AI Analysis | Feedback

Starfighters Space is like a commercial **Lockheed Martin Skunk Works**, operating its unique F-104 supersonic fleet as an airborne testbed for advanced aerospace and hypersonic research.

Starfighters Space is like **Rocket Lab for aircraft-launched suborbital payloads**, providing a more accessible platform for scientific missions and atmospheric research.

AI Analysis | Feedback

Historical Services

• Pilot and Astronaut Training: Provides specialized flight training for pilots and astronauts using the company's F-104 supersonic aircraft fleet.
• Launch Services and Access to Space: Offers capabilities for launching sounding rockets and providing access to space, similar to historical NASA F-104 operations.
• In-flight Testing: Conducts in-flight testing services for defense, civil, academic, and commercial applications.

New Services

• Launch Services and Access to Space: Aims to provide enhanced access to space, particularly in lower earth orbits, for commercial, academic, civil, and government clients.
• Airborne Testbed for Hypersonic Research and Development (R&D) and Test and Evaluation (T&E): Serves as an airborne platform for the research, development, testing, and evaluation of hypersonic technologies for various clients.

AI Analysis | Feedback

Starfighters Space (FJET) primarily sells its services to other organizations rather than individuals. Based on the provided information, its major customers fall into the following categories:

• Government: This includes defense, civil, and other governmental agencies seeking services such as pilot and astronaut training, launch services, access to space, and airborne testbeds for hypersonic research and development.
• Commercial: This category encompasses various businesses, industry participants, and entrepreneurs who utilize Starfighters' services for in-flight testing, launch services, access to space, and hypersonic R&D testbeds.
• Academic: Researchers and academic institutions are also target customers, leveraging Starfighters' unique fleet for high-speed flight research, in-flight testing, and access to space for various scientific endeavors.

AI Analysis | Feedback

AI Analysis | Feedback

Tim Franta, Chief Executive Officer

Tim Franta was appointed Chief Executive Officer on February 22, 2026, having previously served as the Vice President of Development. Prior to joining Starfighters, Mr. Franta was the deputy director of Energy Florida in Cape Canaveral from October 2018 to September 2022 and Director of Special Projects from 2012 to October 2018. He specialized in space and energy business development and also worked for the Florida Legislature, serving as chief of staff for the Florida Space Authority, where he helped draft space transportation legislation and oversaw FAA licensing of two launch pads.

David Whitney, Chief Financial Officer

David Whitney has served as Starfighters Space, Inc.'s Chief Financial Officer since January 2024. Mr. Whitney has over 10 years of experience as a Finance Executive for technology companies, working with both private and public entities. From November 2016 to May 2020, he served as the Chief Financial Officer for RentMoola Payment Solutions Inc., also serving on its Board of Directors from September 2018 to January 2020. From September 2022 to December 2023, he was the Chief Financial Officer for BRON Studios, a large Canadian independent film studio. Mr. Whitney is a CPA (CA) designated in British Columbia, Canada, and articled in public practice at Ernst & Young LLP.

Michael Smith, Vice President of Operations

Michael "Smitty" Smith brings over 30 years of professional experience, with extensive operational and technical knowledge, to Starfighters' mission.

Piercarlo Ciacchi, Director of Flight Operations

Piercarlo "Capone" Ciacchi is a former Italian Air Force F-104 and F-16 pilot and was selected for the Italian National Team "FRECCE TRICOLORI" in 2005. He moved to the U.S. in 2015 and founded Spaceport Aviation, a flight school in Florida. He works as the Director of Flight Operations for Starfighters Aerospace and also serves as an F-104 instructor.

Geoffrey P. Hickman, Independent Director

Geoffrey "Hak" Hickman is a c-suite executive and board member with over 30 years' experience in risk management, financial services, and building high-performing teams. He is a former tactical military pilot with over 3200 flight hours and holds FINRA banking licenses. He is currently the Managing Partner of Global Specialized Advisory, LLC., a consulting company. Previously, Mr. Hickman was a management consultant with McKinsey & Company and served as an F-16 Instructor and Evaluator pilot in the U.S. Air Force, flying combat missions over Iraq and the former Yugoslavia.

AI Analysis | Feedback

Key Business Risks for Starfighters Space (FJET)

1. Reliance on Aging F-104 Fleet and Associated Operational Challenges: Starfighters Space's core operations depend on a fleet of Lockheed F-104 supersonic aircraft, which were retired by NASA in 1995. This reliance on vintage aircraft introduces substantial risks related to increased maintenance costs, difficulty in sourcing specialized spare parts, challenges in maintaining airworthiness certifications, and the inherent limitations on the operational lifespan of these decades-old assets. These factors could impede the company's ability to consistently deliver both its Historical and New Services.
2. Technological Obsolescence and Emerging Competition: While the F-104s offer unique capabilities, the markets for "access to space" and "hypersonic research and development" are rapidly evolving with continuous technological advancements. There is a significant risk that newer aerospace technologies, more modern and efficient aircraft, or alternative research platforms developed by competitors could emerge. Such developments could potentially render the F-104s less competitive or even obsolete for the advanced requirements of clients pursuing cutting-edge research, thereby impacting the demand for Starfighters Space's services.
3. Ability to Successfully Acquire and Integrate Next-Generation Aircraft (Platform II): The company's strategy for growth and sustained long-term operations, particularly for its "New Services," hinges on the successful acquisition and integration of "Platform II Aircraft." These aircraft are intended to provide more advanced capabilities and a longer operating lifespan. The inability to secure the necessary capital for this acquisition, or encountering unforeseen challenges in the integration, certification, and operational deployment of these new aircraft, could significantly hinder the company's strategic expansion and future revenue generation.

AI Analysis | Feedback

The explicit mention that NASA retired the Lockheed F-104 in 1995, transitioning to the McDonnell Douglas F/A-18 Hornet supersonic Aircraft, indicates that for a key historical user and a segment of Starfighters' target market (government and research), a more modern and capable supersonic aircraft was preferred for similar missions. While Starfighters currently holds a unique position by commercially operating F-104s, the existence and use of more modern supersonic aircraft by government entities and potentially other private actors could pose an emerging threat. If such superior aircraft become more widely available commercially for training, testing, and launch services, or if government agencies increasingly rely on their own modern fleets or newer privately developed platforms, it would undermine Starfighters' unique value proposition based on its legacy F-104 fleet.

AI Analysis | Feedback

Starfighters Space (FJET) operates in several addressable markets, including pilot and astronaut training, launch services and access to space, in-flight testing, and airborne testbeds for hypersonic research and development.

Pilot and Astronaut Training

The global pilot training market was valued at approximately USD 10.74 billion in 2025 and is projected to reach USD 29.71 billion by 2034. Another estimate places the global market at USD 9.41 billion in 2024, expected to grow to USD 31.38 billion by 2034. In 2025, Europe held a dominant share of the pilot training market. Specifically, the U.S. market for pilot training is projected to reach USD 2.07 billion by 2026. The civil aerospace simulation and training market, which encompasses astronaut training, was valued at USD 1.93 billion in 2025 and is forecasted to reach USD 2.9 billion by 2031, with the space segment showing significant growth.

Launch Services and Access to Space

The global space launch services market was valued at USD 12.7 billion in 2023 and is projected to reach USD 46.1 billion by 2033. Other estimates for the global market size include USD 20 billion, USD 6.1 billion in 2023 increasing to USD 11.2 billion by 2033, USD 18.20 billion in 2025 growing to USD 45.92 billion by 2034, and approximately USD 15.2 billion in 2024, expected to reach USD 35 billion by 2030. North America holds a significant share of this market, accounting for 30% in 2025.

In-flight Testing

The global flight test system market is estimated to be valued at approximately USD 0.36 billion in 2026 and is projected to reach USD 0.7 billion by 2035. The broader aerospace testing market was valued at USD 5.3 billion in 2024 and is projected to reach USD 7.22 billion by 2030. Another source indicates the aerospace testing market was USD 5.3 billion in 2024 and is predicted to grow to USD 8.2 billion across 2035. North America is a key region in this market, holding about 39.2% of the aerospace testing market share in 2024.

Airborne Testbed for Hypersonic Research and Development (R&D) and Test and Evaluation (T&E)

The global hypersonic technology market was valued at USD 7.10 billion in 2025 and is projected to reach USD 13.75 billion by 2035. Another estimation places the global hypersonic technology market size at USD 6.68 billion in 2024, expected to reach USD 12.36 billion by 2033. The global hypersonic flight market, which includes testbeds, was calculated at USD 11.43 billion in 2025 and is predicted to increase to approximately USD 120.03 billion by 2035. In the U.S., the hypersonic technology market was valued at USD 2.13 billion in 2025 and is projected to reach USD 3.60 billion by 2035. North America holds a significant portion of the hypersonic technology market, with the U.S. alone accounting for 89.60% of this share.

AI Analysis | Feedback

Starfighters Space (FJET) anticipates several key drivers for its future revenue growth over the next 2-3 years, primarily leveraging its unique fleet of F-104 supersonic aircraft and strategic positioning within the expanding space and defense sectors.

One significant driver is the

increased government and commercial demand for space and defense services

Another crucial growth driver is the

expansion of small satellite launch services through its STARLAUNCH programs

The company also expects growth from its role as an

airborne testbed for hypersonic research and development (R&D) and test and evaluation (T&E)

Finally,

geographic expansion and increased operational cadence

AI Analysis | Feedback

Capital Allocation Decisions for Starfighters Space (FJET)

Share Issuance

• Starfighters Space completed its Initial Public Offering (IPO) on December 17, 2025, raising $40 million through the sale of 11,142,061 shares of common stock at a public offering price of $3.59 per share. This included shares sold from September 6, 2024, to July 16, 2025, totaling approximately $17.9 million, and an additional $22.1 million from a final closing.
• On December 31, 2025, the company issued 11,676,166 shares of common stock through the cashless exercise of 11,915,000 common stock purchase warrants.
• In March 2026, the Chief Financial Officer and a director received 37,500 and 11,250 shares of common stock, respectively, from the exercise of restricted stock units at $0.00 per share, as part of stock-based compensation.

Inbound Investments

• The company successfully completed its Initial Public Offering, raising $40 million through a Regulation A Tier 2 offering.

Capital Expenditures

• Starfighters Space plans to utilize the $40 million in IPO proceeds to advance its research and development efforts, including the STARLAUNCH programs, and to expand its operations to address the increasing demand for commercial satellite and payload launches into low Earth orbit.
• Of the IPO proceeds, $8 million was specifically earmarked for capital expenditures, and an additional $4 million was designated for STARLAUNCH-related research and development.