Firefly’s Rescue and Strategic Investments in Skyrora: Max Polyakov’s Success Story

There are a few names in the history of international entrepreneurship that are associated not only with successful information technology businesses but also with ambitious space projects that are paving humanity’s way to the stars. Max Polyakov is one of those names. The founder and managing partner of the investment fund, Noosphere Ventures, Polyakov long ago transcended the boundaries of traditional IT business, refocusing his attention on cutting-edge developments in rocketry, satellite systems, and geospatial analysis. His business philosophy is based on the principles of New Space: democratizing access to space technologies and fostering the growth of the private space industry.

Beginnings and Early Successes in the IT Niche

Max Polyakov’s work in the high-tech field began in the early 2000s, when he founded one of the first IT outsourcing companies in Ukraine. This success gave the entrepreneur valuable insights into how to succeed in a rapidly developing segment like the burgeoning Internet.

But Polyakov’s ambitions were too big for purely “earthly” businesses. In 2014, in Silicon Valley, he founded the Noosphere Ventures Partners investment fund, which would ultimately become the main springboard for his expansion into the space sector.

To this day, the fund remains a kind of causa vitae, or life’s work, for Polyakov. It directs investment toward digital economy sectors, satellite monitoring and data processing, the development and engineering of space launch systems.

Reviving Firefly Aerospace: A Symbol of Success and Billion-Dollar Capitalisation

One of the first examples of Polyakov’s entrepreneurial acumen in the NewSpace sector was the story of the American company, Firefly Space Systems. Founded in 2014, the rocket-building company soon found itself on the verge of bankruptcy. In 2017, Noosphere Ventures purchased the struggling company’s assets, patents, and intellectual property for $75 million. Subsequently, Firefly Space Systems was completely restructured and renamed Firefly Aerospace.

Thanks to substantial investments of $210 million and Polyakov’s strategic leadership, Firefly was transformed into a key player in the American private space launch market. The company quickly expanded its technological capacity and contract portfolio, signing agreements with such giants as NASA, Northrop Grumman, L3Harris, and Lockheed Martin. Significantly, Firefly Aerospace also collaborated with the U.S. Air Force, conducting missions commissioned for national security purposes. Firefly Aerospace’s key development was its Alpha light-class launch vehicle, which first flew in 2021.

Max Polyakov’s contributions to Firefly Aerospace’s development are hard to overestimate. In early 2025, the Blue Ghost spacecraft successfully landed on the Moon, and in August 2025, the company went public on the NASDAQ high-tech exchange under the ticker “FLY.” The IPO turned out to be a remarkable success, with shares rising by more than 30% on the first day of trading. The company raised $868 million in capital, and its valuation at the close of trading reached a record $8.5 billion, far exceeding expectations. In October 2025, it became known that Firefly had acquired SciTec for a record $855 million, thus positioning itself as a key software provider for missile defence systems, including the U.S. government’s new Golden Dome initiative.

A New Horizon: Investments in Skyrora

When one door closes, another always opens. After Firefly’s success, Max Polyakov’s interest in the space industry did not fade. On the contrary, in 2025, news emerged that the businessman had made significant investments in another ambitious company, the British rocket developer Skyrora. A controlling stake in the firm passed to the Ukrainian investor in 2024.

Currently led by Volodymyr Levikin, Skyrora is quickly gaining prominence. The company focuses on creating reliable infrastructure for launching small satellites from the United Kingdom, leveraging the advantages of northern launch sites in Scotland for access to polar and sun-synchronous orbits.

Skyrora’s technological strengths are based on a range of innovations in the aerospace sector. Notably, both its suborbital Skylark L rocket and the orbital Skyrora XL use environmentally friendly fuel made from recycled plastic called e-kerosene. This approach significantly reduces the carbon footprint of launches and aligns with global trends toward sustainability and environmental responsibility.

Another of Skyrora’s key achievements is its emphasis on 3D printed components. The company has implemented additive manufacturing technologies to produce rocket engines and other critical components, drastically shortening production times, optimising costs, and enabling the creation of complex, yet highly efficient, structures that would be impossible to produce using traditional manufacturing methods.

In the summer of 2025, Skyrora achieved a historic milestone for the UK space sector, becoming the first British company to receive a commercial space launch license from the Civil Aviation Authority (CAA). This license allows Skyrora to conduct up to 16 suborbital Skylark L launches per year from the UK’s first licensed vertical-launch spaceport, SaxaVord, located in the Shetland Islands. This marked a major step toward strengthening the UK’s position as a leading player in the global space arena.