New York time check: It’s 2:55 p.m. ET in New York on Friday, December 26, 2025—the U.S. market is in the final stretch of today’s regular session, with the closing bell at 4:00 p.m. ET.
Starfighters Space, Inc. (NYSE American: FJET) is again at the center of a high-volatility story that has quickly made it one of the most watched recent U.S. listings. As of 2:55 p.m. ET, FJET was trading around $14.60, up $2.20 (+17.74%) on the day, after swinging between $12.03 and $18.20 in today’s session—another outsized range that underscores how unstable price discovery can be in a newly listed small-cap with heavy retail attention. [1]
The market backdrop today: “Santa Claus rally” watch, record‑high gravity, and thin volume
FJET’s moves are unfolding against a broader tape that’s been hovering near record highs in a light-volume, post‑Christmas environment—conditions that can amplify stock-specific swings because fewer macro catalysts are competing for attention. Reuters described Friday’s session as a “catching our breath” day after a strong five-session run, quoting Ryan Detrick, Chief Market Strategist at Carson Group, who noted investors were still early in the seasonal “Santa Claus rally” window and expected a continued upward bias. [2]
In a separate markets wrap, Reuters also pointed to rate-cut expectations as a key theme supporting risk assets into year-end, while highlighting analyst commentary such as Soojin Kim (MUFG) discussing how macro uncertainty and bank forecasts can keep momentum in certain asset classes. [3]
That context matters for a stock like FJET: when the index tape is calm and liquidity is thinner, headline-driven momentum and order-flow imbalances can dominate price action—especially in recent IPOs.
Starfighters Space (FJET) stock today: what the latest tape is saying
FJET’s intraday range (roughly $12.03–$18.20) is large even by recent-IPO standards. [4]
Data providers tracking the name show shares outstanding around 27.86 million and a market cap that has swung dramatically alongside the stock price, reflecting just how quickly sentiment has shifted since the listing. [5]
Why the whipsaws? Multiple independent outlets have pointed to the same structural drivers:
- Newly public, high “price discovery” phase
- Relatively limited float / liquidity
- Speculative interest and high turnover
Benzinga framed Friday as an attempt to stabilize after a “rollercoaster debut week,” and said volume was elevated early in the session—nearly 17 million shares by 10:30 a.m. ET, roughly twice its stated average at the time—contributing to a scarcity/imbalance effect that can magnify swings. [6]
Barron’s also attributed the extreme early volatility to low liquidity and small float dynamics in a small-cap IPO—an environment where price can gap rapidly in both directions. [7]
The “why” behind the headlines: Starfighters’ wild first week as a public company
Starfighters Space became one of the most discussed new listings of the week after a series of huge percentage moves.
- Barron’s reported that after pricing around $3.59, the stock jumped to the $8–$9 area early, then surged as high as $31.50 before suffering a sharp correction—classic “new IPO meets limited float” behavior. [8]
- Fast Company described the stock’s post-IPO volatility as a major reason it started trending in business news, highlighting the dramatic day-to-day percentage changes. [9]
- Investor’s Business Daily focused on the “supersonic” move early in the week and tied the surge to retail attention around the company’s unusual aerospace platform and StarLaunch ambitions. [10]
In short: the stock’s story is currently as much about market structure as it is about aerospace execution.
What Starfighters Space actually does: supersonic aircraft as a platform business
Starfighters Space positions itself as an aerospace platform company operating commercial, flight-ready Lockheed F‑104 supersonic aircraft and aiming to support pilot/astronaut training, in-flight testing, and eventually air-launch services for small payloads. In its SEC annual filing (Regulation A Form 1‑K for fiscal year 2024), the company describes operating a fleet of seven Lockheed F‑104 aircraft and organizing services into “Historical Services” (training, testing) and “New Services” (launch services, hypersonic R&D/testbed). [11]
The same filing also states the company partnered with GE Aeronautics to develop a prototype “StarLaunch I” underwing air-launch rocket concept for smaller payloads, and discusses expansion of launch-related capability. [12]
Starfighters’ CEO Rick Svetkoff has an unusually aviation-centric backstory for a public-market “space” name. An SEC filing describes him as a former U.S. Navy pilot who later flew commercially and began acquiring and flying F‑104 aircraft in the 1990s; NASA invited the company to establish a presence at Kennedy Space Center in the 2000s, with a permanent agreement later signed. [13]
Latest company news: IPO closing, NYSE American listing, and a year-end update
IPO closing and listing details
In its investor relations press release, Starfighters said it completed its IPO by raising $40 million through the sale of 11,142,061 shares priced at $3.59. [14]
A subsequent release said the stock would begin trading on NYSE American under ticker FJET, with trading scheduled to start at 10:30 a.m. ET on the listing day. The company framed the listing as a milestone to fund R&D and accelerate StarLaunch I and StarLaunch II. [15]
Year-end corporate update
On December 23, 2025, the company published a year-end update emphasizing:
- expanded commercial ops supporting high-speed/high-altitude missions,
- work with government/defense/aerospace collaborators,
- operational scaling,
- and visibility/access to capital through the listing. [16]
The update also referenced a White House executive order titled “Ensuring American Space Superiority,” arguing that the policy environment could increase demand for flexible, commercially available aerospace platforms supporting testing and national security applications. [17]
What the filings say: losses, “going concern”-style risks, and why dilution matters
When a stock is moving 20%–60% in a day, fundamentals can get ignored. But investors assessing whether FJET can sustain valuation beyond momentum typically come back to three questions:
- How much money does the company lose today?
- How soon could meaningful revenue arrive?
- How many shares could exist tomorrow?
Financial performance (as filed)
In its Form 1‑K annual report for fiscal year 2024, Starfighters reported a net loss of $7.91 million in 2024, following a net loss of $4.68 million in 2023. [18]
The filing also shows relatively small “other income” compared to the loss profile, emphasizing that the business remains in an early, investment-heavy phase. [19]
Share count and “what’s outstanding” (critical for a volatile new listing)
Starfighters’ Form 1‑A POS (offering circular) is especially important reading for anyone trading around volatility.
Key points from the filing include:
- The offering consisted of up to 11,142,061 shares at $3.59, with 6,145,364 remaining at the time of that document. [20]
- Shares outstanding were listed at 21,716,897 prior to completion and 27,862,261 after the maximum offering was achieved. [21]
- The company disclosed 18,150,000 warrants outstanding and debentures totaling $7,469,825 (principal) outstanding at the time, plus a Space Florida secured loan at the subsidiary level. [22]
This matters because high-volatility stocks can reprice not only on news, but also on expected future supply (warrant exercises, conversions, unlocks, etc.).
Conversions and settlement shares around listing
A current report (Form 8‑K) around the listing documented additional share issuance tied to balance-sheet items, including:
- issuance of 3,834,857 shares in connection with converting debentures at an implied conversion price around $2.154 per share, and
- issuance of 404,312 shares at $3.59 per share tied to settling a Space Florida-related loan, plus additional shares tied to accrued interest. [23]
For investors, this is not a footnote—it’s core to understanding why “float” can change and why price can react sharply around corporate actions.
Lock-ups / resale restrictions
The Form 1‑A also describes contractual resale restrictions (“pooling agreements”) affecting insiders and others, including 180-day restrictions (with conditional early releases tied to trading price/volume thresholds), and a longer, staged release schedule for the CEO. [24]
In practice, these mechanisms can influence:
- near-term float,
- borrow availability for shorting,
- and the timing of potential supply hitting the market.
Forecasts and analyst coverage: limited traditional Wall Street targets (for now)
A key reality with many micro/small-cap IPOs—especially those that list via less traditional paths—is that formal analyst coverage may be sparse early.
- Simply Wall St notes that, because the company has limited historical data and no analyst forecast, future earnings can’t be reliably modeled from consensus estimates in the way investors might for more mature public companies. [25]
- StockAnalysis similarly lists “Analysts: n/a” and “Price Target: n/a” for FJET at this stage. [26]
That doesn’t mean “no one has an opinion.” It means investors should treat social/retail narratives cautiously and anchor on primary sources (SEC filings) until institutional coverage develops.
For example, a Seeking Alpha piece published this week explicitly frames Starfighters as “hype to sell,” reflecting a skeptical view from the market commentary ecosystem—useful as a sentiment signal, but not the same as bank research coverage. [27]
Why FJET is unusually sensitive to sentiment right now
Even within the speculative IPO universe, FJET has several characteristics that can make it “twitchy”:
- New listing + extreme volatility → price discovery dominates.
- Complex capital structure (warrants, debentures, conversions) → investors price in future supply. [28]
- Narrative-driven sector (space + national security + hypersonics) → fast-moving headlines can trigger momentum.
- Thin holiday liquidity across the market → single-name order flow matters more. [29]
Benzinga’s framing is essentially the trader’s version of this: in early “price discovery,” a small float plus speculative interest can amplify swings, and today’s early volume surge was a concrete example. [30]
What investors should watch into today’s close and before the next session
Because the exchange is open right now, the most practical question for readers is: what could change between now, the close, and the next regular session? Here’s a checklist grounded in what tends to move newly listed, high-volatility names like FJET.
1) Closing-hour volatility and liquidity gaps
The last hour (3–4 p.m. ET) can bring:
- momentum chasers,
- profit-taking,
- and wider spreads if liquidity thins.
Given FJET’s wide range today (~$12 to ~$18), expect risk to remain elevated into the close. [31]
2) After-hours headline sensitivity
For narrative stocks, even a single press item can move after-hours pricing. Track:
- the company’s IR newsroom and SEC filings feed, and
- reputable wire services for broader market catalysts. [32]
3) Dilution and unlock watch
If you’re holding (or trading around) FJET, the “supply calendar” matters:
- conversions (debentures, interest),
- warrant exercises,
- and pooling agreement release mechanics. [33]
4) Next session: focus on confirmed catalysts
The most investable catalysts are the ones you can verify:
- StarLaunch development milestones,
- FAA/licensing progress (if disclosed in filings),
- contract announcements (with identifiable counterparties),
- and periodic business updates (which the company says it plans to provide). [34]
5) Broader market catalysts still matter—even for a momentum IPO
Even if FJET is trading like a single-name momentum vehicle, the macro tape can still affect risk appetite. Reuters emphasized year-end positioning, rate expectations, and the “Santa Claus rally” frame as key context for investors heading into the last few sessions of the year. [35]
Bottom line: FJET is a “structure + story” stock right now
Starfighters Space’s public-market debut has quickly become a case study in how a compelling aerospace narrative can collide with small-cap market structure—especially during a thin, year-end tape.
At today’s price levels (mid-teens), the stock remains far above its IPO price, but it has also proven it can reprice violently within hours. Investors considering FJET into the next session typically fall into two camps:
- Traders, focused on liquidity, momentum, and intraday ranges; and
- Fundamental investors, focused on execution milestones, runway, and dilution risk.
Either way, the same rule applies: treat primary sources (SEC filings and official releases) as the foundation, and treat social chatter as noise unless it’s backed by documentation.
Key sources (links)
References
1. www.investing.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.investing.com, 5. stockanalysis.com, 6. www.benzinga.com, 7. www.barrons.com, 8. www.barrons.com, 9. www.fastcompany.com, 10. www.investors.com, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. ir.starfightersspace.com, 15. ir.starfightersspace.com, 16. starfightersspace.com, 17. starfightersspace.com, 18. www.sec.gov, 19. www.sec.gov, 20. www.sec.gov, 21. www.sec.gov, 22. www.sec.gov, 23. www.otcmarkets.com, 24. www.sec.gov, 25. simplywall.st, 26. stockanalysis.com, 27. seekingalpha.com, 28. www.sec.gov, 29. www.reuters.com, 30. www.benzinga.com, 31. www.investing.com, 32. ir.starfightersspace.com, 33. www.sec.gov, 34. starfightersspace.com, 35. www.reuters.com, 36. www.investing.com, 37. www.investing.com, 38. ir.starfightersspace.com, 39. ir.starfightersspace.com, 40. ir.starfightersspace.com, 41. ir.starfightersspace.com, 42. www.sec.gov, 43. www.sec.gov, 44. www.sec.gov, 45. www.sec.gov, 46. www.reuters.com, 47. www.reuters.com, 48. www.benzinga.com, 49. www.benzinga.com, 50. www.fastcompany.com, 51. www.fastcompany.com
