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Firefly Aerospace's shares increased about 4% in after-hours trading amid speculation it could receive a contract for the U.S. military's Golden Dome missile defense initiative. The SHIELD contract aims to detect and destroy missiles.

The company announced a Block II upgrade for its Alpha rocket, with the next flight serving as a test for these subsystems. Firefly has drawn investor interest due to its partnership with L3Harris Technologies for three Alpha launches in 2026.

Despite a nearly 50% drop since its IPO, shares have gained almost 33% this year. Currently, five of eight analysts rate Firefly a 'buy' or 'strong buy'.