The firm’s stake in the space company climbed to around $3.5 billion as Firefly shares surge.

Firefly Aerospace, a space technology firm whose Blue Ghost lunar lander touched down on the moon earlier this year, jumped more than 50% during its initial public offering on the Nasdaq Thursday, trading over $70 per share before settling closer to $62 later in the afternoon—making the Texas-based rocket developer the most recent successful IPO in a warming market.

Firefly Aerospace Inc.’s stock received a warm welcome on Wall Street on Thursday, as investors piled into the space sector’s latest debutant. The moon-exploration company’s stock started trading at $70 a share at 12:51 p.