(Reuters) -Space and defense technology firm Firefly Aerospace is targeting a valuation of about $5.5 billion in its U.S. initial public offering, as investor demand for newly listed stocks shows signs of a sustained rebound.

The company is aiming to sell its shares between $35 and $39 apiece to raise as much as $631.8 million, a regulatory filing showed on Monday.

The U.S. IPO market is showing signs of steady recovery in 2025 after a slump of almost three years, as easing interest rates, improved market conditions and a backlog of high-growth companies revive investor appetite.

Several notable listings, including neo-bank Chime and stablecoin issuer Circle, have rekindled optimism in recent weeks, with more firms preparing to test the waters in the second half of the year.

Firefly Aerospace expects to trade on the Nasdaq under the ticker symbol 'FLY'.

Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo Securities are the lead underwriters of the offering.