeroEquity GP, LLC, along with its affiliated AE Holders, beneficially owns 58,805,752 shares of Firefly Aerospace Inc. common stock, representing 36.90% of the class. This includes 100,320 shares issuable upon warrant exercise.
• Thomas Markusic beneficially owns 12,487,089 shares, representing 7.60% of the class, which includes 5,008,700 shares issuable upon option exercise.
• Mitsui & Co., LTD beneficially owns 5,033,121 shares, representing 3.16% of the class.
• Marc Allen Weiser beneficially owns 4,045,252 shares, representing 2.54% of the class, through entities he manages.
• A group comprising the AE Reporting Persons, Thomas Markusic, Mitsui & Co., LTD, and Marc Allen Weiser may be deemed to collectively own 80,371,214 shares, or 48.90% of the common stock outstanding as of November 10, 2025, due to a Director Nomination Agreement.

Sentiment

Score: 5

Explanation: This is a routine beneficial ownership disclosure (Schedule 13G) and does not inherently convey positive or negative sentiment regarding company performance or prospects. It merely reports significant ownership stakes and the potential formation of a voting group.

Positives

• Significant institutional and insider ownership indicates strong commitment from key stakeholders.
• The potential formation of a group, controlling nearly half of the voting shares, suggests a coordinated approach to corporate governance and strategic direction.

Risks

• The concentration of significant ownership among a few entities and individuals could lead to potential control issues or influence over corporate decisions that may not always align with minority shareholder interests.
• The 'group' formation, while potentially beneficial for stability, could also limit the influence of other shareholders.

Industry Context

The aerospace industry, particularly the space sector, often sees significant investments from private equity firms and strategic partners like Mitsui & Co. The substantial ownership by AeroEquity GP and the company's founder, Thomas Markusic, is typical for growth-stage companies in capital-intensive sectors, indicating strong backing for Firefly Aerospace's development and operational goals.

Corporate Governance

Stakeholder Impact

• Shareholders: The significant concentration of ownership and potential formation of a voting group could influence future corporate decisions, potentially impacting minority shareholder voting power and strategic direction.
• Management: The coordinated influence of major shareholders through a Director Nomination Agreement could provide strong strategic guidance and oversight.

Key Dates

Keywords

Firefly Aerospace, AeroEquity GP, Thomas Markusic, Mitsui & Co., Marc Allen Weiser, beneficial ownership, Schedule 13G, common stock, aerospace, space industry, investor filing, corporate governance