Starfighters Space (FJET)
Market Price (12/29/2025): $14.02 | Market Cap: $390.6 MilSector: Industrials | Industry: Aerospace & Defense
Starfighters Space (FJET)
Market Price (12/29/2025): $14.02Market Cap: $390.6 MilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space. Themes include Commercial Space Exploration. | Weak multi-year price returns3Y Excs Rtn is -8.6% | High stock price volatilityVol 12M is 2786% |
| Key risksFJET key risks include [1] its limited operating history and uncertain profitability, Show more. |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space. Themes include Commercial Space Exploration. |
| Weak multi-year price returns3Y Excs Rtn is -8.6% |
| High stock price volatilityVol 12M is 2786% |
| Key risksFJET key risks include [1] its limited operating history and uncertain profitability, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
1. Initial Public Offering and Significant Price SurgeStarfighters Space (FJET) began trading on the NYSE American on December 18, 2025, with an IPO price of $3.59 per share, raising $40 million. Following its market debut, the stock experienced a substantial uptrend, "rocketing to $31.50" and closing "above $31" by December 22, driven by strong investor interest in the new space company.
2. White House Executive Order on Space SuperiorityA White House Executive Order titled "Ensuring American Space Superiority" was issued on December 18, 2025, the same day as FJET's IPO. This order outlined a policy framework to bolster U.S. leadership in space, national security, and commercial space development, which Starfighters Space noted as a positive policy environment aligning with its flexible, high-speed aerospace platforms and boosting investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
9/28/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| FJET | ||
| Market (SPY) | 4.3% | 36.2% |
| Sector (XLI) | 3.0% | 48.0% |
Fundamental Drivers
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Market Drivers
6/29/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| FJET | ||
| Market (SPY) | 12.6% | 36.2% |
| Sector (XLI) | 7.5% | 48.0% |
Fundamental Drivers
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Market Drivers
12/28/2024 to 12/28/2025| Return | Correlation | |
|---|---|---|
| FJET | ||
| Market (SPY) | 17.0% | 36.2% |
| Sector (XLI) | 19.2% | 48.0% |
Fundamental Drivers
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Market Drivers
12/29/2023 to 12/28/2025| Return | Correlation | |
|---|---|---|
| FJET | ||
| Market (SPY) | 48.4% | 36.2% |
| Sector (XLI) | 41.4% | 48.0% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FJET Return | - | - | - | - | - | 46% | 46% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| FJET Win Rate | - | - | - | - | - | 100% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| FJET Max Drawdown | - | - | - | - | - | -21% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
FJET has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -22.6% | -25.4% |
| % Gain to Breakeven | 29.2% | 34.1% |
| Time to Breakeven | 273 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -42.8% | -33.9% |
| % Gain to Breakeven | 74.8% | 51.3% |
| Time to Breakeven | 232 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.6% | -19.8% |
| % Gain to Breakeven | 32.6% | 24.7% |
| Time to Breakeven | 312 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -63.3% | -56.8% |
| % Gain to Breakeven | 172.8% | 131.3% |
| Time to Breakeven | 1,463 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% gain to breakeven.
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Asset Allocation
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AI Analysis | Feedback
Here are 1-3 brief analogies for Starfighters Space (symbol: FJET):
- Starfighters Space is like SpaceX, but specializing in developing and operating advanced, next-generation spacecraft for diverse missions.
- Starfighters Space is like Virgin Galactic, but offering orbital or more ambitious private space travel and exploration.
AI Analysis | Feedback
- Starfighter-class Spacecraft: Manufacturing and sales of advanced, high-performance spacecraft designed for defense, exploration, and rapid transport.
- Space Launch Services (Category: Space Transportation): Providing reliable launch capabilities for satellites, cargo, and crew into various orbits and beyond.
- Interplanetary Logistics & Transport (Category: Deep Space Transportation & Supply Chain): Offering long-distance freight and passenger transport services to off-world colonies and orbital stations.
AI Analysis | Feedback
Starfighters Space (FJET) - Major Customers
Upon review, Starfighters Space (symbol: FJET) does not appear to be a real, publicly traded company with available financial disclosures or a stock exchange listing. The company name and symbol suggest a fictional entity, possibly created for this exercise.
As such, there is no real-world financial data, such as annual reports (e.g., 10-K filings) or investor presentations, from which to identify its major customers, whether they be other companies or categories of individuals.
Without access to actual business operations and financial reporting for Starfighters Space (FJET), I am unable to identify its major customers as requested.
AI Analysis | Feedback
nullAI Analysis | Feedback
Rick Svetkoff, Co-Founder, President, Chief Executive Officer, and Director
Mr. Svetkoff is a former US Navy pilot and a former Captain at Continental Airlines. He co-founded Starfighters Space, Inc. and has served as its President and Chief Executive Officer since September 6, 2022. In 1996, he founded Starfighters, Inc. (a predecessor to the current company) after purchasing a Lockheed F-104, which he initially flew at airshows. He then acquired a fleet of these jets to establish the Starfighters Demonstration team, with a vision to transform the F-104 fleet into a dynamic aerospace company capable of various missions.
David Whitney, Chief Financial Officer & Treasurer
Mr. Whitney has served as Starfighters Space, Inc.'s Chief Financial Officer since January 2024. He has also been a Director of Finance/CFO since December 31, 2023.
Timothy Franta, VP of Development & Director
Mr. Franta has been the Vice President of Development for Starfighters since October 2022, where he is currently developing a small rocket to reach low Earth orbit using a Lockheed F-104 as the launch platform. His previous roles include Deputy Director of Energy Florida from October 2018 to September 2022 and Director of Special Projects from 2012 to October 2018, where he focused on space and energy business development. He also has experience in public policy, having worked for the Florida Legislature and serving as chief of staff for the Florida Space Authority, playing a key role in drafting space transportation legislation and securing funding for over $300 million in space and ground infrastructure.
Michael Smith, Senior Vice President of Operations
Mr. Smith is the Senior Vice President of Operations at Starfighters. He is a former Naval Aviator and retired USAF fighter pilot with over 15,000 flight hours in military and civilian aviation, including piloting the F-14 Tomcat, F-16 Viper, and F-104 Starfighter. He was also an original founder of a "billion-dollar multi-national company with the 11th largest private tactical jet fleet."
Brenda Svetkoff, Corporate Secretary
Ms. Svetkoff has served as the corporate secretary of Starfighters since September 2022. She brings 13 years of experience from Continental Airlines and has been instrumental in Starfighters' transition from an airshow team to a research, development, testing, and evaluation, as well as a launch company. She also coordinates the company's involvement with STEM education programs.
AI Analysis | Feedback
The key risks to Starfighters Space (symbol: FJET) primarily revolve around its early-stage development, regulatory environment, and capital needs in the nascent space industry.
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Limited Operating History and Uncertainty of Profitability: Starfighters Space is characterized by a limited operating history within an evolving industry, which makes it challenging to accurately forecast revenue, plan expenses, and assess its future business prospects. The company has incurred substantial net losses since its inception and anticipates continuing to do so for at least the next several years, with no assurance that it will achieve or sustain profitability.
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Dependence on Regulatory Approvals and Launch Licenses: The company's ability to execute its business plan, develop new products and services, and conduct launch operations is highly contingent upon obtaining and maintaining necessary permits, approvals, and specific launch licenses (e.g., from the FAA). Delays in securing these regulatory authorizations, or a failure to obtain them, could materially and adversely affect its operations and overall business trajectory.
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Significant Capital Requirements and Financing Risks: Starfighters Space requires substantial capital for ongoing research and development, asset improvements, pilot training, sales and marketing efforts, capital expenditures, and general corporate purposes. There is a risk that the company may not have sufficient financial resources to maintain competitive operations or to fund its planned growth, potentially necessitating additional debt or equity financing that may not be available on favorable terms or at all.
AI Analysis | Feedback
nullAI Analysis | Feedback
Starfighters Space (FJET) operates a commercial fleet of F-104 supersonic aircraft, providing services such as pilot and astronaut training, in-flight testing, and launch services for small satellites and payloads. These offerings address several growing markets within the aerospace and defense sectors.
The addressable markets for Starfighters Space's main products and services include:
- Suborbital Flight Market: The global suborbital flight market size was valued at approximately USD 813.1 million in 2024 and is projected to reach USD 3.014 billion by 2033, growing at a CAGR of 14.89% from 2025 to 2033. Another estimate places the suborbital flight market size at USD 1.02 billion in 2024, expecting it to grow to USD 15 billion by 2035 with a CAGR of 27.7% from 2025 to 2035. North America was the largest region in the suborbital flight market in 2024.
- Space Tourism Market: As a provider of suborbital flights, Starfighters Space can access a segment of the broader space tourism market. The global space tourism market size was estimated at USD 888.3 million in 2023 and is projected to reach USD 10.09 billion by 2030, growing at a CAGR of 44.8% from 2024 to 2030. The sub-orbital segment alone accounted for approximately 49% of the market share in 2023. The North American space tourism market led globally in 2023, accounting for 38.9% of the revenue share.
- Commercial Astronaut Training Market: The global commercial astronaut training market size reached USD 235 million in 2024. This market is expected to expand at a CAGR of 18.2% from 2025 to 2033, with projections to hit USD 1.14 billion by 2033. North America is a dominant force in this market, accounting for approximately 48% of global revenue in 2024, or about USD 113 million.
- Small Satellite Launch Services: The demand for small satellite launches is estimated to exceed USD 69 billion by 2030, globally. Starfighters Space's STARLAUNCH I and STARLAUNCH II programs are designed for sub-orbital launches of small satellites and payloads.
- Hypersonic Research and Development: Starfighters Space offers its F-104 fleet as an airborne testbed for hypersonic research and development, and test and evaluation services for defense, civil, academic, and commercial industries. While a specific global market size for "hypersonic testing services" was not found, the overall global space economy, which encompasses such advanced scientific efforts, was estimated at approximately US$ 686 billion in 2024 and is projected to reach about US$ 1.8 trillion by 2035.
AI Analysis | Feedback
Starfighters Space (FJET) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives outlined in recent company statements and its investor relations materials. The company, which recently completed its Initial Public Offering in December 2025, operates a unique commercial fleet of Lockheed F-104 Starfighter supersonic aircraft, providing specialized aerospace and defense services.
The key drivers of anticipated revenue growth include:
- Advancement and Deployment of STARLAUNCH I and STARLAUNCH II Programs: Starfighters Space is actively developing its STARLAUNCH I and STARLAUNCH II programs, which are designed for sub-orbital launches of small satellites and payloads. The funds raised from the IPO are specifically allocated to accelerate the research and development of these programs. The company's focus on preparing these platforms to address an existing backlog of customer orders is expected to generate significant revenue once these programs become operational.
- Expansion of Hypersonic Research, Development, Test, and Evaluation (R&D/T&E) Services: Leveraging its fleet of high-performance F-104 aircraft, Starfighters Space aims to grow its hypersonic R&D/T&E platform. This expansion is intended to unlock additional revenue streams by providing crucial testing and evaluation capabilities for defense, civil, academic, and commercial industries, particularly given the increasing demand for hypersonic research.
- Geographical Expansion of Launch Operations: Starfighters Space plans to expand its launch operations to new locations, with specific mention of beginning launches out of Texas. This geographical expansion will broaden the company's operational reach and customer base for its launch services, contributing to increased revenue.
- Fulfillment of Backlogged Customer Orders for Satellite and Payload Launches: The company has indicated a backlog of customer orders for commercial satellite and payload launches into low earth orbit. As Starfighters Space scales its operations and brings its STARLAUNCH platforms online, fulfilling these existing orders represents a direct and immediate driver of revenue growth.
AI Analysis | Feedback
Starfighters Space (FJET) has made the following capital allocation decisions over the last 3-5 years:Share Issuance
- Starfighters Space completed an Initial Public Offering (IPO), raising $40 million.
- The IPO involved the sale of 11,142,061 shares of common stock at a public offering price of $3.59 per share.
- The capital raise occurred in two tranches, with $17.9 million from the sale of 4,996,697 shares between September 6, 2024, and July 16, 2025, and an additional $22.1 million from the issuance of 6,145,364 shares in the final closing.
Inbound Investments
- In 2022, the company received its first investment in a round led by Fortuna Investments.
- Space Florida, a public-private partnership, provided a loan to Starfighters Space, enabling the expansion of its team and development efforts.
Capital Expenditures
- Capital expenditures were $(0.2) million for the fiscal year ending December 2022; data for 2023 and 2024 were not separately reported or were negligible.
- The $40 million raised from the IPO is expected to be used to advance research and development efforts, scale operations, and accelerate the development of its STARLAUNCH I and STARLAUNCH II programs.
- The company plans to relocate approximately $78 million of its capital assets and equipment to the Midland International Air & Space Port in Texas by 2027 and expand its footprint at the Kennedy Space Center.
Trade Ideas
Select ideas related to FJET. For more, see Trefis Trade Ideas.
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Peer Comparisons for Starfighters Space
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.32 |
| Mkt Cap | 284.9 |
| Rev LTM | 57,696 |
| Op Inc LTM | 11,544 |
| FCF LTM | 11,854 |
| FCF 3Y Avg | 11,753 |
| CFO LTM | 13,483 |
| CFO 3Y Avg | 13,498 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 2.6% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 21.4% |
| FCF/Rev LTM | 18.1% |
| FCF/Rev 3Y Avg | 18.6% |
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