Dec. 23, 2025 — Starfighters Space, Inc. (NYSE American: FJET) has become one of the most-watched new tickers of the year-end trading window, and Tuesday’s action is underscoring why: after an explosive rally on Monday, the stock reversed sharply on Dec. 23 as traders grappled with classic post‑IPO “price discovery” — even as the company issued a year‑end corporate update laying out its 2026 priorities. [1]
Below is what’s driving the headlines today, what the company actually said in its update, what the SEC filing reveals about the IPO mechanics, and why forecasts are scarce this early in FJET’s public life.
What happened to Starfighters Space (FJET) stock on Dec. 23, 2025
After closing Monday, Dec. 22 at $31.50 following a dramatic surge, FJET swung violently lower on Tuesday. Intraday, Investing.com data showed the stock trading around the mid‑teens, with a day range roughly from $14.01 to $22.89 and the session down more than 50% versus the prior close at one point. [2]
Financial media and trading desks largely framed the move as a post‑IPO pullback after an outsized momentum run. In a mid‑day note, Benzinga described the stock as “pulling back” after the post‑IPO spike, while highlighting that sharp reversals are common when a newly listed stock enters the market without established technical levels. [3]
Stocktwits, which closely tracks retail trader sentiment, also flagged FJET among the biggest movers Tuesday, noting the stock was down materially in midday trading after Monday’s exceptional rally. [4]
Bottom line: Tuesday’s drop didn’t arrive alongside a single, clear negative catalyst. Instead, the dominant narrative across market coverage is that FJET is experiencing the “whiplash” phase that often follows an unusually hot IPO debut — a mix of profit‑taking, shifting liquidity, and speculative positioning. [5]
Why FJET is swinging so wildly: price discovery, liquidity, and a new-stock “blank slate”
Two themes repeated across Dec. 23 coverage:
1) “Price discovery” in real time
With a brand-new listing, the market doesn’t have years of prior trading history to define support/resistance zones or to anchor valuation. Benzinga explicitly pointed to this price discovery problem as a reason newly listed stocks can gap up and down dramatically in their first sessions. [6]
2) Liquidity dynamics and speculative momentum
Benzinga’s coverage also emphasized that early trading can be amplified when enthusiasm hits a limited supply of tradable shares, and when the stock becomes a momentum target rather than a fundamentals-first investment. [7]
Stocktwits coverage similarly noted that retail sentiment remained active even as the stock fell, reflecting how quickly FJET entered the “new ticker” speculative spotlight. [8]
The key corporate news on Dec. 23: Starfighters’ year-end update and 2026 priorities
While traders were digesting the volatility, Starfighters Space published a year-end corporate update on Dec. 23 following its NYSE American listing. The release is important because it clarifies what management wants the public market to focus on after the first week’s headline trading. [9]
What the company highlighted as 2025 accomplishments
Starfighters described 2025 as “transformational,” citing progress in:
- Commercial operations supporting high-speed, high-altitude testing and evaluation missions
- Execution on programs with government, defense, and aerospace collaborators
- Strengthening organizational and operational capabilities for long-term growth
- Completing its public listing on NYSE American [10]
The “policy environment” angle
The company also pointed directly to a White House executive order issued Dec. 18, 2025, titled “Ensuring American Space Superiority,” arguing that the policy framework reinforces demand for flexible, commercial aerospace capabilities. [11]
The executive order itself sets broad federal priorities, including emphasis on integrating commercial space capabilities, expanding testing and demonstration activity, and increasing launch and reentry cadence via facilities and policy reforms (among other goals). [12]
What Starfighters says it will focus on in 2026
In the most forward-looking section, Starfighters listed four core priorities for 2026:
- Advancing commercial and government mission activity
- Expanding operational capabilities and infrastructure
- Building long-term collaborations across the aerospace and defense ecosystem
- Establishing a steady cadence of business updates tied to operational progress [13]
This matters for investors because it sets expectations: near-term news flow may come less from quarterly earnings beats (the company is early in its public-market timeline) and more from operational milestones, customer activity, and regulatory/launch progress. [14]
What Starfighters Space actually does: the business behind the ticker
Starfighters’ pitch to investors is unusual — and that uniqueness is part of why FJET attracted attention so quickly.
According to the company, Starfighters Space operates an active fleet of F‑104 Starfighters and positions itself as the only commercial company able to sustain Mach 2 flight while working toward launching payloads into space. [15]
The core concept: air-launch from altitude
Starfighters describes its aircraft as operationally configurable to serve as a “first stage” lifting platform, carrying payloads up to 45,000 feet for air-launch to space — an approach that, in theory, can reduce weather and ground infrastructure constraints compared with traditional vertical launches. [16]
Current activities and customers
The company lists additional activities including research support, pilot training, space flight training, and hypersonic testing. It also lists customers including Lockheed Martin, GE, Space Florida, and the U.S. Air Force Research Laboratory. [17]
A notable asterisk in Starfighters’ own overview: it says it is “in process of acquiring launch license with FAA.” That single line is a major “watch item” for investors because licensing and approvals can shape both timelines and revenue potential for any launch-adjacent business. [18]
IPO mechanics and capital structure: what the SEC filing shows
In ultra-volatile post‑IPO situations, it’s easy for the story to become purely about the chart. But Starfighters’ SEC Form 8‑K filed Dec. 22, 2025 provides key details about how the offering was structured and how shares entered the market. [19]
The offering price and gross proceeds
The filing and exhibits state that Starfighters completed its Regulation A Tier 2 IPO process raising $40 million through the sale of 11,142,061 shares at $3.59 per share. [20]
The 8‑K also details the “final closing” portion of the Regulation A offering: 6,145,364 shares sold at $3.59 for gross proceeds of about $22.1 million (before selling commissions and other expenses). [21]
Agent warrants
In connection with the final closing, the company issued agent’s warrants to Digital Offering, LLC (or designees), exercisable for 61,402 shares at an exercise price of $3.59 per share (with a stated term extending to 2029). [22]
Conversions tied to the listing
The 8‑K further describes share issuance events associated with the NYSE American listing, including:
- Issuance of 3,834,857 shares at a specified conversion price following the automatic conversion of outstanding 8% secured convertible debentures (principal and accrued interest) upon listing [23]
- Issuance of 404,312 shares upon conversion of a loan (principal and accrued interest) owed to Space Florida upon listing [24]
For investors, these details matter because they influence how the market thinks about tradable float, dilution dynamics, and supply — all of which can amplify early volatility.
Forecasts and analyst targets: why “official” Wall Street outlooks may be limited right now
If you’re searching for a traditional “price target consensus” story, there’s a catch: Starfighters is extremely new to the public markets.
Simply Wall St’s valuation page explicitly notes insufficient data to show an analyst price forecast, and states the company is covered by 0 analysts in its dataset. [25]
That doesn’t mean investors lack information — it means the market is still in the early phase where:
- The company’s own filings and operational updates are the primary sources
- Forecasts (when they do appear) may be more speculative or model-driven until regular reporting cadence and broader coverage develop [26]
What the company itself forecasts (in broad terms): Management has said it expects to use capital raised to advance R&D, scale operations, and accelerate development of its STARLAUNCH programs, while preparing platforms to address customer demand and expand operations (including Texas launch activity referenced in its listing communications). [27]
What to watch next for Starfighters Space stock
Because Dec. 23’s pullback appears driven more by market mechanics than by a single headline, the next direction for FJET will likely be shaped by a short list of tangible developments.
Potential near-term catalysts investors are watching
- Follow-through on 2026 priorities: The company has promised a steadier cadence of updates tied to operational progress. [28]
- Regulatory and licensing progress: The company references being in process of acquiring an FAA launch license. [29]
- Commercial/government mission activity: Starfighters says it supports high-speed testing missions and works with defense/aerospace collaborators. [30]
- Post‑IPO filings and disclosures: In the early months after listing, additional SEC filings can clarify share counts, lockups, or financing plans — critical inputs when a stock is trading like a momentum instrument. [31]
Key risks to keep in view
- Execution risk: STARLAUNCH platforms are described as in development, and aerospace timelines can slip. [32]
- Regulatory risk: Licensing/approvals can be time-consuming and uncertain. [33]
- Capital intensity: The company describes scaling operations and expanding capabilities — initiatives that can require substantial funding over time. [34]
- Extreme volatility: Multiple market outlets described FJET’s trading as unusually unstable in the first week, consistent with speculative post‑IPO conditions. [35]
The takeaway: FJET is a headline stock — but the fundamentals story is just beginning
On Dec. 23, 2025, Starfighters Space stock is doing what many high-profile “new tickers” do after an early surge: rewriting its price in real time. The company’s year-end update attempts to shift attention away from day-to-day swings and toward 2026 execution — commercial and government mission activity, infrastructure expansion, and partnerships — while its SEC filings provide a clearer view of how shares entered the market and why early liquidity can be complicated. [36]
For now, the lack of broad analyst coverage means investors looking for traditional forecasts may have to rely more heavily on primary sources (SEC filings and company updates) and treat short-term price action for what it is: a volatile negotiation between hype, liquidity, and the still-emerging fundamentals of a newly public aerospace platform. [37]
This article is for informational purposes only and is not investment advice.
References
1. www.investing.com, 2. www.investing.com, 3. www.benzinga.com, 4. stocktwits.com, 5. www.benzinga.com, 6. www.benzinga.com, 7. www.benzinga.com, 8. stocktwits.com, 9. starfightersspace.com, 10. starfightersspace.com, 11. starfightersspace.com, 12. www.whitehouse.gov, 13. starfightersspace.com, 14. starfightersspace.com, 15. starfightersspace.com, 16. starfightersspace.com, 17. starfightersspace.com, 18. starfightersspace.com, 19. www.sec.gov, 20. www.sec.gov, 21. www.sec.gov, 22. www.sec.gov, 23. www.sec.gov, 24. www.sec.gov, 25. simplywall.st, 26. simplywall.st, 27. www.sec.gov, 28. starfightersspace.com, 29. starfightersspace.com, 30. starfightersspace.com, 31. www.sec.gov, 32. www.sec.gov, 33. www.sec.gov, 34. www.sec.gov, 35. www.benzinga.com, 36. starfightersspace.com, 37. simplywall.st
